Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the commencement
of a fall program of exploration drilling at the Renard Diamond Project, located
in North Central Quebec. The Renard Diamond Project is a 50:50 joint venture
between Stornoway Diamond Corporation and SOQUEM Inc., a wholly-owned subsidiary
of Societe generale de financement du Quebec ("SGF"), the Quebec government's
main industrial and financial holding company.
The upcoming drill program is a continuation of a step-out program of deep
drilling first initiated last winter (Stornoway Press Release dated April 14,
2010), and is designed to assess the size and composition of several kimberlite
pipes outside the established mineral resource. This step-out drilling is part
of an ongoing effort to determine the overall scope of the potential mineral
resources at the project within the context of the ongoing mine design and mine
permitting activities. A total of four deep drill holes are planned for the
Renard 3, 4 and 65 kimberlites. In addition, a single hole will be drilled at
the Renard 1 kimberlite which, although not part of the current mineral
resource, has been identified as having the potential for a high diamond content
following a review of historical sampling data.
Matt Manson, President and CEO commented: "During 2009, limited deep delineation
drilling, principally at Renard 2, resulted in a tripling of the project's
mineral resources. We are excited to commence this new program which has the
potential to grow the resources further. Our geological models suggest that the
Renard kimberlite pipes are less eroded and larger at depth than previously
thought, providing significant exploration upside for the project. Our step out
drilling is specifically designed to prove this upside. At a time when large
diamond resources in good mining jurisdictions are becoming increasingly scarce,
Renard ranks amongst the world's best undeveloped diamond deposits."
Renard Geological Modeling and Resource Estimation
In the most recent National Instrument ("NI") 43-101 compliant mineral resource
statement (Stornoway Press Release dated December 8th 2009) the Renard Diamond
Project was estimated to contain a total Indicated Mineral Resource of 23.0
million carats (26.5 million tonnes at 87 carats per hundred tonnes, "cpht") and
a total Inferred Mineral Resource of 13.3 million carats (17.8 million tonnes at
75 cpht). An additional 26.8 to 45.7 million tonnes, containing between 12.2 and
26.5 million carats, was characterized as a potential mineral deposit (or
"PMD"). For the Renard kimberlite pipes, this PMD was determined by projecting
reasonable kimberlite volumes from the base of the Inferred Mineral Resources to
a common depth of 700m below surface. The projections on Renard 3, 4 and 65 were
subsequently tested during the winter 2010 drill program. Drill intersections
demonstrated that each of these pipes was significantly larger at depth than
previously assumed, and that geological models constructed for each pipe may
have understated the project's PMD. The reader is cautioned that the potential
quantity and grade of any PMD is conceptual in nature, and it is uncertain if
further exploration will result in the target being delineated as a mineral
resource. Further, mineral resources that are not mineral reserves do not have
demonstrated economic viability.
The fall 2010 drill program is designed to provide further deep delineation on
each of Renard 3, 4 and 65 to better quantify the PMD and, if possible, allow
for the conversion of portions of this material to Inferred Mineral Resources.
The drilling will be accompanied by microdiamond sampling for diamond content
modeling, but no large scale macro-diamond sampling.
Step-Out Drilling: Renard 3, 4 and 65
The winter 2010 drill program at Renard resulted in the discovery of a
significant thickness of kimberlite in an untested location on the eastern side
of Renard 3 at 373 meters below surface. It also expanded both the southeastern
extent of Renard 4 and the eastern extent of Renard 65, at 759 meters and 383
meters below surface respectively.
The new drilling will seek to confirm the apparent eastern expansion of Renard
3's southern lobe, where it measures approximately 35 x 45 meters. The single
hole will extend an existing historical inclined drill hole across the body to
the west-southwest, perpendicular to the winter drilling. The target area is
outside of the current Inferred Mineral Resource but above the base of the
current conceptual mine plan, which currently extends to a depth of 395m at
Renard 3.
