On January 28, 2013 Stornoway press released the completion of a mine design and cost optimization exercise for the Renard Diamond Project. The Optimization Study incorporates certain design refinements undertaken since the release of the project’s Feasibility Study in November 2011, including the deferral of shaft access for the underground mine and a modified underground mining sequence and draw point design. As a result of these design changes, project operating and capital cost estimates have been restated, and a revised production schedule established. The Optimization Study also contains an updated project development schedule and financial model incorporating, amongst other things, the terms of the March 2012 Mecheshoo Agreement with the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istchee), and the Cree Regional Authority, and the November 2012 Renard Mine Road financing agreement with the Government of Québec. Highlights of the Optimization Study are as follows:
The Optimization Study restates the project’s Probable Mineral Reserves at 17.9 million carats (23.8 Mtonnes at 75 carats per hundred tonnes, or “cpht”), a reduction of 0.1 million carats after allowance for revised mining dilution and ore recovery estimates. The new study does not incorporate any changes to the project’s underlying National Instrument (“NI”) 43-101 compliant Mineral Resources, and does not include the results of the ongoing bulk sampling program at the Renard 65 kimberlite. Including Renard 65, the project contains 17.5 million carats (31.1 Mtonnes at 56 cpht) of Inferred Mineral Resources, much of which lies within the envelope of the planned mine infrastructure. Since mineral resources that are not mineral reserves do not have demonstrated economic viability, these have not been incorporated into the Optimization Study mine plan, in compliance with Canadian reporting standards. However, the project’s design, processed kimberlite storage capacity, permits and Mining Lease contemplates the eventual mining of all NI 43-101 Mineral Resources over an extended mine life. In addition to the Mineral Resources, 23.5 to 48.5 million carats of non-resource exploration upside (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht) has been estimated to 775 meters depth, below which each kimberlite remains open.
Readers are cautioned that the potential quantity and grade of any such exploration target 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 (an Optimization Study Support Material presentation is available at: http://stornowaydiamonds.com/_resources/feasibility_support_materials_20130128.pdf).
|Jan 28, 2013|
Stornoway Reports Optimized Renard Mine Design And Cost Estimates
Initial Capital Cost Reduced; High Operating Margin Maintained
|View More +|
|Sep 6, 2012|
Stornoway Executes Mandate Letter With Lead Arrangers For Renard Project Financing
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce that it has entered into a Mandate Letter with seven financial institutions (the “Mandated Lead Arrangers”) in connection with a poten...
|View More +|
|May 23, 2012|
Stornoway Announces $28.4m Renard Pre-Development Capital Program
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce a significant pre-development capital program for 2012 at the 100% owned Renard Diamond Project (“Renard”) located in north-central Qu...
|View More +|
This video reflects the mine plan that applied to the December 28, 2012 Feasibility Study and does not include the changes made in the Optimization Study of January 28, 2013.
Support Materials for the Renard Mine Optimization Study, January 28th 2013