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Stornoway Diamond Corporation.(TSX:SWY) announced a new pre-development capital program for 2012 at its Renard project. The Company is basing the program upon the Renard Feasibility study results it received in November, 2011.
Stornoway Diamond Corporation.(TSX:SWY) announced a new pre-development capital program for 2012 at its Renard project. The Company is basing the program upon the Renard Feasibility study results it received in November, 2011.
As quoted in the press release:
As a component of this program of work, Stornoway expects to shortly enter into an EPCM contract covering project engineering, procurement and construction management for the project’s process plant, water treatment plant, accommodation and maintenance facilities, and site utilities. Stornoway’s mining team based in Longueuil Québec will be expanded during the course of the year and will assume responsibility for design of the open pit and underground mine, design of the processed kimberlite containment facility, and security operations.
Stornoway, President and CEO, Matt Manson, said:
The pre-development capital program announced today for Renard will maintain our development schedule as we complete final permitting and project financing in 2012. Despite the currently challenging market conditions, we have succeeded in raising the significant capital required to perform this work and we are highly encouraged by the response we have received to date on our larger scale project financing activities. Our objective is to continue hitting our project milestones, this being the most effective way of delivering long term shareholder value.
Click here to read the Stornoway Diamond Corporation. (TSX:SWY) press release
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