Stornoway Welcomes Quebec Budget Announcement of Financing

Stornoway Diamond Corporation (TSX:SWY) reports on the Québec Government committing to the development of the Route 167 Extension under the auspices of the “Plan Nord”.

The press release is quoted as saying:

The Route 167 Extension (also known as the “Route des Monts Otish”) will provide year round highway access to Stornoway’s Renard Diamond Project by way of the communities of Mistissini and Chibougamau. Construction is expected to commence this year.

Québec’s Minister of Finance, Raymond Bachand says:

 “The Plan Nord will both facilitate and supervise private investments on the (northern Québec) territory…by making the territory accessible, with the financial contribution of developers. Major land, marine and air transportation infrastructure projects will open up the territory to facilitate tourism development as well as mining or energy development. One such example is the extension of Route 167 north of Mistissini to the diamond deposits in the Otish Mountains, which will make a vast territory accessible to the development of mining and tourism. That work will begin this year”.

“I am announcing that, over the next five years, the Québec government is prepared to invest up to $500 million in equity interests in private projects promising a developmental effect in the territory covered by the Plan Nord. Like the investments already made by the Société générale de financement (du Québec), for example its interest in Stornoway Diamond Corporation, these investments will be made with an eye to profitability”.

Click here to access the entire news release.

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