June 3, 2013: Montreal, Quebec – Stornoway Diamond Corporation (Stock Profile – TSX:SWY) provided an update on progress at the Renard Diamond Project, Stornoway’s 100% owned diamond development project located in north-central Québec. Stornoway’s principal focus at this time is the timely completion of project financing on a schedule defined by the development of the Renard Mine Road, which is currently in construction under Stornoway’s management. Stornoway’s development team is also engaged in detailed mine engineering work, the completion of all outstanding permitting, and an update to the project’s NI 43-101 Mineral Resource estimate following the completion of the recent bulk sample at the Renard 65 kimberlite.
Matt Manson, Stornoway’s President and CEO, stated: “We are pleased to report continued good progress on the construction of the Renard Mine Road, where we are forecasting completion on schedule and within budget. We are also encouraged by the progress made to date on project financing. Stornoway is pursuing a financing strategy based on a combination of debt, equity and the forward sale of diamonds. Despite challenging market conditions, the project has been well received by potential financing partners based on, among other things, its scale of resource, accessibility, strong social acceptability, and long potential mine life. Our aim is the completion of this financing on a schedule that allows us to utilize the Renard Mine Road for mine construction as soon as it becomes available for all-season traffic later in the year. This schedule offers Stornoway the opportunity to develop the Renard Project over a period when the diamond market is expected to strengthen markedly, and when the global mining sector has entered a period of cost stabilization and contractor availability.”
To view the complete news release on the Renard Project – CLICK HERE.