A recent independent valuation of Stornoway's Renard Diamond Project in Quebec has assigned two of the project's kimberlite pipes a 56% higher value than that at which they were previously assessed, the company announced this week.



The Antwerp-based WWW International Diamond Consultants estimated the value of the Renard 2 and 3 kimberlite pipes at $182/carat – 56% higher than the estimate given in September 2009. The Renard 4 kimberlite pipe was valued at $112/carat, a 49% increase over its previous valuation.

Stornoway President and CEO Matt Manson, President and CEO said that the revised valuation confirmed the substantial increases in rough diamond prices of the last 18 months.

"The new price data are expected to have a very positive impact on the project's revenue profile and mining margin," Manson said, adding that Renard was "one of the most compelling undeveloped diamond assets in the world."