QUEBEC – With commercial production from its Renard diamond project slated for the last half of 2015, Vancouver’s Stornoway Diamond Corp. is consolidating its head office activities in Montreal. The exploration team will, however, remain in Vancouver.
Matt Manson, president and CEO, said, “As we work to develop it [Renard], our center of gravity on an operational, administrative, corporate and financial basis is moving eastwards. It now makes sense to consolidate our head office and operating functions in one location.”
The Renard diamond project is located in the James Bay region of north-central Québec. Probable reserves stand at 18.0 million ct, with a further 17.5 million ct classified as inferred resources, and 23.5 to 48.5 million ct classified as non-resource exploration upside. All kimberlites remain open at depth.
Stornoway has estimated pre-production capital cost at $802 million, with a life-of-mine operating cost of $54.71/tonne giving a 68% operating margin over an initial 11-year mine life.
Further details are available in the technical report dated Dec. 29, 2011, posted at StornowayDiamonds.com.