Stornoway Announces Third Quarter Results

Stornoway Diamond Corporation (TSX:SWY) announced its third quarter results for the three months ended January 31, 2015.

As quoted in the press release,

–  Construction at the Renard Diamond Project continues in line with

planned schedule and budget.

–Incurred costs and commitments at the quarter-end totaled $225.0

million, or 27.7% of budget.

–  Overall construction progress stood at 17.4% compared to a planned

15.6%. Work progress under Stornoway’s EPCM contract stood at 22.9%

compared to a planned 27.0%.

Matt Manson, President and CEO of Stornoway stated

Stornoway’s construction team continues to make excellent progress towards the completion of the Renard Mine. The forecast cost to complete remains within our fully funded capital budget of $811 million and the project remains on schedule for first ore in the plant in the second half of calendar 2016 and for commercial production in the second quarter of calendar 2017.

Click here for the full Stornoway Diamond Corporation (TSX:SWY) press release