Stornoway to Commence Early Construction of Airport


October 10, 2013: Montreal, Quebec – Stornoway Diamond Corporation (Stock Profile – TSX:SWY) reports that owing to the expected completion of the Renard mine road significantly below budget, an agreement has been reached with the Quebec government to allow the residual amount of the financing facility established for the construction of the road to be utilized for the immediate construction of the Renard mine airport. The early construction of permanent airstrip facilities close to the Renard diamond project will better assist Stornoway Diamond Corp. in mitigating construction risk at the Renard diamond project during 2014 and 2015 and will create a new regional aerodrome, enhancing air transport in the Monts Otish region of Quebec.

Stornoway is now forecasting the cost to complete the Renard mine road at $70-million, approximately 10 per cent below budget. Stornoway and Quebec have agreed that the balance of funds within the base credit facility of $77-million may be drawn for the construction of the Renard mine airport. The airport’s capital cost estimate contained within the January, 2013, Renard optimization study was $15.5-million, including all site infrastructure and operating facilities. Given the competitive cost environment currently existing in Quebec for major capital projects, and the on-site presence of Stornoway’s contractors, fuel and equipment already mobilized for road construction, Stornoway has estimated that sufficient funds will be available within the road credit facility for the completion of all major civil works at the airport, well within budget and schedule. Work will commence immediately.

For more on the construction update – CLICK HERE.


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