Shore Gold Announces Net Loss of $1.2 Million in Q1

(IDEX Online News) – Shore Gold Inc. has announced a net loss of $1.2 million in its first quarter compared to a loss of $1 million in 2014. The company said the result was due to operating costs and exploration and evaluation expenditures exceeding interest income earned on cash and cash equivalents and short-term investments.

During the quarter ended March 31, Shore Gold focused on work relating to its 2015 drilling program and environmental assessment process for the Star-Orion South Diamond Project. The Project is situated in the Fort à la Corne kimberlite field in central Saskatchewan.

The company said current rough prices show a 3-percent year-on-year increase and are estimated to be somewhat above the price used in the 2011 Feasibility Study.

As of May 6, the company had approximately $5.5 million in cash and cash equivalents and short-term investments (excluding $1.1 million in restricted cash).

The Star-Orion South Diamond Project includes the 100-percent Shore-owned Star Diamond Project, as well as Star West and the Orion South Kimberlite, which fall within the adjacent Fort à la Corne Joint Venture.