Dominion Diamond (TSX:DDC) has reported after further review of repairs required at the Ekati Diamond Mine process plant from the fire on June 23, it continues estimating that repairs will take approximately three months from the date of the fire. Current cost of the repairs is estimated at $25 million.
As quoted in the press release:
Repairs will include the replacement of degritting screen #3 with the associated rubber lined chutes, piping, pumps and motors, as well as electrical cables and instrumentation. Most of these items are already on hand while some others are currently being procured, and will be flown to site. The Company has an insurance policy on the Ekati diamond mine that includes a property damage and business interruption component and it has commenced work with its insurance claims adjusters.
The Company is reducing operating costs and deferring some capital costs during the plant downtime. Mining activities continue at the higher value Misery open pit and Koala underground, and have been suspended at Pigeon and Lynx. The Misery and Koala material will be stockpiled, with the intention of processing a blend of the high value Misery Main and Koala ore when the process plant restarts.
Updated production guidance for the Ekati Diamond Mine for fiscal 2017, which takes into account the process plant downtime, is included in the table below. Non-essential sustaining capital projects including mobile equipment rebuilds and the expansion of communication and automation systems have been postponed until fiscal 2018. A temporary layoff of approximately three months has already been implemented with an estimated impact on approximately 330 temporary and permanent contractors, and employees.
Click here to read the full press release.
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LONGUEUIL, Québec, June 29, 2016 (GLOBE NEWSWIRE) — Stornoway Diamond Corporation (TSX:SWY) (the “Corporation” or “Stornoway”) would like to remind holders of its common share purchase warrants, issued on July 8, 2014 and exercisable at C$0.90 per share (the “Warrants”) (TSX:SWY.WT.A), of their expiry at 5:00 pm (Eastern time) on July 8, 2016.
Pursuant to the terms of the July 8, 2014 financing transactions with Orion Mine Finance, Diaquem Inc. and Ressources Québec (wholly-owned subsidiaries of Investissement Québec), and the Caisse de dépôt et placement du Québec, Stornoway intends to use any proceeds from the exercise of the Warrants to complete the construction of the Renard Diamond Project ahead of drawing down funds from its committed C$100 million Senior Loan Facility with Diaquem Inc. The Diaquem Senior Loan facility bears an initial interest rate of prime plus 4.75% with a ten year term.
Matt Manson, President and CEO of Stornoway commented, “The Renard Project continues ahead of schedule and within budget. Formal commissioning of the process plant has commenced and first diamond production is expected shortly. Prior to the exercise of the Warrants, we have been forecasting excess financing capacity available to complete the project, comprising surplus cash and available cost-overrun facilities, of C$116 million. This calculation assumes the full drawdown of the Diaquem Senior Loan. Any and all proceeds from warrant exercise will serve to increase this financing capacity further, and will allow us to reduce our senior indebtedness proportionately, greatly increasing our financial flexibility as cash flow begins.”
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities referred to in this press release in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the final short form prospectus. The securities referred to in this press release have not been, nor will they be registered under the U.S. Securities Act of 1933, as amended, or applicable U.S. state securities laws.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. On July 8, 2014, Stornoway announced the completion of a $946 million project financing transaction to fully fund the project to production, and construction commenced on July 10, 2014. First ore is scheduled to be delivered to the plant at the end of September 2016, with commercial production scheduled for December 31, 2016.
In January 2013, Stornoway released the results of an Optimized Feasibility Study at Renard, with an Updated Mine Plan and Mineral Reserve Estimate in March 2016. These studies highlight the potential of the project to become a significant producer of high value rough diamonds over an initial 14 year mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), stand at 22.3 million carats. In accordance with the Corporation’s September 2015 Mineral Resource estimate, total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 30.2 million carats, with a further 13.35 million carats classified as Inferred Mineral Resources, and 33.0 to 71.1 million carats classified as non-resource exploration upside. Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining, at an average valuation of US$155/carat based on March 2016 terms.
Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated February 28, 2013, in respect of the January 2013 Optimization Study, the technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world-class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive
For more information, please contact Matt Manson (President and CEO) at 416-304-1026 x2101
or Orin Baranowsky (Vice President, Investor Relations and Corporate Development) at 416-304-1026 x2103
or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de Stornoway au 418-254-6550, gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **
This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
These forward-looking statements include, among others, statements with respect to Stornoway’s objectives for the ensuing year, Stornoway’s medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to Stornoway’s beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate, Québec, Canada, NI 43-101 Technical Report (the “2016 Technical Report”) ; (v) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2016 Technical Report; (vi) mine expansion potential and expected mine life; (vii) expected time frames for completion of permitting and regulatory approval related to construction activities at the Renard Diamond Project; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Project; (ix) the expected time frames for the completion of construction, start of mining and commercial production at the Renard Diamond Project and the financial obligations or costs incurred by Stornoway in connection with such mine development; (x) future exploration plans; (xi) future market prices for rough diamonds; (xii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiii) sources of and anticipated financing requirements; (xiv) the effectiveness, funding or availability, as the case may require, of the Stream, the Senior Secured Loan, the COF and the Equipment Facility and the use of proceeds therefrom; (xv) the Corporation’s ability to meet its Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; and (xvi) the impact of the Financing Transactions on the Corporation’s operations, infrastructure, opportunities, financial condition, access to capital and overall strategy.; (xvii) the foreign exchange rate between the US dollar and the Canadian dollar; and (xviii) the availability of excess funding for the construction and operation of the Renard Diamond Project . Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) receipt of regulatory approval on acceptable terms within commonly experienced time frames; (iv) anticipated timelines for completion of construction, commencement of mine production and development of an open pit and underground mine at the Renard Diamond Project, which heavily depends, among other things, on adequate availability and performance of skilled labour, engineering and construction personnel, performance of mining and construction equipment and timely delivery of components; (v) anticipated geological formations; (vi) market prices for rough diamonds and the potential impact on the Renard Diamond Project; (vii) the satisfaction or waiver of all conditions under each of the Senior Secured Loan, the COF and the Equipment Facility to allow the Corporation to draw on the funding available under those financing elements for the completion of the development and construction of the Renard Diamond Project; (viii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; (ix) future exploration plans and objectives; (x) the Corporation’s ability to meet its delivery obligations under the Steaming Agreement; and (xi) the continued strength of the US dollar against the Canadian dollar. Additional risks are described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A, and other disclosure documents available under the Corporation’s profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or royalties being greater than assumed; (x) uncertainty of results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results; (xii) changes in project parameters as plans continue to be refined; (xiii) risks relating to the receipt of regulatory approval or the implementation of the existing Impact and Benefits Agreement with aboriginal communities; (xiv) the effects of competition in the markets in which Stornoway operates; (xv) operational and infrastructure risks; (xvi) execution risk relating to the development of an operating mine at the Renard Diamond Project; (xvii) failure to satisfy the conditions to the effectiveness, funding or availability, as the case may require, of each of the Stream, the Senior Secured Loan, the COF and the Equipment Facility; (xviii) changes in the terms of the Stream, the Senior Secured Loan, the COF or the Equipment Facility; (xix) the funds of the Stream, the Senior Secured Loan, the COF or the Equipment Facility not being available to the Corporation; (xx) the Corporation being unable to meet its delivery obligations under the Stream; (xxi) future sales or issuance of Common Shares lowering the Common Share price and diluting the interest of existing shareholders; and (xxi) the additional risks described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive, and unforeseeable, new risks may arise from time to time.
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June 29, 2016 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond Corp. (“Lucara” or the “Company”), reports that the Company will be retaining the exceptional 1,109 carat Type IIa Lesedi La Rona diamond as bidding did not meet the reserve price at the auction held this evening at Sotheby’s in London.
On behalf of the Board,
William Lamb
President and CEO
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For further information, please contact:
Sophia Shane, Corporate Development +1 (604) 689-7842, sophias@namdo.com
Sweden: Robert Eriksson, Investor Relations +46 701-112615, reriksson@rive6.ch
UK: Louise Mason, Citigate Dewe Rogerson +44 20 7282 2932,or +44 20 7282 2996,
Louise.Mason@Citigatedr.co.uk
About Lucara
Lucara is a well positioned diamond producer. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company’s main producing asset is the 100% owned Karowe Mine in Botswana. The Company also conducts exploration activities and holds two precious stone prospecting licenses close to its Karowe mine.
The information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.
The information in this release is subject to the disclosure requirements of Lucara Diamond Corp. under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on June 29, 2016 at 11:35 a.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or achieved.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included herein should not be unduly relied upon. In particular, this release may contain forward looking information pertaining to the following: the estimates of the Company’s mineral reserves and resources; estimates of the Company’s production and sales volumes for the Karowe Mine; estimated costs for capital expenditures related to the Karowe Mine, start-up, exploration and development plans and objectives, production costs, exploration and development expenditures and reclamation costs; expectation of diamond price and changes to foreign currency exchange rate; expectations regarding the need to raise capital; possible impacts of disputes or litigation and other risks and uncertainties describe under “Risks and Uncertainties” as disclosed in the Company’s most recent Annual Information Form.
