Stornoway Posts Loss, Has $3 Million Working Capital

Canadian exploration company Stornoway reported a C$0.68 million (US$0.63 million) net loss in the July 31 ending quarter and has an accumulated a deficit of C$67.5 million (US$62.9 million).

The company has cash, cash equivalents and short-term deposits totaling C$3.5 million (US$3.3 million) and a working capital of $3.1 million (US$2.9 million).

Stornoway is an exploration stage company and does not have income from diamond sales. The company said it plans to seek additional financing through equity financings, the sale of non-core assets or through other means to generate sufficient working capital.

The company' holds interests in approximately 20 project areas that collectively contain some 170 kimberlite bodies. They include the Foxtrot Property, Aviat, Churchill, Qilalugaq and Timiskaming.

Its most advanced staged project is Renard, which, according to the company, has the potential to become Quebec’s first diamond mine.