DIAMOND RESOURCES: Renard carats triple with new numbers

QUEBEC — The latest 43-101-compliant numbers for the Renard diamond project triples the number of carats that could potentially be recovered. The project, in the Otish Mountains, is a 50:50 joint venture of Vancouver's Stornoway Diamond Corp. and SOQUEM of Quebec City.

The new estimate includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dikes. The project has a total indicated resources of 23.0 million ct and an inferred resource of 13.3 million ct, increases of 228% and 195% respectively over the numbers of December 2008.

The preliminary economic assessment (PEA) carried out for the Renard 2 kimberlite in 2008 is to be updated using the new numbers. That deposit has an estimated indicated resource of 18.0 million ct at 103 ct per hundred tonnes (cpht) and an inferred resource of 5.4 million ct (cpht), increases of 557% and 313% over the previous report. Stornoway used a diamond valuation of US$117/ct for resource estimation purposes.

The company expects to receive the revised PEA in Q1 2010. It will be posted at www.StornowayDiamonds.com.