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Stornoway’s Renard Diamond Project Receives Positive Environmental Assessment Decision

Stornoway Diamond Corporation is very pleased to announce the receipt of a positive Environmental Assessment Decision for the Renard Diamond Project from the Canadian Environmental Assessment Agency. The project has now received all of the major Québec and federal government authorizations required to commence construction.

Matt Manson, Stornoway’s President and CEO, stated: “Today’s announcement of the completion of major project permitting at Renard comes just 18 months after the filing of the project’s Environmental and Social Impact Assessment. This is an extraordinary achievement by Stornoway’s environmental and community engagement team, who have been aided throughout by the close cooperation and support of the Crees of Eeyou Itschee and the communities of Chibougamau and Chapais. With this latest milestone achieved, we look forward to the opening the Renard Mine Road later this year, which will make Renard the first fully-permitted diamond mining project in Canada with a permanent road.” Matt Manson continued: “With today’s news we are also pleased to announce the promotion of M. Martin Boucher to the role of Vice President, Sustainable Development, in recognition of his exemplary leadership of Stornoway’s permitting operations.”

The Renard Project falls under the social and environmental protection regimes of both the James Bay and Northern Québec Agreement and the Canadian Environmental Assessment Act. The project’s Environmental and Social Impact Assessment (“ESIA”) was filed with the regulators in December 2011, and public hearings were held in June and August of 2012. Stornoway received its Mining Lease from the Québec Ministère des Ressources naturelles in October 2012 and its Québec Certificate of Authorization from the Québec Ministère du Développement Durable, de l’Environnement,de la Faune et des Parcs in December 2012. Today’s announcement represents the culmination of all public consultations and regulatory assessments arising from the project’s ESIA. Operating permits can now be sought for site specific activities under the authority of the overall global authorizations.

About the Renard Diamond Project

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 Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument (“NI”) 43-101 stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.

About Stornoway Diamond Corporation

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.

On behalf of the Board
STORNOWAY DIAMOND CORPORATION

Source: http://www.stornowaydiamonds.com/

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