There can be no assurance that such statements will prove to be accurate, as the Company’s results and future events could differ materially from those anticipated in this forward-looking information as a result of those factors discussed in or referred to under the heading “Risk and Uncertainties” in the Company’s most recent Annual Information Form available at http://www.sedar.com, as well as changes in general business and economic conditions, changes in interest and foreign currency rates, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, costs and availability of power and diesel, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and recoverability assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), and unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job actions, adverse weather conditions, and unanticipated events relating to health safety and environmental matters).
Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, and the Company does not assume any obligations to update or revise them to reflect new events or circumstances, except as required by law.
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Makena Resources (TSXV:MKN) has entered into a share purcahse agreement with DB Holdings Inc. DB’s assets consist of 4,060 hectares prospective of diamonds in the Athabasca Basin.
Negar Adam, president of Makena, said:
We are very pleased to acquire this diamond prospect in Saskatchewan. In recent weeks, interest in the Saskatchewan diamonddistrict has skyrocketed in light of De Beers Canada Inc.’scommitment to expenditures of up to $20.4-million. This is earmarked for kimberlite-style targets staked by CanAlaska in the northwestern Athabasca basin located inSaskatchewan. We are pleased to be acquiring this prospect in Saskatcehwan’s emerging diamond district. This is an exciting period for Makena’s shareholders as we are acquiring this new prospect and have a planned drill program in July on our Patterson Uranium prospect.
Click here to read the full press release.
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Lucapa Diamond Company (ASX:LOM) have announced the commencement of a drilling program to test high-priority kimberlite targets at the Lulo Diamond Project in Angola.
As quoted in the press release:
The aim of the drilling program is to help identify the primary kimberlite source, or sources, of the large, high-value alluvial diamonds being recovered from Lulo, which include Angola’s biggest recorded diamond-a 404 carat Type IIa D-colour gem which sold for $22.5 million in February 2016 (See ASX Announcements 15 February 2016 and 29 February 2016).
The drilling program has now commenced at the L259 kimberlite target, where previous gravity and ground electro-magnet (EM) surveys identified a 78-108 hectare body consistent with a weathered near-surface expression of a kimberlite pipe (Figure 1).
Drill sites have been prepared for 10 scheduled holes to be drilled at L259 in the initial drilling phase.
Click here to read the full press release.
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Diamcor Mining (TSXV:DMI) has announced the final results of rough diamonds delivered, tendered and sold in its first fiscal quarter ending June 30, 2016 from its Krone-Endora at Venetia project in South Africa.
As quoted in the press release:
As previously announced on June 2, 2016, the Company completed the tender and sales of 3,031.95 carats of rough diamonds in April 2016, for gross proceeds of USD $386,992.89, resulting in an average price of USD $127.64 per carat. In tender and sales completed in May 2016, the Company sold 4,789.18 carats of rough diamonds, for gross proceeds of USD $564,639.06, resulting in an average price of USD $117.90 per carat. An additional 646.56 carats of rough diamonds, which included 148.29 carats of higher quality goods, were withdrawn from the second tender and sales held in May, and included in the third tender in June of 2016. In the final tender and sale for the quarter held in June 2016, the Company sold a combined total of 5,563.59 carats of rough diamonds, for gross proceeds of USD $954,346.49, resulting in an average price of USD $171.53 per carat. This brings the final combined rough diamonds tendered and sold during the first fiscal quarter ending June 30, 2016 to 13,384.72 carats, generating gross proceeds of USD $1,905,978.44, resulting in an average price of USD $142.40 per carat.
The price per carat realized during the tenders completed during the period were consistent with Company expectations for the goods being offered, and reflect the price weakness in certain categories of rough diamonds during the period. Rough diamonds delivered, tendered and sold in the current period were the result of rough diamonds recovered prior to May 29, 2016. Rough diamonds recovered after May 29 and until June 30, 2016 will be recorded as rough diamond inventory on-hand for the first fiscal quarter ending June 30, 2016.
Click here to read the full press release.
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LONGUEUIL, Québec, June 22, 2016 (GLOBE NEWSWIRE) — Stornoway Diamond Corporation (TSX:SWY) (the “Corporation” or “Stornoway”) is pleased to announce the completion of Pre-Operational Verification (“POV”) at the Renard Project diamond process plant and the formal commencement of plant commissioning. All principal plant equipment and control systems have now been installed and tested, and the hand-over from Stornoway’s construction management team to the plant operating staff has been completed.
