Stornoway Announces Results Of Annual General And Special Meeting Of Shareholders
October 20, 2011
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce that at the Annual General and Special Meeting (“the Meeting”) held today in Montreal, Québec all resolutions proposed to shareholders, as set out in the notice of the meeting dated September 16th, 2011, were duly passed.
In particular, more than 2/3rds of Stornoway shareholders approved the continuance of the corporation to the Canada Business Corporations Act, to better reflect the national character of the Company’s operations and the jurisdiction of the Renard Diamond Project, Stornoway’s flagship asset, located in north-central Quebec.
Stornoway is also pleased to announce the re-appointment of Mr. Tony Walsh (Chairman of the Board), Mr. Yves Harvey, Mr. Serge Vezina and Mr. Matt Manson to serve as members of the Board of Directors for additional terms, and the new appointment to the Board of Mr. Patrick Godin. Mr. Godin is Stornoway`s Chief Operating Officer, responsible for the Renard Diamond Project as it moves through feasibility, mine construction and into production. The Board of Directors is comprised of ten directors and, in addition to the directors elected today, also includes Mr. Michel Blouin, Mr. John LeBoutillier, Ms. Monique Mercier, Mr. Peter Nixon and Mr. Ebe Scherkus.
Stornoway would like to thank outgoing director Catherine McLeod-Seltzer for her many of years of service to the Company. Ms. McLeod-Seltzer was one of the founders of Stornoway in 2003, and has played a leading role in Stornoway’s evolution since this time.
Coinciding with the conclusion of the Meeting, Stornoway is pleased to announce the launch of a newly re-designed website at www.stornowaydiamonds.com providing a more comprehensive level of shareholder and stakeholder communication in English, French and Chinese, consistent with the evolution of the Company towards mine development and production.
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.
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 May 2010, Stornoway filed a National Instrument 43-101 compliant technical report for the Preliminary Assessment at Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Current NI 43-101 compliant Indicated and Inferred Mineral Resources stand at 23.8 and 17.5 million carats respectively, with a further 23.5 to 48.5 million carats classified as a non-resource, “Potential Mineral Deposit”. All kimberlites remain open at depth. Readers are referred to the technical report in respect of the Renard Diamond Project for further details and assumptions relating to the project.
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, firstname.lastname@example.org
This press release 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 press release 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) expected mine life; (iv) expected time frames for completion of permitting and regulatory approvals, completion of a Feasibility Study and making a production decision for the Renard Diamond Project; (v) future exploration plans; (vi) the potential of discovering kimberlite bodies and kimberlite bodies that are diamondiferous; (vii) future market prices for rough diamonds; and (viii) sources of and anticipated financing requirements. 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.
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: (i) estimated completion date for the Feasibility Study and the Environmental and Social Impact Assessment; (ii) required capital investment and estimated workforce requirements; (iii) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (iv) the assumption that a production decision for the Renard Diamond Project will be made, and that decision will be positive; (v) anticipated timelines for the commencement of mine production; (vi) anticipated timelines related to the Route 167 extension and the impact on the development schedule at Renard; (vii) anticipated timelines for community consultations and the conclusion of an Impact and Benefits Agreement; (viii) market prices for rough diamonds and the potential impact on the Renard Diamond Project’s value; and (ix) future exploration plans, objectives and results.
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 risk 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, (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as mineral resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the greater uncertainty of potential mineral deposits; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing if any; (ix) tax rates or royalties being greater than assumed; (x) results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results of Stornoway; (xii) changes in project parameters as plans continue to be refined; (xiii) risks relating to receipt of regulatory approvals or the conclusion of an Impact and Benefits Agreement with aboriginal communities; (xiv) the effects of competition in the markets in which Stornoway operates; (xv) operational and infrastructure risks; and (xvi) the additional risks described in Stornoway's most recently filed Annual Information Form, annual and interim MD&A, 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.