PDAC 2011: Stornoway watching for Plan Nord
Peter Koven March 7, 2011 – 7:44 am
It has been an eventful year already for Stornoway Diamond Corp. The company, led by Diavik discoverer Eira Thomas, has consolidated ownership of the Renard diamond project, which is almost certain to be Quebec’s first diamond mine.
The next important catalyst could come from the province itself. The company is hoping the next budget includes development plans on the so-called “Plan Nord,” which is geared at growing economic activity in the northern part of the province. It could include a road connecting up to the project.
A feasibility study is due on Renard in the third quarter, and Stornoway then hopes to make a production decision on the project in late 2011 or 2012. Given rising diamond prices and huge growth in resources at Renard, board approval should be a lock – the big challenge will then become financing.
“We’re well equipped to be the next diamond mine in Canada,” Ms. Thomas said.
