Vancouver-based Stornoway Diamond Corp. (TSX-SWY) announced today that price estimates on diamonds at its Renard diamond project have increased 56%.
Renard is Stornoway’s 100% owned flagship project located in Northern Quebec.
The diamond valuation was performed under the supervision of WWW International Diamond Consultants Ltd. in Antwerp, Belgium.
Base rough diamond estimates increased to $182 per carat in certain areas of the project.
Matt Manson, president and CEO of Stornoway, commented, “This comprehensive new valuation of the Renard bulk sample diamonds has confirmed the substantial increases in rough diamond prices of the last 18 months, brought about by sustained demand growth and tightening mine supply.
“The new price data are expected to have a very positive impact on the project’s revenue profile and mining margin.
“Our feasibility study, which is on track for delivery in the third quarter, will outline a project with a high production rate, high diamond price, long mine life potential, and available road and power infrastructure in a leading, pro-mining jurisdiction. This combination of factors makes Renard one of the most compelling undeveloped diamond assets in the world.”
For an insider’s look at the diamond industry in Canada see “Canada poised to become world’s second-largest diamond producer” – issue 1129, June 14-20.
Jennifer Harrison
Twitter: jharrison_biv