Route 167 Extension Providing Road Access to Renard Diamond Project Authorised

Stornoway Diamond Corporation (TSX:SWY) received a Certificate of Authorisation for the construction of highway development to the Renard Diamond Project.

As quoted in the press release:

The Route 167 Extension will be constructed as a 243 km-long, 70 km/hour two lane gravel-top highway under the supervision of the MTQ. The road will be designated as a multi-service provincial highway connecting Renard to the end of the current Route 167 at Lac Albanel (Temiscamie), and will provide access to a number of other prospective mining projects as well as the new Albanel-Temiscamie-Otish Park. Starting in 2015, Stornoway has agreed to contribute $44 million to the road’s $332 million construction cost, amortized over a ten year period, and to contribute to the cost of road maintenance (Stornoway Diamond Corporation press release dated August 1st, 2011).

Stornoway Diamond Corporation, President &CEO, Matt Manson, said:

“Today’s news is a significant milestone in the development of the Route 167 Extension, and by association the Renard Diamond Project. The granting of the road’s Certificate of Authorization, following comprehensive social and environmental review, reflects the broad community consensus in support of responsible resource development in the James Bay region of Québec. Building upon the recent release of a positive feasibility study for Renard, our own permitting process, which follows a similar path with the same permitting agencies, remains on schedule for completion during 2012.”

Click here to read the Stornoway Diamond Corporation (TSX:SWY) press release