Silicon Investor - Stornoway Diamond Corporation (SWY.V)

[Internship] Deloitte Restructuring Inc. is to be hired to oversee the process under the Comp...

Internship — 9/20/2019 1:35:35 AM

Deloitte Restructuring Inc. is to be hired to oversee the process under the Companies’ Creditors Arrangement Act to realign its business and financial affairs. Stornoway’s common shares and convertible debentures will soon be delisted from trading on the Toronto Stock Exchange and will be worthless,

business.financialpost.com

Why, one may wonder, as this was supposed to be the nicest thing happening to the economy?

business.financialpost.com

Still, there are reasons why Canadian diamond mines keep getting built — and in some cases it has little to do with economics. For De Beers, which has developed three mines there, Canada reduces its dependence on Botswana, where most of its diamonds are mined.

Aggarwal, who was involved in developing what became known as the “CanadaMark” brand to capitalize on the country’s clean image, says there’s potential for more to be done with that.

CANADA BRAND
“Consumers in the U.S. and Canada have positive associations with Canadian diamonds,” he said. “There’s an opportunity with origin. It’s a tool that the miners can use to enhance the value of their diamonds.”

But the track record there hasn’t been good either. Canada tried to create a polishing industry in the Northwest Territories, capitalizing on the backlash against “conflict” diamonds. “Made in Canada” diamonds seemed an easy sell: ethically produced, mined from ice, cut, polished, and laser-etched with a tiny polar bear. Today, the polishing industry is all but gone and attempts by Dominion to revive the CanadaMark have met with mixed success.

There’s no getting around the higher costs of operating in Canada’s frozen tundra. Everything — labour, fuel and construction — costs more in the remote north.

“You look at these diamond mines, you’ve got your own road, your own airstrip, your own power grids,” said Tom Hoefer, executive director of the NWT & Nunavut Chamber of Mines. “That may be okay if you’ve got a world class deposit, but not everybody is mining world class assets.”

[wayne cath] Hello.......anyone watching this recently? Small pop in the price. Road approval...

wayne cath — 1/16/2013 6:46:37 PM

Hello.......anyone watching this recently? Small pop in the price. Road approval? Need to nibble at something other than bank and dividend stuff and a friend pointed me here.
Maybe a few other grey haired old farts around from that WSP thing. Though my hair was brown then...dammit.

wayne

[Rob J23] Stornoway (SWY.TO) Completes Renard 65 Bulk Sample Field Program MONTREAL, ...

Rob J23 — 11/21/2012 9:55:04 AM

Stornoway (SWY.TO) Completes Renard 65 Bulk Sample Field Program

MONTREAL, QUEBEC--(Marketwire - Nov. 21, 2012) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has completed the field portion of a bulk sample program on the Renard 65 Kimberlite pipe, located at Stornoway's 100% owned Renard Diamond Project in north-central Quebec. The program was announced in a press release dated July 23, 2012.

The objective of the bulk sample program is to collect a large enough parcel of diamonds to allow the conversion of material that is currently classified as an Inferred Mineral Resource at Renard 65 to an Indicated Mineral Resource and then, if warranted, to a Mineral Reserve. Sampling commenced in July with the objective of collecting five thousand tonnes from a surface trench through blasting. Following the trenching, a sample of approximately 5,147 dry tonnes of kimberlite from Renard 65 was processed at the 10 tonne per hour Dense Media Sample plant located at the Renard project site. A heavy mineral concentrate produced by the plant will now undergo final diamond recovery at Stornoway's North Vancouver lab facilities. Diamond results are expected in Q1 2013. Given the estimated diamond content at the sampling site, it is expected that approximately 1,000 carats of diamonds will be recovered, which will be sent to Antwerp, Belgium for valuation.

Matt Manson, President and CEO, commented: "We are pleased that trenching and processing of the Renard 65 bulk sample has progressed so well to date. Although Renard 65 is lower grade than the other four kimberlites contained within the Renard Mineral Resource, it is the largest pipe discovered to date at Renard and is amenable to large scale open-pit mining. The successful conversion of Inferred Mineral Resources at Renard 65 to a Mineral Reserve will allow us to plan for an expanded processing rate and an extension of the reserve mine life beyond the current 11 years. This is all expected to add value to the project."

In November 2011, Stornoway released the first National Instrument ("NI") 43-101 compliant Mineral Reserve estimate for Renard of 18.0 Mcarats (representing 23.0 million tonnes at an average grade of 78 carats per hundred tonnes, or "cpht") at a weighted average diamond valuation of US$180/carat. The project's Inferred Mineral Resources comprise an additional 17.5 Mcarats (31.1 Mtonnes at an average grade of 56 cpht), and targets for further exploration outside of the Mineral Resource statement have been estimated at between 23.5 and 48.5 Mcarats (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht). Within this resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 Mcarats (representing 12.9 mtonnes at an average grade of 29 cpht) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 Mcarats (29.5 to 41.6 Mtonnes at between 23 and 33 cpht) from 290m to 775m in depth. All kimberlites remain open at depth.

