By Nigel Maxwell

Diamond mine closer to reality

Mar 3, 2011 | 10:58 AM

Shore Gold is closer to seeing a diamond mine open east of Prince Albert.

This was the message from George Read after results came back from a new valuation of diamonds from the Star and Orion South kimberlites, near Fort a la Corne.

“We are very pleased with the results, we’re very excited about the outcome of this valuation exercise,” said Read, the senior vice-president of Development and Exploration.

He said this was the first time that stones from the so-called Large Diamond to Drill program were valued.

“It's among those LDD diamonds, that we found this really high value stone which is 11.96 carats.”

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He said that the diamond is worth about $15,000 per carat giving a total value of $179, 325 for the stone.”

Finding a valuable stone helps the project move ahead, Read said.

“The project is extremely sensitive to diamond price. So obviously the more we raise the price of diamonds that we use in the final feasibility study economical – financial, the stronger will be the economics of the project,” he said.

“The world diamond market is doing extremely well ¬— the market for rough is better than it has ever been.”

This is particularly good given that after the global financial crisus in 2008, diamond prices reached low in 2009. Since then the prices have climbed and continue to increase, Read said.

Shore Gold expects to complete the final feasibility study in the second quarter of this year.

nmaxwell@rawlco.com