Diamond

Stornoway Diamond Corporation (TSX:SWY) announced that it has entered into a new agreement to complete the extension on route 167 to its ensure access to its Renard Diamond property. The Company’s wholly owned subsidiary Les Diamants Stornoway entered into a Framework agreement with the Government of Québec. Stornoway anticipates all-season access to the project by Q4 2013.

Stornoway Diamond Corporation (TSX:SWY) announced that it has entered into a new agreement to complete the extension on route 167 to ensure access to its Renard Diamond property. The Company’s wholly owned subsidiary Les Diamants Stornoway entered into a Framework agreement with the Government of Québec. Stornoway anticipates all-season access to the project by Q4 2013.

As quoted in the press release:

Stornoway to assume the completion of segments “C” and “D” of the Route 167 Extension as a single lane mining grade road; and
Québec to provide Stornoway with an unsecured credit facility of up to C$77m to complete the work, at an annual interest rate of 3.35% percent, amortized over 15 years, with a repayment schedule based upon planned commencement of commercial production at Renard.

Stornoway, President and CEO, Matt Manson, said:

Today’s news represents the removal of a major element of uncertainty over the Renard Diamond Project. With Stornoway now responsible for the completion of the project’s access road, we will be in full control of our overall development schedule for the first time. The financing terms that we have negotiated to complete this work are beneficial to Stornoway, and are expected to have a minimal impact on the project’s overall valuation and financing capacity. This is an excellent example of government and the mining industry working in partnership to achieve a common goal.

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

See this press release on Marketwire
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