The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource.

Qualified Persons

Mr. David Skelton, P.Geo. (QC), P.Geol (AB), Vice President, Project Development for Stornoway is a Qualified Person as defined under National Instrument 43-101 and was responsible for supervising the Renard 65 bulk sample program on the Renard Diamond Project. Mr. Skelton has reviewed and approved the scientific and technical information contained in this release.

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 November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.

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.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

[Rob J23] Stornoway Announces New Agreement To Complete Route 167 Extension Québec and...

Rob J23 — 11/15/2012 10:34:36 AM

Stornoway Announces New Agreement To Complete Route 167 Extension
Québec and Stornoway to Partner on Road Financing and Construction

November 15, 2012

Stornoway Diamond Corporation (TSX-SWY) is pleased to announce that its wholly-owned subsidiary Les Diamants Stornoway (Canada) Inc. has entered into a Framework Agreement and an associated Letter of Intent (collectively the “Agreement”) with the Government of Québec for the financing and completion of the Route 167 Extension under Stornoway’s direct management. The Agreement is designed to ensure timely road access to the Renard Diamond Project and the commencement of mine construction during 2013, as previously contemplated. Key features of the new Agreement are as follows:

Stornoway to assume the completion of segments “C” and ”D” of the Route 167 Extension as a single lane mining grade road; and
Québec to provide Stornoway with an unsecured credit facility of up to C$77m to complete the work, at an annual interest rate of 3.35% percent, amortized over 15 years, with a repayment schedule based upon planned commencement of commercial production at Renard.

In addition, and in support of Stornoway’s construction schedule for Renard, Québec has agreed that:

The Québec Ministère des Transports (“MTQ”) shall continue with the construction of a winter road this season as previously planned, providing temporary road access to Renard by March 2013; and
The Québec Ministère du Développement Durable, de l’Environnement, de la Faune et des Parcs and the MTQ shall transfer all relevant authorizations for Stornoway to commence mining road construction by April 2013.

As a result of the Agreement, Stornoway now anticipates first all-season vehicle access to the Renard project site by the 4th Quarter of 2013, compared to July 2013 previously.

Matt Manson, Stornoway’s President and CEO commented: “Today’s news represents the removal of a major element of uncertainty over the Renard Diamond Project. With Stornoway now responsible for the completion of the project’s access road, we will be in full control of our overall development schedule for the first time. The financing terms that we have negotiated to complete this work are beneficial to Stornoway, and are expected to have a minimal impact on the project’s overall valuation and financing capacity. This is an excellent example of government and the mining industry working in partnership to achieve a common goal.” Mr. Manson continued: “Since Stornoway’s October 29th announcement of the potential for a delay in the completion of the Route 167 Extension, we have moved quickly to re-establish a viable plan for road access to Renard during 2013. The Agreement announced today achieves this, and allows us to continue moving forward with our project financing and development activities. This positive outcome will benefit our shareholders, our community partners and Québec in equal measure.”

Construction on the 240km long Route 167 Extension began in February of this year, and is being undertaken in four segments, “A” to “D”. Under the terms of the Framework Agreement executed today with the MTQ, the Québec Ministère des Ressources Naturelles (“MRN”), and the Québec Ministère des Finances et de l’Économie (“MFE”), Québec will complete the first 143km of the road over segments A and B as a 70km/hr two-lane gravel highway, as previously planned. Starting in April 2013, Stornoway will commence construction of a 50km/hr single lane mining road over the remaining 97km covered by segments C and D. To facilitate this schedule, the MTQ has committed to complete a winter road by March 2013, allowing temporary access to Renard and the mobilization of fuel, road construction equipment and camps. Given the reduced scope of the mining road that will be built on segments C and D, and the progress that has been made to date on segments A and B, it is expected that this construction plan will allow all-season road access to be available to Renard starting in the 4th Quarter of 2013 and mine construction to commence forthwith. Maintenance costs on segments C and D will be borne by Stornoway, and by Québec on segments A and B.

The cost of a mining road on segments C and D has been estimated by Stornoway at C$77 million, including a 15% contingency. Under the terms of the Letter of Intent between Stornoway and the MFE, this cost will be financed by way of an unsecured credit facility to be provided to Stornoway by the MFE, bearing an annual interest rate of 3.35% and amortized over a fifteen year period. In order to provide additional cost contingency, the MFE is agreeing to provide Stornoway with a second facility, with the right to draw a further C$7.7 million, bearing an annual interest rate of 6.3%, for total credit facilities of up to C$84.7 million. Stornoway’s schedule of loan repayments is based upon the schedule of financing and construction of the Renard Diamond Project, commencing upon the attainment of commercial production. Finalisation of these terms is dependent upon the conclusion of a definitive Financing Agreement between Stornoway and the MFE, which is currently under negotiation. Stornoway’s obligations under the Framework Agreement are conditional upon the execution of the definitive Financing Agreement.

