QUEBEC – Stornoway Diamond Corp. of Montreal is pleased with the latest valuation of a bulk sample from its Renard diamond project in the Otish Mountains. An independent valuation using March 2013 prices revealed an average price of US$250/ct on the total Renard 65 parcel of 997 ct.
Valuations of US$8,500/ct and US$5,900/ct were made on the two largest stones of 9.77 ct (G colour) and 6.40 ct (F colour) respectively.
Stornoway president and CEO Matt Manson commented, “This new valuation work has confirmed a high quality diamond population at Renard 65 that we anticipate will now allow the addition of a substantial quantity of new, open-pit resources to the project’s mine plan. … Renard 65 possesses a diamond population with a different, and generally better, assortment of qualities than is seen in the other Renard kimberlite pipes.”
The Renard 65 bulk sample was taken with the intent to upgrade its inferred resource to indicated. The inferred resource at Renard 65 contains 3.7 million ct in 12.9 million tonnes of material averaging 29 cpht to a depth of 290 metres. Stornoway's current plan call for mining 17.9 million ct from Renard 2, 3 and 4 by both underground and open pit means.
Details about the development of Quebec's first diamond mine are available at StornowayDiamonds.com.
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