03:54 PM EDT, 08/10/2017 (MT Newswires) -- Shore Gold (SGF.TO) said Thursday that it recorded a second-quarter net profit of $43.0 million, or $0.14 per share, swinging from the net loss of $1.9 million, or $0.01 per share, from the corresponding quarter last year, due to the $44.5 million partial reversal of previously recorded impairments relating to exploration and evaluation assets.

According to Shore Gold, the completion of the consolidation of its Fort a la Corne mineral properties, including the Star-Orion South diamond project, and the earn-in arrangement with Rio Tinto Exploration Canada over the properties sets the stage for a new phase for the company.

As of Aug. 10, Shore Gold held about $2.4 million in cash cash equivalents, and short-term investments. A portion of this amount will be used to complete the company's 2017 program, as well as advance Star-Orion South, including the environmental assessment process and assessment and test work programs required for an updated feasibility study.

Shore Gold shares opened Thursday at $0.24, but fell to $0.23 shortly after noon. On last look, shares were back up to $0.235, for no gain from the previous close.

Price: 0.235, Change: 0, Percent Change: 0