Stornoway Diamond Corporation has agreed to acquire the 50% interest in the Renard Diamond Project in north-central Quebec currently held by DIAQUEM.

Under the terms of the deal, DIAQUEM will become a "significant shareholder" of Stornoway and will receive direct royalties on future diamond production at the site. The Renard Project is still at the feasibility stage, but preliminary data released earlier this year indicated that it could produce up to 30 million carats of rough diamonds over a 25-year period.

Stornoway President and CEO Matt Manson said that the agreement between Stornoway and DIAQUEM established "key pillars" for the diamond company's future growth – 100% ownership of the Renard Diamond Project, credit support for future debt, and a new shareholder with strong motivation to help found Quebec's first diamond mine.

Pierre Shedleur, President and General Manager of SGF, which owns DIAQUEM, said that his organization was "proud to support Stornoway's future growth and contribute to the Renard diamond development project."