Stornoway Diamond to Participate in Pikoo East with North Arrow and Canadian International Minerals

Stornoway Diamond (TSX:SWY) announced that it has excercised its option to participate in the Pikoo East agreement between Canadian International Minerals and North Arrow. Stornoway and North Arrow will conduct the work through a pre-existing joint venture on the Pikoo project and both may earn a 70 percent interest by funding exploration and evaluation of the properties.

According to the press release:

North Arrow and Stornoway will conduct the work through their pre-existing joint venture on the Pikoo diamond project, and will fund the work in proportion to their respective interests in said project. All other terms of the option agreement announced September 23, 2014 remain the same.

North Arrow and Stornoway may earn a 70% interest in the Pikoo East properties by funding exploration and evaluation of the Properties to a kimberlite discovery (including drilling, sampling, and indicator mineral testing) on any of the Properties within a three year option period.

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