Stornoway Receives Renard Certificate of Authorization
Stornoway President and CEO Matt Manson commented, “The MDDEFP glob-al Certificate of Authorization is the most important element of the permitting process for mining projects in Québec. As of today, we are able to say that the princi-pal regulatory hurdle for the Renard dia-mond project is behind us.”
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 feasi-bility study that highlighted the potential of the project to become a significant pro-ducer of high-value rough diamonds over a long mine life.
NI 43-101 compliant probable mineral reserves stand at 18 million carats, with a further 17.5 million carats classified as inferred and 23.5 million to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth.
Pre-production capital cost is estimated at C$802 million, with a life-of-mine operat-ing cost of C$54.71/mt, giving a 68% oper-ating margin over an initial 11-year mine life.