Star – Orion South Diamond Project Revised EIS Comments Received from …

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Canada Newswire

Stock Symbol: SGF: TSX

SASKATOON, Oct. 30, 2012 /CNW/ – George H. Read, P. Geo., Senior Vice
President Exploration and Development of Shore Gold Inc. («Shore» or
the «Company» is pleased to announce that comments on the Revised
Environmental Impact Statement («EIS» for the Star – Orion South
Diamond Project («the Project» have been received from the
Saskatchewan Ministry of Environment («Ministry» and the Canadian
Environmental Assessment Agency («CEAA». The Ministry is the lead
agency on behalf of the Province and the CEAA is the lead agency for
the Federal government, which are jointly conducting the environmental
assessment of the Project.

The original Draft EIS, submitted to the Ministry and the CEAA in
December 2010, was based on the Star – Orion South Diamond Project
Pre-Feasibility Study («PFS», and generated a total of 802 comments
and information requests from Federal and Provincial agencies and
Aboriginal groups. The Revised EIS, based on the Feasibility Study of
the Star – Orion South Diamond Project («FS», incorporated responses
to all the review comments and information requests. The Revised EIS
has generated an additional 56 Federal comments and information
requests and 73 Provincial comments and information requests. Many of
these comments are expected to be addressed by Shore personnel using
existing information. A limited number of comments will require further
discussion and, potentially, additional work. Shore is actively engaged
with the Ministry to resolve the comments from Provincial regulators
and continues to work with Federal authorities to resolve their
additional comments given that there are no specific regulations in
place for diamond mines.

Senior Vice President Exploration and Development, George Read, states:
«The limited number of comments and information requests that may
require additional work is encouraging. Shore is confident that we are
steadily progressing towards a fully compliant and permitted Project.
Shore is presently focused on the completion of all Federal and
Provincial requirements for Project approval and subsequent permitting.
Simultaneous to the ongoing completion of Project approval and
permitting, Shore is in pursuit of development capital on a number of
fronts. »

The Revised EIS will be released for public comment by the Saskatchewan
Ministry of Environment when all comments and information requests have
been resolved. The Executive Summary of the Revised EIS can be viewed
on the company’s website: www.shoregold.com.

Shore is a Canadian based corporation engaged in the acquisition,
exploration and development of mineral properties. Shares of the
Company trade on the TSX Exchange under the trading symbol «SGF».

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements as defined by
certain securities laws, including the «safe harbour» provisions of
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking information
is often, but not always, identified by the use of words such as
«anticipate», «believe», «expect», «plan», «intend», «forecast»,
«target», «project», «guidance», «may», «will», «should», «could»,
«estimate», «predict» or similar words suggesting future outcomes or
language suggesting an outlook. In particular, statements regarding
Shore’s future operations, future exploration and development
activities or other development plans constitute forward-looking
statements.

Forward-looking statements in this press release include, but are not
limited to, assumptions that environmental approval will be attained,
assumptions that financing will be secured, assumptions that the
Star-Orion South Diamond Project economics will be positive as
indicated in the Feasibility Study, and assumptions made respecting
diamond price increases resulting from long-term supply/demand
fundamentals.

These forward-looking statements are based on Shore’s current beliefs as
well as assumptions made by and information currently available to it
and involve inherent risks and uncertainties, both general and
specific.

Risks exist that forward-looking statements will not be achieved due to
a number of factors including, but not limited to, developments in
world diamond markets, changes in diamond prices, risks relating to
fluctuations in the Canadian dollar and other currencies relative to
the US dollar, changes in exploration, development or mining plans due
to exploration results and changing budget priorities of Shore or its
joint venture partners, the effects of competition in the markets in
which Shore operates, the impact of changes in the laws and regulations
regulating mining exploration, development, closure, judicial or
regulatory judgments and legal proceedings, operational and
infrastructure risks and the additional risks described in Shore’s most
recently filed Annual Information Form, annual and interim MDA.
Shore’s anticipation of and success in managing the foregoing risks
could cause actual results to differ materially from what is
anticipated in such forward-looking statements.

Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be incorrect.
When making decisions with respect to Shore, investors and others
should not place undue reliance on these statements and should
carefully consider the foregoing factors and other uncertainties and
potential events. Unless required by applicable securities law, Shore
does not undertake to update any forward-looking statement that is made
herein.

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