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Stornoway Diamond Corporation (TSX:SWY) provided an update on its Renard Diamond Project in Quebec. One of the Company’s main priorities is the completion of the Renard Mine Road, which is currently under construction. Stornoway is also working on the completion of all outstanding permitting, updating the project’s NI 43-101 Mineral Resource estimate to follow the completion of the recent bulk sample at the Renard 65 kimberlite, and is engaged in detailed mine engineering work.
Stornoway Diamond Corporation (TSX:SWY) provided an update on its Renard Diamond Project in Quebec. One of the Company’s main priorities is the completion of the Renard Mine Road, which is currently under construction. Stornoway is also working on the completion of all outstanding permitting, updating the project’s NI 43-101 Mineral Resource estimate to follow the completion of the recent bulk sample at the Renard 65 kimberlite, and is engaged in detailed mine engineering work.
As quoted in the press release:
Stornoway’s principal focus at this time is the timely completion of project financing on a schedule defined by the development of the Renard Mine Road, which is currently in construction under Stornoway’s management. Stornoway’s development team is also engaged in detailed mine engineering work, the completion of all outstanding permitting, and an update to the project’s NI 43-101 Mineral Resource estimate following the completion of the recent bulk sample at the Renard 65 kimberlite.
Stornoway Diamond Corporation President and CEO, Matt Manson, said:
We are pleased to report continued good progress on the construction of the Renard Mine Road, where we are forecasting completion on schedule and within budget. We are also encouraged by the progress made to date on project financing. Stornoway is pursuing a financing strategy based on a combination of debt, equity and the forward sale of diamonds. Despite challenging market conditions, the project has been well received by potential financing partners based on, among other things, its scale of resource, accessibility, strong social acceptability, and long potential mine life. Our aim is the completion of this financing on a schedule that allows us to utilize the Renard Mine Road for mine construction as soon as it becomes available for all-season traffic later in the year. This schedule offers Stornoway the opportunity to develop the Renard Project over a period when the diamond market is expected to strengthen markedly, and when the global mining sector has entered a period of cost stabilization and contractor availability.
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