QUEBEC - Stornoway Diamond Corp. of Vancouver reports that two successful open houses were recently held in the communities of Chibougamau and Mistissini for the purposes of presenting the findings of the environmental and social impact assessment (ESIA) for the Renard diamond project in the Otish Mountains. The open houses were held on March 14 in Chibougamau and on March 2 in Mistissini. Over 200 people attended the two events, representing both the general public and local municipal, educational or business development groups.
Presentations by members of Stornoway's mining team, and by representatives from Roche Ltd,, author of the ESIA, covered diamond mining and extraction techniques, water management, closure and rehabilitation, waste management, biodiversity conservation, training and employment, and business development opportunities.
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. A positive feasibility study was circulated for the project on in November 2011. It was based on proven and probable mineral reserves of 18.0 million ct representing 23.0 million tonnes at an average grade of 78 cpht after allowance for mining dilution and ore recovery, and at a weighted average diamond valuation of US$180/carat. The result was base case was an estimated net present value C$672 million at a 7% discount rate and internal rate of return of 18.7% before taxes and mining duties, and $376 million and 14.9% after taxes and mining duties and a predicted 11 year mine life.
Read the full story at StornowayDiamonds.com.