Stornoway Diamonds obtains key approval for Renard mine in Quebec

Stornoway Diamonds (TSX:SWY) announced on Thursday that it had obtained a key approval from the Quebec government for its Renard diamond mine.

Proactive Investors reports that the company obtained a Certificate of Authorization from Quebec's environmental ministry following over two years of official environmental study and community consultation.

Stornoway CEO Matt Manson called the issuance of the approval the "most significant milestone in the development of the Renard Diamond Project achieved to date."

The MDDEFP global Certificate of Authorization is the most important element of the permitting process for mining projects in Québec. As of today we are able to say that the principal regulatory hurdle for the Renard Diamond Project is behind us.

The Renard Diamond Project is situated in north-central Quebec approximately 250 kilometers north of the Cree Community of Mistissini and 350 kilometers north of Chibougamau.

It has probable mineral reserves of 18.0 million carats, as well as 17.5 million carats in inferred mineral resources.

Pre-production capital costs are estimated at $802 million, while the life of mine operating cost is $54.71 for a 68% operating margin during the initial 11 year mine life.