At Renard 4, a single drill hole will test the northwest extent of the body
within the currently modeled PMD at about 600 meters below surface, on the
opposite side of the pipe from the winter drilling, and will facilitate
collection of microdiamond samples from two of the most volumetrically
significant kimberlite units at depth. This hole will also determine kimberlite
dilution within these lithologies and help to define the size of the body at
this level for ongoing mine planning.
Renard 65 is represented in its entirety in the most recent NI 43-101 compliant
mineral resource statement as PMD, with a low range estimate based on its
projection to 280 meters below surface and a high range estimate based on
projection to 700 meters below surface. The first hole will extend a previous
vertical hole in the northern end of the oblong pipe from 200 meters below
surface to about 600 meters below surface. The purpose of the hole is to
demonstrate continuity of kimberlite at depth and to establish the type and
nature of lithologies present beneath current drilling. The second hole will be
drilled from south to north along the entire length of the oblong body,
initially targeting a poorly defined magmatic unit for which an estimated
diamond content has not yet been established (Stornoway Press Release dated July
13, 2010). Measured dilution data and additional sampling data from multiple
kimberlite facies across the body will also be an important component of this
work.
Exploration Drilling: Renard 1
The Renard 1 kimberlite is situated less than 500 meters north of Renard 65, and
was originally discovered in 2001. Geological modeling of the early drill data
has suggested the presence of approximately 9.1 million tonnes of kimberlite to
a modeled depth of about 280 meters below surface. Three primary kimberlite
lithologies comprise the body, representing about 5.6 million tonnes of
tuffisitic kimberlite, 2.5 million tonnes of transitional kimberlite and 1.0
million tonnes of hypabyssal kimberlite. These kimberlite lithologies are
similar to that recognized in the other Renard bodies currently comprising the
mineral resource and, like the other bodies, Renard 1 exhibits a halo of
non-kimberlitic country rock breccia ("CRB") and cracked country rock ("CCR").
Between 2001 and 2003, approximately 264 kilograms of mostly hypabyssal
kimberlite were analysed for their micro-diamond content, and some 10.3 tonnes
of composited material were processed through a commercial dense media
separation plant as a series of samples between 300 and 1,500 kilograms in size,
returning diamond content results between 0 and 16 cpht. It is now appreciated
that this early sample processing incorporated significant amounts of the
non-kimberlitic halo material (CRB and CCR) and that the potential diamond
content of this large body may be understated. Consequently, a single hole at
Renard 1 has been included in the fall drill program to better reconcile the
pipe shape with the associated geophysical anomaly and historical drill results,
to re-test each of the kimberlite's principal lithologies with industry standard
microdiamond analysis, to quantify dilution, and to permit a correlation with
other bodies currently in the mine plan.
About Stornoway Diamond Corporation
Stornoway Diamond Corporation is one of Canada's leading diamond exploration and
development companies, involved in the discovery of over 200 kimberlites in
seven Canadian diamond districts. The Company benefits from a diversified
diamond property portfolio, a strong financial platform and management and
technical teams with experience in each segment of the diamond "pipeline" from
exploration to marketing. Stornoway's diamond exploration programs are conducted
under the direction of Robin Hopkins, P.Geol. (NT/NU), Vice President,
Exploration, a Qualified Person under NI 43-101. Mr. Hopkins has reviewed the
contents of this press release.
About SGF
Societe generale de financement du Quebec (sgfqc.com), an industrial and
financial holding company, has a mission to carry out economic development
projects, particularly in the industrial sector, in cooperation with partners
and in compliance with accepted profitability requirements and with the economic
development policy of the Quebec government. As part of its new mandate, SGF is
authorized by the Quebec government to go beyond its traditional role as an
equity investor by offering complementary solutions, such as loans, debentures
or preferred shares.
SOQUEM, a wholly-owned subsidiary of Societe generale de financement du Quebec,
is to undertake exploration, development and mining activities throughout the
province of Quebec.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
This document contains "forward-looking information" within the meaning of
Canadian securities legislation and "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
This information and these statements, referred to herein as "forward-looking
statements" are made as of the date of this document and the Company does not
intend, and does not assume any obligation, to update these forward-looking
statements, except as required by law.
