March 27, 2013: Montreal, Quebec – Stornoway Diamond Corporation (Stock Profile – TSX:SWY) provided an update on progress made in the construction of the Renard Mine Road that will provide year-round vehicle access to the Renard Diamond Project by way of the communities of Mistissini and Chibougamau. Due to favourable weather conditions, construction of the Renard Mine Road has commenced earlier than anticipated, with overall progress already standing at 12% of expected work. First all-season vehicle access to Renard is currently scheduled for the fourth quarter of this year, as previously anticipated.
Under the terms of an agreement executed on November 15th, 2012 by Stornoway, the Québec Ministère des Transports (“MTQ”), the Ministère des Ressources Naturelles, and the Ministère des Finances et de l’Économie (“MFE”), a 240km long all-season road linking Renard to the Québec highway network is currently being constructed in four segments, A to D. Progress is well established on segments A and B, which are being completed by the MTQ as a 70km/hr two-lane gravel highway. Stornoway will complete the remaining 97km covered by segments C and D as a 50km/hr single lane mining road under the terms of a Financing Agreement executed on December 6th, 2012 between Stornoway and the MFE.
As previously reported, first vehicle access to the Renard project site was achieved on February 15th by way of a winter road constructed by the MTQ. The winter road, which opened early and remains in use currently, has been used to ship construction equipment and fuel to the project site and has allowed construction of the all-season Renard Mine Road to commence well ahead of the planned schedule.
To date, the company has achieved the following milestones – CLICK HERE – to read more.