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16.0

MINERAL RESOURCE AND RESERVE ESTIMATIONS

16.1 INTRODUCTION

The Mineral Resource Estimate presented herein is reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101 and has been estimated in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines including the “Guidelines for Reporting of Diamond Exploration Results”. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into Mineral Reserve. The quantity and grade of reported Inferred resources in this estimate are conceptual in nature.

The effective date of this estimate is February 23, 2009. All Resource Estimation work reported here was done by F.H. Brown, MSc (Eng) CPG Pr.Sci.Nat., from data supplied by Shore. F.H. Brown visited the Star Diamond Project site between May 4, 2008 and May 7, 2008. A draft copy of this report was reviewed by Shore for factual errors.

Mineral Resource modelling and estimation were carried out using the commercially available GEMS Gemcom (v6.1.4) and Snowden Supervisor (v7.10.11) software programs. Floating-cone optimization was done with MicroModel v6.0. In this report all units are expressed in the metric system, and diamond grades are given as either ct/t or cpht values.

16.2

PREVIOUS RESOURCE ESTIMATES

Million

Grade

Million

Tonnes

cpht

Carats

10.5

13.4

1.21

6.3

13.6

0.9

90.2

14.9

13.4

0.0

3.5

0.0

15.7

6.0

0.9

122.7

13.6

16.7

2.8

13.3

0.4

2.8

14.6

0.4

24.6

12.9

3.2

0.0

0.0

0.0

0.09

5.0

0.0

30.3

13.0

3.9

A previous Resource Estimate (Eggleston et al., 2008) dated June 9, 2008 was released by AMEC for Shore. The resource was estimated using diamond and tonnage data from eighty-eight large diameter drillholes and 69,056 dry tonnes from underground bulk sampling. The AMEC Resource Estimate reported an Indicated Resource of 122.7 million tonnes at an average grade of 13.6 cpht and an Inferred Resource of 30.3 million tonnes at an average grade of 13.0 cpht (Table 16.1).

Table 16.1: AMEC 2008 Mineral Resource Estimate1,2

Class

Indicated

Inferred

UNIT

Cantuar Pense EJF LJF MJF TOTAL Indicated Cantuar Pense EJF LJF MJF TOTAL Inferred

(1) Note: the above mineral resource estimate was prepared under the supervision not independently verified the mineral resource estimate. (2) Cut-offs: Cantuar 1.21 cpht, Pense 4.03 cpht, EJF 2.35 cpht MJF 3.34 cpht and

of a Qualified Person as defined by NI43-101. P&E has

LJF 3.34cpht.

P&E Mining Consultants Inc. NI 43-101 Technical Report No 159 Shore Gold Inc. - Star Diamond Project Resource Estimate Update

Page 76 of 109

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