April 11, 2013: Montreal, Quebec – Stornoway Diamond Corporation (Stock Profile – TSX:SWY) released the results of an independent valuation on the Renard 65 bulk sample diamonds recently recovered at the Renard diamond project in north-central Quebec. The valuation was undertaken in Antwerp, Belgium by WWW International Diamond Consultants (“WWW”) utilizing their March 2013 price book. Highlights are as follows:
An average price of US$250 per carat on the total Renard 65 parcel of 997 carats. A diamond price model for Renard 65 of US$180 per carat, with a “High” sensitivity of US$203 per carat and a “Minimum” sensitivity of US$169 carat. Valuations of US$8,500 per carat and US$5,900 per carat on the two largest stones of 9.77 carats (G colour) and 6.40 carats (F colour) respectively.
Matt Manson, President and CEO commented “This new valuation work has confirmed a high quality diamond population at Renard 65 that we anticipate will now allow the addition of a substantial quantity of new, open-pit resources to the project’s mine plan. Two features of this work stand out. Firstly, the two large stones in the sample, previously announced by Stornoway, have been confirmed by WWW as amongst the most valuable stones recovered at the project to date. Their large impact in the parcel valuation has been tempered, appropriately, in the recommended base case price model, but their presence confirms a key characteristic of the Renard Project: upside value potential in large gems. Secondly, the WWW work has determined that Renard 65 possesses a diamond population with a different, and generally better, assortment of qualities than is seen in the other Renard kimberlite pipes. This has prompted a re-evaluation of the valuation models used in the project generally, which have previously been based on the assumption that Renard exhibits a single diamond population sampled by multiple pipes. The consequences of these findings for the project are significant, and positive.”
To view how the results relate to the Renard 65 mine plan – CLICK HERE.