QUEBEC – As announced in its 2011 budget, the Government of Quebec will build the Route 167 extension, also known as the Route des Monts Otish, The road will pass through the communities of Mistissani and Chibougamau and reach the Renard diamond project owned by Vancouver’s Stornoway Diamond Corp. The new road will be a boon to development of the diamond mine and many other mineral projects in the region.
It is anticipated that the Route 167 will be constructed as a 260 km-long, 70 km/h two-lane gravel-top highway under the supervision of the Québec Ministry of Transport. The road will be designated as a multi-service provincial highway connecting Renard to the end of the current Route 167 at Lac Albanel (Temiscamie), and will provide access to a number of other prospective mining projects as well as the new Albanel-Temiscamie-Otish Park. Further details on the nature and schedule of road construction are expected shortly.
The Renard diamond project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Quebec. The project is a 50:50 joint venture with Diaquem; however, Stornoway is in the process of buying out its joint venture partner, and the arrangement is to close on April 1, 2011. The transaction will make Diaquem a significant shareholder of Stornoway. A bankable feasibility study and an environmental and social impact assessment at Renard are on schedule for completion in Q3 2011.
Detailed information is available at www.StornowayDiamonds.com.