Stornoway Starts Renard Permit Process

Stornoway Diamond Corporation filed a “Notice of Intent” February 11 for the Renard diamond project in North Central Québec, Canada. The notice is the first step in a mine permitting process that is expected to take between 18 and 24 months.

The Notice of Intent has been filed with the provincial administrator of the James Bay and Northern Québec Agreement (JBNQA), representing the environmental protection regime under which the project falls, for review by the Comité d'évaluation (COMEV).

Once the provincial and federal administrators have authorized project development, final mine permits will be sought from the relevant state and federal authorities.

The Renard project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50:50 joint venture with SOQUEM INC.

The Notice of Intent describes a combined open pit and underground mining operation at Renard, with a production rate of between 5,000 and 7,000 tonnes per day (1.8 to 2.5 million tonnes per year) and a potential mine life of 25 years, based on the total mineral resources identified to date. Access to the project site will be by way of the "Route 167 Extension,” an all-season road development project currently the subject of a full feasibility study.

A revised Preliminary Assessment of the project is currently being prepared. This new study will incorporate a revised conceptual mine plan, updated capital and operating costs and revised estimates of project economics. Results from the Preliminary Assessment are expected within the first quarter of 2010.