Post by Catdaddy on Jan 21, 2008 11:47:26 GMT -5
Shore Gold 2008 capital program remains focused on FALC JV project
network.nationalpost.com/np/blogs/tradingdesk/archive/2008/01/18/shore-gold-2008-capital-program-remains-focused-on-falc-jv-project.aspx
Posted: January 18, 2008, 2:35 PM by David Pett
Mining
There's little doubt that Shore Gold Inc's has big plans for its FALC JV project now that the exploration play has released its 2008 capital expenditure program in 2008 for FALC, the Star Project and Buffalo Hills JV.
The diamond miner, alongside its joint venture partners, will invest a total of $110.3-million in the three projects, with $71.5-million coming from Shore Gold's coffers.
The vast majority of that, according to RBC Capital analyst Stephen Walker, will go to Saskatchewan-based FALC. Mr. Walker said the project "remains the focus" and will command $86.8-million of the total exploration budget or $51.5-million to be funded by Shore Gold.
With the funds, Shore Gold is expected to complete its underground bulk sample on the FALC JV and extract up to 60,00 tonnes of kimberlite material, the analyst said.
Shore Gold will also drill 87 large diameter holes for over 20,000 metres and 21 PQ holes for over 5,000 metres of core, he added.
Meanwhile, the analyst said the Star Project, also in Saskatchewan, should provide some near term upside to the stock.
"With the completion of the underground bulk sample and extensive drill testing on the 100%-owned Star project in 2007, Shore Gold has already executed the 'heavy lifting' exploration on the project," he wrote.
"The 2008 exploration budget stands at only $7.9-million; however, we look to an initial resource estimate in Q1, reserve estimate in Q2, and bankable feasibility study by year-end at Star as potential near-term positive catalyst for the shares."
Mr. Walker increased his price target on the stock from $6.50 to $7 and maintained his "outperform" rating.
David Pett
network.nationalpost.com/np/blogs/tradingdesk/archive/2008/01/18/shore-gold-2008-capital-program-remains-focused-on-falc-jv-project.aspx
Posted: January 18, 2008, 2:35 PM by David Pett
Mining
There's little doubt that Shore Gold Inc's has big plans for its FALC JV project now that the exploration play has released its 2008 capital expenditure program in 2008 for FALC, the Star Project and Buffalo Hills JV.
The diamond miner, alongside its joint venture partners, will invest a total of $110.3-million in the three projects, with $71.5-million coming from Shore Gold's coffers.
The vast majority of that, according to RBC Capital analyst Stephen Walker, will go to Saskatchewan-based FALC. Mr. Walker said the project "remains the focus" and will command $86.8-million of the total exploration budget or $51.5-million to be funded by Shore Gold.
With the funds, Shore Gold is expected to complete its underground bulk sample on the FALC JV and extract up to 60,00 tonnes of kimberlite material, the analyst said.
Shore Gold will also drill 87 large diameter holes for over 20,000 metres and 21 PQ holes for over 5,000 metres of core, he added.
Meanwhile, the analyst said the Star Project, also in Saskatchewan, should provide some near term upside to the stock.
"With the completion of the underground bulk sample and extensive drill testing on the 100%-owned Star project in 2007, Shore Gold has already executed the 'heavy lifting' exploration on the project," he wrote.
"The 2008 exploration budget stands at only $7.9-million; however, we look to an initial resource estimate in Q1, reserve estimate in Q2, and bankable feasibility study by year-end at Star as potential near-term positive catalyst for the shares."
Mr. Walker increased his price target on the stock from $6.50 to $7 and maintained his "outperform" rating.
David Pett
