Stornoway Announces Renard Feasibility Program

Stornoway Diamond (TSX:SWY) reports that it has began the feasibility study at the Renard diamond project, North Central Québec, Canada.

The Renard Diamond Project is a 50:50 joint venture between Stornoway Diamond Corporation and SOQUEM, a wholly-owned subsidiary of SGF, the Québec government’s main industrial and financial holding company.

Matt Manson, President and CEO of Stornoway says:

“The commencement of a Feasibility Study at Renard is a significant milestone on the path towards Québec’s first diamond mine. Our objective at Renard is to define a robust, low-risk project with high margins and a substantial mine life, which is readily financeable. An important element of the work program will be a distinct Feasibility Study and Environmental Assessment for a power line to the project, to be conducted under the auspices of Hydro-Québec but financed by the joint venture partners. This power line has the potential to greatly reduce the project’s operating costs, reduce its overall environmental footprint, and to insulate the project from future fuel cost escalation. Its addition to the conceptual mine plan, not contemplated in previous studies, follows the recent determination of a cost-efficient mechanism for its construction. The feasibility program will also entail the immediate creation of an expanded Québec-based mining team under the leadership of Stornoway’s newly appointed Chief Operating Officer, Patrick Godin.”

For complete news release, click here.

For Stornoway’s company profile, click here.