The Agreement provides for the termination of, and replaces, the two pre-existing agreements between Stornoway and Québec dated August 1st 2011, wherein Stornoway agreed to contribute C$44 million to the construction of the Route 167 Extension at a 6.3% interest rate over 10 years, and up to C$1.215 million per year to the road’s maintenance.

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 November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.

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.

[Rob J23] Stornoway Announces the Successful Completion of the Final Public Hearings for R...

Rob J23 — 8/30/2012 8:42:33 AM

Stornoway Announces the Successful Completion of the Final Public Hearings for Renard in Mistissini and Chibougamau
Project Permitting on Track for Completion in 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the successful completion of public hearings on the Renard Diamond Project held by the Review Committee ("COMEX") established under the James Bay and Northern Québec Agreement (the "JBNQA"). The COMEX hearings were held in Chibougamau and Mistissini on August 28th and 29th, and are expected to be the final round of public consultation prior to the determination of the project's eligibility to receive its global Certificate of Authorization. The Certificate of Authorization is the principal regulatory approval needed to advance the project to the construction and mining stages, and is expected to be assessed prior to the end of the year.

The Renard Diamond Project falls under the environmental protection regimes of the JBNQA and the Canadian Environmental Assessment Act. The Renard Environmental and Social Impact Assessment ("ESIA") was filed in December 2011 with the Canadian Environmental Assessment Agency and the Québec Ministère du Développement Durable, de l'Environnement et des Parcs. Public hearings on the ESIA, held separately by the federal and Québec regulators, are an important step in the mine permitting process, and are designed to gauge the overall social acceptability of the proposed development. As with the federal consultations held in June, attendance in both communities for the COMEX hearings was considerable, and comments received on the project were overwhelmingly positive.

Since the project was originally discovered, Stornoway and its predecessor companies have demonstrated a commitment to responsible social engagement with the communities most impacted by the proposed development. In March of this year Stornoway entered into an Impacts and Benefits Agreement, the "Mecheshoo Agreement", with the Cree Nation of Mistissini ("CNM") and the Grand Council of the Crees (Eeyou Istchee) / Cree Regional Authority. In July, Stornoway announced a Declaration of Partnership with the communities of Chibougamau and Chapais. Stornoway believes its pro-active approach to community engagement, and the project's strong social acceptability, has been fully appreciated during the mine permitting review process.

The Renard ESIA, as well as the project's Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway's website (www.stornowaydiamonds.com/renard/esia).

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 November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.

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

[Rob J23] Stornoway Signs Partnership Accord With Chibougamau and Chapais VANCOUVER, BRIT...

Rob J23 — 7/5/2012 11:04:31 PM

Stornoway Signs Partnership Accord With Chibougamau and Chapais

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has executed a Declaration of Partnership (the "Declaration") with the communities of Chibougamau and Chapais in the James Bay Region of Québec. The Declaration is a statement of cooperation between the partners for the responsible development of Stornoway's 100% owned Renard Diamond Project based on the principles of environmental protection, social responsibility and economic efficiency. The Declaration was signed in Chibougamau on July 5th by Mme. Manon Cyr, Mayor of Chibougamau, M. Steve Gamache, Mayor of Chapais, and M. Patrick Godin, Chief Operating Officer of Stornoway.

The Declaration provides for the creation of a Renard Liaison Committee that will address issues of mutual interest such as communication, employment, and the economic diversification of local communities. In particular, the committee will oversee initiatives to attract and retain new residents to the towns of Chibougamau and Chapais.

Matt Manson, Stornoway's President and CEO, stated: "The Declaration of Partnership with Chibougamau and Chapais is a further example of the framework of trust, transparency and cooperation with which we seek to develop Québec's first diamond mine. It follows the execution of the Mecheshoo Agreement with the Crees of the James Bay Region in March, which was established on similar principles. For Stornoway, the Declaration is an expression of the importance we place on Chibougamau and Chapais as commercial centers, and future civic partners, for the successful development of Renard."

Manon Cyr, Mayor of Chibougamau stated: "This accord confirms the common bond of cooperation and respect between our two cities and Stornoway in the development of the Renard Project, which has been in existence for several years now. Today's signing marks the beginning of a new phase, allowing us to plan for the future by strengthening the collaboration between the City of Chibougamau and Stornoway."

For his part, Steve Gamache, Mayor of Chapais stated: "The Declaration of Partnership is part of a new era of economic and social development based on respect, mutual trust and a shared understanding of the issues of each partner. The town of Chapais is extremely proud to work with Stornoway Diamond Corporation on the development of this leading diamond mining project."

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 November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.

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.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Matt Manson, President and Chief Executive Officer