SWY's AGM ResultsStornoway Announces Results From Annual General Meeting (ccnm)
LONGUEUIL, QUEBEC--(Marketwired - Oct. 22, 2014) -Stornoway Diamond Corporation (TSX:SWY) (the "Corporation" or "Stornoway") is pleased to announce the results of the vote at its annual general meeting of shareholders held on October 21, 2014 in Montréal, Québec.
Each of the director nominees proposed by management for election was elected to the Board of Directors, without a vote by ballot being conducted. Stornoway received proxies with regard to voting on the ten directors nominated for election as set forth below:
| NOMINEE |
VOTES FOR |
% VOTES FOR |
VOTES WITHHELD |
% VOTES WITHHELD |
| Patrick Godin |
554,015,901 |
99.46 |
3,017,957 |
0.54 |
| Hume Kyle |
556,162,410 |
99.84 |
871,448 |
0.16 |
| John LeBoutillier |
552,059,216 |
99.11 |
4,974,642 |
0.89 |
| Matt Manson |
556,022,908 |
99.82 |
1,010,950 |
0.18 |
| Monique Mercier |
556,098,342 |
99.83 |
935,516 |
0.17 |
| Gaston Morin |
556,248,558 |
99.86 |
785,300 |
0.14 |
| Peter Nixon |
555,952,185 |
99.81 |
1,081,673 |
0.19 |
| Ebe Scherkus |
555,976,371 |
99.81 |
1,057,487 |
0.19 |
| Douglas Silver |
555,948,146 |
99.81 |
1,085,712 |
0.19 |
| Serge Vezina |
556,051,596 |
99.82 |
982,262 |
0.18 |
Mr. Ebe Scherkus has been appointed as Chairman of the Board.
In addition, the Corporation is pleased to report the re-appointment of PricewaterhouseCoopers LLP as auditor for the ensuing year. Shareholders also approved ordinary resolutions (i) to ratify, confirm and approve the renewal of the Corporation's stock option plan and all unallocated stock options thereunder for an additional period of three years, and (ii) to extend the expiry date of certain stock options granted to insiders to December 31, 2014.
Final voting results on all matters voted on at the annual general meeting of shareholders will be published shortly on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com.
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. On July 8th 2014 Stornoway announced the completion of a $946 million project financing transaction to fully fund the project to production, and construction commenced on July 10th, 2014. First ore is scheduled to be delivered to the plant in the second half of 2016 with commercial production scheduled for the 2nd quarter of 2017.
In January 2013, Stornoway released the results of an Optimized Feasibility Study at Renard which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.85 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. Average annual diamond production is forecast at 1.6 mcarats/year over the first 11 years of mining, at an average valuation of US$190/carat based on a March 2014 assessment by WWW International Diamond Consultants Ltd.
Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, and the press release dated July 23, 2013 in respect of the July 2013 Mineral Resource estimate, for further details and assumptions relating to the project. Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a "qualified person" under NI 43-101.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. 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