CEAA Consultations CompleteStornoway Announces the Successful Completion of Federal Public Consultations for Renard in Mistissini and Chibougamau (ccnm)
MONTREAL, QUEBEC--(Marketwire - June 8, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the recent successful completion of public consultations on the Renard Diamond Project held by the Canadian Environmental Assessment Agency ("CEAA"), the Department of Fishery and Oceans, Environment Canada and Natural Resources Canada. The consultations were held in Chibougamau and Mistissini between June 5th and 7th to solicit public feedback in relation to the ongoing assessment of the Renard Environmental and Social Impact Assessment ("ESIA") by the federal government regulators. The consultations were well attended, and the responses received were overwhelmingly positive.
The Renard Diamond Project falls under the environmental protection regimes of the Canadian Environmental Assessment Act and the James Bay and Northern Québec Agreement (the "JBNQA"). The Renard ESIA was filed with both the CEAA and the Quebec Ministère du Développement Durable, de l'Environnement et des Parcs ("MDDEP") on December 28, 2011. Public consultations on the ESIA, held separately by the federal and Quebec regulators, are an important step in the mine permitting process, and are designed to gauge the overall social acceptability of the proposed development. It is currently expected that public hearings on Renard to be hosted by the Review Committee of the JBNQA ("COMEX") will be scheduled for later in the summer, making the project eligible to receive its Global Certificates of Authorization thereafter.
The Renard ESIA, as well as the project's Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway's website (www.stornowaydiamonds.com/renard/esia
).
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 for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 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 C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. 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
Matt Manson, President and Chief Executive Officer