Star

SASKATOON, April 11, 2012 /CNW/ – George H. Read, P. Geo., Senior Vice
President Exploration and («Shore» or
the «Company» announces that the Environmental Impact Assessment
(«EIA» process on the Star – (the
«Project» has been ongoing since the filing of the Environmental
Impact Statement («EIS» in December, 2010, and has proceeded to the
point where, currently, Shore is finalizing the EIS by including
responses to information requests and technical comments received from
provincial and federal regulators and Aboriginal groups.

Shore and AMEC Environment and Infrastructure («AMEC» are jointly
working on the preparation of the final EIS, the text of which is
essentially complete and currently under review by Shore and AMEC
personnel. However, discussions are scheduled for mid-April with some
Aboriginal groups and these discussions may influence the responses
prepared for the information requests and could influence the text of
the EIS. Closure modeling is on the critical path from
AMEC’s perspective, but results are expected during April.  Closure
water quality predictions feed into other assessment areas (e.g. ,
aquatic resources and once the water quality modeling is complete,
these other areas can be finalized within weeks.

Shore has conducted extensive discussions with the federal government
over the last 12 months regarding the appropriate application of the
Fisheries Act to the Project, given that there are currently no
specific regulations in place for diamond mines. The recent federal
budget acknowledged this lack of regulation and committed to fund
of regulations specific to non-metal mining.  Shore is
currently investigating if these changes have the potential to impact
the Project, and if it would be advantageous to modify the EIS
accordingly. As part of these discussions with federal regulators, it
has recently become apparent that additional water quality information
will facilitate the federal government’s interpretation of the
Fisheries Act within the context outlined above. This additional
testing is expected to be complete in May.

Senior Vice President Exploration and Development, George Read , states:
«Shore is presently focused on the completion of all federal and
provincial requirements for and subsequent permitting.
Simultaneous to the ongoing completion of Project approval and
permitting, Shore is aggressively in pursuit of development capital on
a number of fronts.»

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».

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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