Stornoway Diamond Corporation is pleased to announce a significant pre-development capital program for 2012 at the 100% owned Renard Diamond Project located in north-central Québec.
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce a significant pre-development capital program for 2012 at the 100% owned Renard Diamond Project (“Renard”) located in north-central Québec. In November 2011 Stornoway released the results of the Renard Feasibility study, which demonstrated an economically viable project with an initial 11 year reserve based mine life, strong operating margins and extensive resource upside. Since this time, Stornoway has filed the project’s Environmental and Social Impact Assessment (“ESIA”; December, 2011), announced the start of construction on the Route 167 highway extension project by the Québec Ministère des transports (“MTQ”; February, 2012), announced the signing of an Impacts and Benefits Agreement with the Crees of the James Bay Region (the “Mecheshoo Agreement”; March 2012), and announced the raising of gross proceeds of $40 million in a combination of unsecured debt and new equity (March, April and May, 2012).
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On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
President and Chief Executive Officer
or Nick Thomas (Manager Investor Relations) at 604-983-7754, toll free at 1-877-331-2232