Business
Joint News Release - Shore Gold and Diamondex Complete Acquisition of Interest in Buffalo Hills Project for $17.5 Million
Joint News Release - Shore Gold and Diamondex Complete Acquisition of Interest in Buffalo Hills Project for $17.5 Million.
About this update from Canterra Minerals Corporation
[{"type":"text","content":"\n\n\n\nSASKATOON, July 24 /CNW/ - Shore Gold Inc. (SGF:TSX) ("Shore") and\nDiamondex Resources Ltd. (DSP-TSX.V) ("Diamondex") are pleased to announce\nthat they have completed the acquisition of the interest of Ashton Diamonds\n(Canada) Inc. and Ashton Mining of Canada Inc. (collectively, "Ashton") (both\nnow wholly owned subsidiaries of Stornoway Diamond Corporation) in the Buffalo\nHills Project located in north central Alberta for a total consideration of\n$17.5 Million (see April 26, 2007 news release). Under the agreement Shore\npaid $8.75 Million in cash and Diamondex paid $6.25 Million in cash and issued\nAshton 6,031,363 of its common shares with a value of $2.5 Million which are\nsubject to a four month hold trading restriction expiring on November 21,\n2007.\n\n\nPursuant to the acquisition, Shore and Diamondex each acquired a 22.5%\ninterest in the Buffalo Hills Joint Venture, in which Encana Corporation holds\na 43% interest and Pure Diamonds Exploration Inc. holds the remaining 12%\ninterest. Shore and Diamondex have the option to increase their combined\ninterest to 72.5% by funding the next $15 million of exploration expenditures\nbefore April 30, 2010. Diamondex has been appointed Operator of the Buffalo\nHills Joint Venture.\n\n\nFollowing a review of all geological data by a technical team from Shore\nand Diamondex, an exploration program and budget will be announced.\n\n\n SHORE GOLD INC. DIAMONDEX RESOURCES LTD.\n\n "Harvey J. Bay" "Randy C. Turner"\n\n Harvey J. Bay Randy C. Turner\n COO and CFO President and CEO\n Shore Gold Inc. Diamondex Resources Ltd.\n\n\n","length":1834,"tagName":"div"}]