Stornoway Diamond Corporation (TSX-SWY) is pleased to announce the filing on February 11th, 2010 of a "Notice of Intent" for the Renard Diamond Project in North Central Québec. The Notice of Intent is the first step in a mine permitting process that is expected to take between 18 and 24 months. The Renard Diamond Project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50:50 joint venture with SOQUEM INC. ("SOQUEM").
The Notice of Intent has been filed with the provincial administrator of the James Bay and Northern Québec Agreement (the "JBNQA"), representing the environmental protection regime under which the project falls, for review by the Comité d'évaluation ("COMEV"). The purpose of the Notice of Intent is to present the administrator with a description of the nature and scope of the project so as to allow her to provide a directive for a subsequent Social and Environmental Impact Assessment. In addition to the JBQNA, the project falls under the purview of the Canadian Environmental Assessment Act, requiring an equivalent federal assessment to be completed pursuant to the terms of the JBNQA. Once the provincial and federal administrators have issued authorizations for project development, final mine permits will be sought from the Québec Ministère du Développement durable, de l'Environnement et des Parcs, ("MDDEP"), the Ministère des Ressources Naturelles et de la Faune ("MRNF"), and all relevant federal authorities.
The Notice of Intent describes a combined open pit and underground mining operation at Renard, with a production rate of between 5,000 and 7,000 tonnes per day (1.8 to 2.5 million tonnes per year) and a potential mine life of 25 years, based on the totality of mineral resources identified to date. Access to the project site will be by way of the "Route 167 Extension", an all-season road development project currently the subject of a full feasibility study under the auspices of the Ministère des Transports du Québec ("MTQ").
Next Steps
A revised Preliminary Assessment of the Renard Diamond Project utilizing the recently updated mineral resource estimate (Stornoway press release dated December 8th 2009) is currently being prepared by Scott Wilson Roscoe Postle Associates Inc. This new study will incorporate a revised conceptual mine plan, updated capital and operating costs, and revised estimates of project economics. Results from the Preliminary Assessment are expected within the first quarter of 2010.
Stornoway Diamond Corporation
Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in six Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with experience in each segment of the diamond "pipeline" from exploration to marketing. The Renard Diamond Project is managed by Dave Skelton, P. Geol. (AB/QC), Vice President, Project Development, and a Qualified Person under NI 43-101.
SOQUEM INC.
SOQUEM is a wholly-owned subsidiary of Société générale de financement du Québec ("SGF"). The SGF, the Québec industrial and financial holding company, has as its mission to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Québec.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Matt Manson"
Matt Manson
President and Chief Executive Officer
For more information, please contact Matt Manson (President and CEO) at 416-304-1026
or Nick Thomas (Manager Investor Relations) at 604-983-7754, toll free at 1-877-331-2232
Pour plus d' information, veillez contactez M. Ghislain Poirier (Directeur Environnement et Affaires Publiques) au 418-780-3938 ou gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **
This document contains "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events. These forward-looking statements include, among others, statements with respect to Stornoway's objectives for the ensuing year, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "potential", "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Stornoway's future operations, future exploration and development activities or other development plans contain forward-looking statements.
All forward-looking statements and information are based on Stornoway's or its consultants' current beliefs as well as assumptions made by and information currently available to them concerning the presence of diamonds and its host rocks at the Project, diamond values, diamond recovery and breakage, anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements.