Resource Expansion at the Renard Diamond Project, Québec.

CIM Vancouver 2010
Abstract The Renard Diamond Project is a 50:50 joint venture between Stornoway Diamond Corporation and SOQUEM Inc. In December 2008 Stornoway released the project’s first NI 43-101 Mineral Resource Statement and Preliminary Economic Assessment. At that time, the project was shown to have a 7 year mine life with a 14.2% pre-tax IRR based on an Indicated Mineral Resource of 7.0 mcarats and an Inferred Mineral Resource of 4.5 mcarats. The conceptual mine plan, combining open pit and underground mining, gave a total capital cost of $308 million with a blended operating cost of $50.35/t at 1.3 mt/a. Starting in January 2009, Stornoway and SOQUEM initiated a major drill program with the aim of expanding project resources within the scope of the existing mine plan. In October 2009 Stornoway reported that a large amount of new kimberlite had been intersected at depth in Renard 2, consistent with an estimate of potential mineral deposit of 14.8 to 17.8 mtonnes in excess of the existing mineral resource, and representing a fourfold increase in the size of the body that already provided the bulk of the mined tonnage in the conceptual mine plan. At time of writing, a revised mineral resource statement and economic assessment are being prepared. With ongoing infrastructure support from the Québec government, Renard is developing into one of the world’s best undeveloped diamond projects. A review is given of the exploration work on the project to date, development schedule, and additional resource expansion opportunities.
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