The Renard Project, Quebec's First Diamond Mine On Schedule, Updated Feasibility Study Expected Soon: Stornoway

Stornoway Diamond Corp. (TSX:SWY) reports that construction and production of the Renard Project, Quebec’s first diamond mine, is on schedule for construction to begin in mid-2013 and diamond production in mid-2015. Stornoway is part of the Plan Nord project, announced May 9, which will see mining firms and the Quebec government invest $80 billion over 25 years to mine gold, diamonds, copper, molybdenum, rare-earths, nickel, lithium and uranium in northern Quebec. The Renard Project currently has an indicated resource of 24 million carats, an inferred resource of 17 million carats and a potential mineral deposit ranging between 24-49 million carats, the company says. An updated feasibility study is expected shortly, the company says. Stornoway is expecting to have road access, through the extension of route 167, to the Renard site by mid-2013, the company says. Route 167 leading into the Otish Mountains will have a width of 10.6 meters and maximum speed limit of 70 km/h. It is a $332 million plan to extend route 167 into the Otish Mountains of northern Quebec funded by the government of Quebec and Stornoway. Stornoway is a Canadian-based diamond exploration and development company.

By Alex Létourneau of Kitco News aletourneau@kitco.com