Stornoway allocates $28.4 million for pre-development
by eyetee | July 3, 2012 11:56 am
[1]Stornoway Diamond Corp., is budgeting $28.4 million this year for pre-development of the Renard Project in Northern Quebec.
The funds are being earmarked toward work that includes detailed engineering and design, site preparation activities, and the ordering of long-lead items.
“Despite the currently challenging market conditions, we have succeeded in raising the significant capital required to perform this work and we are highly encouraged by the response we have received to date on our larger-scale project financing activities,” said company president and chief executive officer (CEO), Matt Manson. “Our objective is to continue hitting our project milestones, this being the most effective way of delivering long-term shareholder value.”
A November 2011 feasibility study indicated an economically viable project with an initial 11-year reserve-based mine life, strong operating margins, and extensive resource upside.
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