On September 28, 2006 Shore Gold Inc. closed the previously announced purchases from De Beers Canada Inc., Cameco Corporation and UEM Inc. of all of their interests in the Fort a la Corne Joint Venture (FALC JV) and the sale of a participating interest to Newmont Mining Corporation of Canada Limited.
Kensington Resources Ltd., Shore's wholly owned subsidiary, acquired Cameco's 5.51 per cent participating interest, UEM's 10 per cent participating interest and De Beers' 42.245 per cent participating interest in the FALC JV for a purchase price of $23.5 million to Cameco, $42.6 million to UEM and $180 million to De Beers and sold a 40 per cent participating interest to Newmont for $170.4 million.
Pursuant to these transactions, Kensington acquired an additional net 17.755 per cent participating interest in the FALC JV for $75.7 million, bringing its total participating interest to 60 per cent, with the remaining 40 per cent interest being held by Newmont. Kensington was also appointed the operator of the FALC JV.
Bennett Jones LLP represented Shore Gold Inc. and Kensington in the transactions with a team led by Garnet Schulhauser (corporate) and which included, David Macaulay, Vivek Warrier, Andrew Lamb, Tracy Hall and Zahra Allu (corporate), Mike Ryer and Steven D'Arcy (tax) and Beth Riley (competition).
Fasken Martineau DuMoulin LLP acted as legal counsel to De Beers Canada, with a team comprised of Robert Shirriff, John Sabetti, Bozidar Crnatovic, Krisztian Toth, Scott Mitchell and Wojtek Baraniak (corporate), William Bies (tax) and Tony Baldanza (competition), and by W. Brent Gough, Q.C. and David Hnatyshyn of Hnatyshyn Gough.
Newmont was represented by in-house counsel Sharon Dowdall and by a team from Goodmans LLP that included Jonathan Lampe and Grant McGlaughlin (corporate), Bob Vaux and Richard Annan (regulatory) and Carrie Smit and Alan Bowman (tax) and by Dan Anderson, Linda Widdup and Penny Yeager (corporate and mining) and Alain Gaucher, Todd Rosenberg and Kelly Caruk (tax) of MacPherson Leslie & Tyerman LLP in Saskatoon.
Cameco and UEM were represented by Cameco in-house counsel Sean Quinn, vice-president law and general counsel, Larry Korchinski, director legal affairs and securities compliance and Wally Leis, senior legal adviser, and by Bill Hood, Mike Deobald and Tim Hodgson of Stevenson Hood Thornton Beaubier LLP.