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Stornoway Provides Renard Mine Road Update

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Stornoway Provides Renard Mine Road Update

 

 

 

 

 

Stornoway Diamond Corporation (TSX:SWY) would like to provide an update on the status of construction activity on the Renard Mine Road, following the announcement on June 17th from the Alliance of Unionized Construction Workers of Quebec of strike action. This strike action covers all unionized construction workers in Quebec, and has resulted in a limited interruption of construction activities on the 97km segment of the Renard Mine Road currently under development by Stornoway. At the present time, we do not anticipate a material impact on the overall development schedule or budget for the Renard Mine Road, and we will continue to monitor the situation closely.
 

About the Renard Diamond Project
 

The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Quebec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument (“NI”) 43-101 stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.
 

About Stornoway Diamond Corporation

 

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Quebec’s first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.

Posted June 20, 2013

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