From HRA

Stornoway Diamond Corp (SWY-T;
$0.68) has begun environmental impact
studies for the Renard (Foxtrot) joint venture
in Quebec. As we have noted before the updated
resource estimates for the project suggest
SWY is on its way to diamond production
at Renard, but the project is in that difficult
market period of pre-development focus.
Current valuations suggest SWY could be
bought out, but the 50:50 nature of the JV
means partner SOQUEM, owned by the Quebec
government, would need to be involved
in the deal. The company is well funded for
immediate needs and shouldn't have a problem
topping up, but the question will be at
what price.
SWY has begun to focus on other of its projects,
including reconnaissance work. It has
other advanced projects including Aviat and
Churchill have strong grade indications but
not yet scale. The strategy of upgrading other
assets makes sense to us, but of course
with diamonds that is costly and time consuming.
It is work that, like predevelopment
programs, we would continue to watch for
the next milestone it might generate.