Forward-looking statements relate to future events or future performance and
reflect current expectations or beliefs regarding future events and include, but
are not limited to, statements with respect to: (i) the amount of mineral
resources and potential mineral deposits; (ii) the amount of future production
over any period; (iii) net present value and internal rates of return of the
proposed mining operation; (iv) capital costs, including plant costs, and
operating costs; (v) diamond values and increases in diamond values; (vi) strip
ratios, rates of extraction of kimberlite and mining rates; (vii) mine expansion
potential and expected mine life; (viii) exploration potential at the Project;
(ix) road construction, power generation and operation costs; and (x) expected
time frames for completion of permitting and regulatory approvals, completion of
a Feasibility Study and making a production decision. Any statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as "expects",
"anticipates", "plans", "projects", "estimates", "assumes", "intends",
"strategy", "goals", "objectives" or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be forward-looking
statements.
All forward-looking statements are based on Stornoway's or its consultants'
current beliefs as well as various assumptions made by and information currently
available to them. Many of these assumptions are set forth in the news release
and include: (i) the presence of and continuity of diamonds in its host rocks at
the Project at modeled grades; (ii) diamond values and diamond price escalation
factors; (iii) discount rates; (iv) financing structure and costs; (v)
reasonable contingency requirements; (vi) anticipated financial performance,
(vii) receipt of regulatory approvals on acceptable terms within commonly
experienced time frames; (viii) the settlement of an Impact and Benefits
Agreement on acceptable terms within a reasonable time frame; (ix) the
construction of an access road on a timely basis. Although management considers
these assumptions to be reasonable based on information currently available to
it, they may prove to be incorrect. Many forward-looking statements are made
assuming the correctness of other forward looking statements, such as statements
of net present value and internal rate of return, which are based on most of the
other forward-looking statements and assumptions herein. The cost information is
also prepared using current values, but the time for incurring the costs will be
in the future and it is assumed costs will remain stable over the relevant
period.
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that estimates,
forecasts, projections and other forward-looking statements will not be achieved
or that assumptions do not reflect future experience. We caution readers not to
place undue reliance on these forward-looking statements as a number of
important factors could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates assumptions
and intentions expressed in such forward-looking statements. These risk factors
may be generally stated as the risk that the assumptions and estimates expressed
above do not occur, including the assumption in many forward-looking statements
that other forward-looking statements will be correct, but specifically include,
without limitation, risks relating to variations in the grade, kimberlite
lithologies and country rock content within the material identified as mineral
resources from that predicted, variations in rates of recovery and breakage; the
greater uncertainty of potential mineral deposits, developments in world diamond
markets, slower increases in diamond valuations than assumed, risks relating to
fluctuations in the Canadian dollar and other currencies relative to the US
dollar, increases in the costs of proposed capital and operating expenditures,
increases in financing costs or adverse changes to the terms of available
financing, if any, tax rates or royalties being greater than assumed, results of
exploration in areas of potential expansion of resources, changes in development
or mining plans due to changes in other factors or exploration results of
Stornoway or its joint venture partners, changes in project parameters as plans
continue to be refined, risks relating to receipt of regulatory approvals or
settlement of an Impact and Benefits Agreement, the effects of competition in
the markets in which Stornoway operates, operational and infrastructure risks
and the additional risks described in Stornoway's most recently filed Annual
Information Form, annual and interim MD&As, and Stornoway's anticipation of and
success in managing the foregoing risks. Stornoway cautions that the foregoing
list of factors that may affect future results is not exhaustive. When relying
on our forward-looking statements to make decisions with respect to Stornoway,
investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. Stornoway does not undertake to update any
forward-looking statement, whether written or oral, that may be made from time
to time by Stornoway or on our behalf, except as required by law.
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