Stornoway Revises Renard Mineral Reserve Estimate Upward

(IDEX Online News) – Stornoway Diamond Corporation has announced that it has revised and updated its mine plan and reserve estimate for the Renard Diamond Project.

The company revised the probable mineral reserves upward 25-percent, from 17.9 million carats to 22.3 million carats, which represents 33.4 million tons at an average grade of 67 carats per hundred tons (cpht). This represents a slight decline from the previously predicted average grade of 75 cpht. As a result of the estimated rise in mineral reserves, the Stornoway also predicted an increased mine life from 11 years to 14 years.

Average diamond production in years one to 10 is also expected to increase to 1.8 million carats compared to the previous prediction of 1.6 million carats per year. The company expects to produce 1.9 million carats and to have sold 1.4 million carats by the end of 2017 – an increase of 24 percent and 57 percent respectively over the previous plan.

“The new plan shows incremental improvements in the project’s cost to complete, average carat production, mine life and Mineral Reserves,” said Stornoway president and CEO, Matt Manson.

“All-important early carat production to the end of 2017 shows a substantial increase compared to the previous estimate. A reduction in the average grade of the new Mineral Reserves reflects the addition of new lower grade material within the open pit and underground mining envelopes rather than any material reduction in the grades of the ore units comprising the previous reserve statement.”