Stornoway Diamond Corporation has announced the completion of its compliant mineral resource estimate for the Renard diamond project in North Central Quebec.



Stornoway’s revised estimate for the Renard diamond project includes a total Indicated mineral resource of 23 million carats, and a total Inferred mineral resource of 13.3 million carats. In addition, it includes increases of a whopping 228% and 195% respectively over previous estimates published in December 2008.

The estimate also refers to an indicated mineral resource at Renard 2 of 18 million carats of diamonds and an inferred mineral resource of 6.4 million carats of diamonds, constituting an impressive increase of 557% and 313% over previous estimates.

Other changes show an indicated mineral resource grade at the Renard 2 diamond project of 103 carats per hundred ton and an inferred mineral resource grade of 120 cpht, representing increases of 27% and 39% over the previous estimates. The diamond exploration company stated that a diamond valuation of $117 per carat will be applied equally to each of the Renard 2, 3, 4 and 9 kimberlite pipes for resource estimation purposes.

Matt Manson, President and CEO of Renard, noted: “This new resource estimate marks the culmination of a highly successful year at the Renard diamond project.” .

Eira Thomas, Stornoway’s Executive Chairman, stated: “The latest diamond resource work has outlined more than $4 billion of contained resource value. This pivotal study has now become the focus of an updated economic assessment which we expect to complete in the 1st quarter of 2010 as a precursor to an aggressive work program aimed at completing a final feasibility study as soon as possible.”