The commissioning of the process plant will involve the operation of the plant’s crushers, vibrating screens, conveyors, pumps, diamond recovery circuits, and processed kimberlite management systems first with water (“wet commissioning”) and then ore. This process is expected to take several weeks.
Matt Manson, President and CEO, commented: “The formal commencement of plant commissioning is a major milestone for the Renard Project and our construction management team. It has been achieved approximately 8 weeks ahead of our re-baselined construction schedule, which was already a 5 month improvement on the execution plan established in July 2014. As many construction staff and contractors now demobilize from the project site, we take this opportunity to congratulate them on a mining project that has been built with efficiency, professionalism and quality throughout.”
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. On July 8, 2014, Stornoway announced the completion of a $946 million project financing transaction to fully fund the project to production, and construction commenced on July 10, 2014. First ore is scheduled to be delivered to the plant at the end of September 2016, with commercial production scheduled for December 31, 2016.
In January 2013, Stornoway released the results of an Optimized Feasibility Study at Renard, with an Updated Mine Plan and Mineral Reserve Estimate in March 2016. These studies highlight the potential of the project to become a significant producer of high value rough diamonds over an initial 14 year mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), stand at 22.3 million carats. In accordance with the Corporation’s September 2015 Mineral Resource estimate, total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 30.2 million carats, with a further 13.35 million carats classified as Inferred Mineral Resources, and 33.0 to 71.1 million carats classified as non-resource exploration upside. Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining, at an average valuation of US$155/carat based on March 2016 terms.
Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated February 28, 2013, in respect of the January 2013 Optimization Study, the technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world-class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive
Download this FREE Special Report, Investing in Stornoway Diamonds or Other Canadian Diamond Mines – Beyond the Diamond Price Calculator.
For more information, please contact Matt Manson (President and CEO) at 416-304-1026 x2101
or Orin Baranowsky (Vice President, Investor Relations and Corporate Development) at 416-304-1026 x2103
or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de Stornoway au 418-254-6550, gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **
This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
These forward-looking statements include, among others, statements with respect to Stornoway’s objectives for the ensuing year, Stornoway’s medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to Stornoway’s beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate, Québec, Canada, NI 43-101 Technical Report (the “2016 Technical Report”) ; (v) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2016 Technical Report; (vi) mine expansion potential and expected mine life; (vii) expected time frames for completion of permitting and regulatory approval related to construction activities at the Renard Diamond Project; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Project; (ix) the expected time frames for the completion of construction, start of mining and commercial production at the Renard Diamond Project and the financial obligations or costs incurred by Stornoway in connection with such mine development; (x) future exploration plans; (xi) future market prices for rough diamonds; (xii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiii) sources of and anticipated financing requirements; (xiv) the effectiveness, funding or availability, as the case may require, of the Stream, the Senior Secured Loan, the COF and the Equipment Facility and the use of proceeds therefrom; (xv) the Corporation’s ability to meet its Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; and (xvi) the impact of the Financing Transactions on the Corporation’s operations, infrastructure, opportunities, financial condition, access to capital and overall strategy.; (xvii) the foreign exchange rate between the US dollar and the Canadian dollar; and (xviii) the availability of excess funding for the construction and operation of the Renard Diamond Project . Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) receipt of regulatory approval on acceptable terms within commonly experienced time frames; (iv) anticipated timelines for completion of construction, commencement of mine production and development of an open pit and underground mine at the Renard Diamond Project, which heavily depends, among other things, on adequate availability and performance of skilled labour, engineering and construction personnel, performance of mining and construction equipment and timely delivery of components; (v) anticipated geological formations; (vi) market prices for rough diamonds and the potential impact on the Renard Diamond Project; (vii) the satisfaction or waiver of all conditions under each of the Senior Secured Loan, the COF and the Equipment Facility to allow the Corporation to draw on the funding available under those financing elements for the completion of the development and construction of the Renard Diamond Project; (viii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; (ix) future exploration plans and objectives; (x) the Corporation’s ability to meet its delivery obligations under the Steaming Agreement; and (xi) the continued strength of the US dollar against the Canadian dollar. Additional risks are described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A, and other disclosure documents available under the Corporation’s profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or royalties being greater than assumed; (x) uncertainty of results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results; (xii) changes in project parameters as plans continue to be refined; (xiii) risks relating to the receipt of regulatory approval or the implementation of the existing Impact and Benefits Agreement with aboriginal communities; (xiv) the effects of competition in the markets in which Stornoway operates; (xv) operational and infrastructure risks; (xvi) execution risk relating to the development of an operating mine at the Renard Diamond Project; (xvii) failure to satisfy the conditions to the effectiveness, funding or availability, as the case may require, of each of the Stream, the Senior Secured Loan, the COF and the Equipment Facility; (xviii) changes in the terms of the Stream, the Senior Secured Loan, the COF or the Equipment Facility; (xix) the funds of the Stream, the Senior Secured Loan, the COF or the Equipment Facility not being available to the Corporation; (xx) the Corporation being unable to meet its delivery obligations under the Stream; (xxi) future sales or issuance of Common Shares lowering the Common Share price and diluting the interest of existing shareholders; and (xxi) the additional risks described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive, and unforeseeable, new risks may arise from time to time.
