Stornoway Announces 2011 Exploration Program And Budget
High Potential for New Discoveries in 2011 and 2012
April 26, 2011
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce the 2011 exploration budget for the Company's portfolio of diamond exploration projects. Stornoway's flagship property is the 100% owned Renard Diamond Project in north-central Quebec, where a Feasibility Study and an associated Environmental and Social Impact Assessment are on track for completion in the third quarter of this year. Over the upcoming 12 month period Stornoway will also conduct a complementary program of discovery oriented exploration at several additional projects elsewhere within Canada where the potential exists for the discovery of new kimberlite camps close to infrastructure. Stornoway has allocated a budget of $5.6m to the 2011 exploration program, to be funded from existing cash resources.
2011 Exploration Programs
For some time, Stornoway has been engaged in follow-up exploration in discrete areas of Canada where previous work has suggested the presence of un-discovered diamondiferous kimberlites. In 2009, this grass-roots work resulted in the quick discovery by surface prospecting of the Hammer kimberlite in Nunavut. It has also, more recently, confirmed the existence of multiple, potentially diamondiferous kimberlite sources in new districts within Québec and Saskatchewan where kimberlites have not previously been discovered.
The 2011 exploration program and budget contemplate the drill testing of high priority kimberlite targets on these properties in both 2011 and 2012 following detailed geochemical and geophysical surveys. Stornoway will provide guidance on each exploration program on an individual basis as claims are acquired and as field programs are mobilized.
Pikoo Project, Saskatchewan
To this end, Stornoway is pleased to announce the acquisition of 33,374 hectares of contiguous claims at the "Pikoo Project" located in central Saskatchewan. The Pikoo claims are owned 100% by Stornoway, and are located 140 km east of La Ronge Saskatchewan and 100 km west of Flin Flon Manitoba. An all-season road to the community of Deschambault Lake comes to within 6km of the property's southern boundary. A location map for Pikoo can be found on Stornoway's website at:
Stornoway initially acquired the Pikoo claims in February and March 2011 and claim certificates have now been issued by Saskatchewan Ministry of Energy and Resources. During the summer of 2011, Stornoway will undertake a high-resolution airborne geophysical survey at the property, and conduct detailed till sampling and follow-up prospecting on high-priority targets in preparation for discovery drilling later in 2011 or in 2012. The area of interest was first identified in 2006 following a regional geochemical sampling program designed to test the diamond potential of the northern portion of the Sask Craton, which hosts the Fort a la Corne cluster of kimberlite pipes approximately 220 km to the southwest. Subsequent follow-up sampling confirmed the potential for multiple kimberlites or kimberlite clusters localized within a 15km by 20km source area. No kimberlites are currently known in the vicinity of the Pikoo Project, and their identification would represent a significant new discovery in Canadian diamond exploration.
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 approved the contents of this release.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Matt Manson"
President and Chief Executive Officer
For more information, please contact Matt Manson (President and CEO) at 416-304-1026
or Nick Thomas (Manager Investor Relations) at 604-983-7754, toll free at 1-877-331-2232
Pour plus d'information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de Stornoway au 418-780-3938, email@example.com
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 event. 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) estimates of the timing to complete a Feasibility Study and an associated Environmental and Social Impact Assessment for the Renard Diamond Project; (ii) the potential discovery of new kimberlite camps close to infrastructure; (iii) future exploration plans; and (v) exploration resulting in the discovery of one or more diamondiferous kimberlites. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
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. Many risk factors are described in Stornoway's most recently filed Annual Information Form, annual and interim MD&As. 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.