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 20, 2016) – Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to announce the filing of a National Instrument (“NI”) 43-101 technical report titled “Mineral Resource Estimate for the Chidliak Project, Baffin Island, Nunavut” and dated effective June 3, 2016 (the “Technical Report”) for its 513,249 hectare Chidliak project and the adjacent 51,147 hectare Qilaq project, located approximately 120 kilometres north-east of Iqaluit, the capital of Nunavut. The Technical Report is an update to a report dated February 23, 2015 and supports an updated 11.39 million carat Inferred Resource at CH-6 that was announced by news release dated April 7, 2016, and a maiden 4.23 million carat Inferred Resource at CH-7 that was announced May 5, 2016.
The Technical Report also summarizes the work completed in 2015 as part of the Chidliak Diamond Resource Development Program, which included additional core drilling and microdiamond sampling completed at CH-6 and CH-7, and the large-diameter reverse circulation drill program completed at CH-7. Core drilling completed at CH-6 and CH-7 resulted in increased tonnage estimates of targets for further exploration (“TFFE”) for those kimberlite pipes.
PRELIMINARY ECONOMIC ASSESSMENT UPDATE
Work on the Preliminary Economic Assessment by JDS Energy and Mining Inc. (“JDS”) continues on schedule. Peregrine expects to receive the initial results in late June as previously announced.
QUALIFIED PERSONS
The CH-6 and CH-7 Inferred Mineral Resource estimates were prepared by Mineral Services Canada Inc. under the supervision of Dr. Tom Nowicki. Dr. Nowicki is a Professional Geologist and an independent, external Qualified Person and a consultant to Peregrine. Mr. Dino Pilotto of JDS Energy and Mining Inc. is a Professional Engineer and an independent, external Qualified Person that consults to Peregrine. Mr. Howard Coopersmith of Coopersmith & Associates Ltd. is a Professional Geologist and an independent, external Qualified Person and a consultant to Peregrine. Dr. Herman Grütter, Professional Geologist and Peregrine’s Vice President, Technical Services, is a Qualified Person and is responsible for the design of the Diamond Resource Development Program at Chidliak.
Dr. Nowicki, Mr. Pilotto, Mr. Coopersmith and Dr. Grütter have reviewed this release and approve of its contents.
ABOUT PEREGRINE DIAMONDS
Peregrine is a TSX listed diamond exploration and development company with assets located in northern Canada and Botswana.
Peregrine’s core asset is its’ 100 percent-owned, 513,249 hectare Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut where 71 kimberlites have been discovered to date with eight being potentially economic. An Inferred Mineral Resource of 11.39 million carats in 4.64 million tonnes of kimberlite at an average grade of 2.45 carats per tonne has been defined for a portion of the CH-6 kimberlite. In addition, a Target for Further Exploration (“TFFE”) of 2.34 to 3.75 million tonnes of kimberlite to a depth of 380 metres below surface has been identified at CH-6. An independent diamond valuation by WWW International Diamond Consultants, of a 1,013 carat parcel of diamonds from CH-6 returned an average market price of US$213 per carat and modeled prices that range from a minimum of US$162 per carat to a high of US$236 per carat, with a base model price of US$188 per carat (all using the February 24, 2014 price book). An Inferred Mineral Resource of 4.23 million carats in 4.99 million tonnes of kimberlite at an average grade of 0.85 carats per tonne has been defined for a portion of the CH-7 kimberlite. In addition, TFFE of 0.90 to 2.36 million tonnes for a depth range of 240-320 metres has been estimated for the CH-7 kimberlite. An independent diamond valuation by WWW International Diamond Consultants, of a 735.75 carat parcel of diamonds from CH-7 returned an average market price of US$100 per carat and modelled prices that ranged from a minimum of US$94 per carat to a high of US$155 per carat, with a base model price of US$114 per carat (all using the February 1, 2016 price book). A TFFE of 1.27 to 3.19 million tonnes to 250 metres depth has been estimated for the CH-44 kimberlite pipe. The TFFE’s identified above are conceptual in nature and are not Mineral Resources. It is uncertain whether further exploration will result in any of these tonnages being delineated as Mineral Resources.
Peregrine holds eleven diamond prospecting licenses in Botswana that cover 661,330 hectares.
Peregrine also controls the 8,493 hectare Lac de Gras project in the Northwest Territories, located approximately 27 kilometres from the Diavik Diamond Mine. The nine hectare 72.1%-owned DO-27 kimberlite, located at Lac de Gras, hosts an Indicated Mineral Resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne and it is open at depth.
For information on data verification, exploration information and resource estimation procedures see the technical reports entitled, “2015 Technical Report for the Chidliak Project, 66° 21′ 43″ W, 64° 28′ 26″ N Baffin Region, Nunavut” dated February 23, 2015, and “Peregrine Diamonds Ltd. Lac de Gras Project Northwest Territories, Canada NI 43-101 Technical Report” dated July 15, 2014, both of which are available on SEDAR and the Company’s website.
For further information, please visit www.pdiam.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to proposed exploration and development programs, funding availability, anticipated exploration results, grade of diamonds and tonnage of material, resource estimates, anticipated diamond valuations and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.
Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: receipt of regulatory approvals; anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; market prices for rough diamonds and the potential impact on the Chidliak Project; and future exploration plans and objectives.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company’s activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
Mr. Herman Grutter
Vice President, Technical Services
604-408-8880
Investor Relations
604-408-8880
investorrelations@pdiam.com
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Mountain Province Diamonds (TSX:MPV) has announced that Gahcho Kue has achieved mechanical completion of the primary crusher and commissioning of the process plant is progressing.
As quoted in the press release:
Based on the progress to date, Gahcho Kué expects to commence production during Q3 2016. The specific timing within Q3 will depend on progress with the remaining commissioning. Mountain Province president and CEO Patrick Evans commented: “We are pleased with the continuing excellent progress at Gahcho Kué and excited that first production will commence within the next few months. Key areas of focus are finalization of commissioning of the process plant, remaining earthworks, pre-stripping and mining of kimberlite, as well as preparations for operational readiness.”
Gahcho Kué’s safety performance remains very good. In May 2016, the mine surpassed an impressive one million hours worked without a lost-time injury. The permanent staff complement of the mine now stands at 290, including 91 experienced employees transferred from the De Beers Snap Lake mine.
In anticipation of first production, Mountain Province has concluded all the necessary contract arrangements to be in a position to receive, sort and sell its share of diamond production from Gahcho Kué. The Company’s diamond marketing team, under the leadership of Reid Mackie, Vice President of Diamond Marketing, has been complemented with appointment of Mark Pearton as manager of diamond operations and Elizabeth Swanson and manager of diamond analysis. Ms. Swanson and Mr. Pearton have considerable diamond experience, principally with Rio Tinto Diamonds.
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Lucara Diamond (TSX:LUC) has provided results from the mini bulk sample program on the BK02 kimberlite located 30 kilometres east of the Karowe Mine and an update on other exploration programs.
As quoted in the press release:
A total of 274.33 carats were recovered from the processing of 5,916 tonnes of BK02 for a sample grade of 4.6 cpht (carats per hundred tonne). The largest diamond recovered was a 5.48 carat brownish octahedron (see attached photo). In addition, a total of 24 stones were recovered greater than 1 carat in weight including 3 diamonds in excess of 2 carats.
Sample results confirm that the BK02 kimberlite has a coarse size distribution similar to that observed at Lucara’s Karowe Mine (see attached chart). A limited drill programme is planned for BK02 to better delineate the kimberlite, define internal geology and collect material for microdiamond analyses.
The sample was collected by excavator and trucked to the Karowe Mine where processing was conducted through a 15 tonne per hour custom built Bulk Sample Plant (BSP). Final diamond recovery from DMS concentrate was completed at the BSP using conventional XRay luminescence technology. Diamonds were exported to the Lucara Sales and Sorting office in Gaborone for final cleaning and sizing.
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Pangolin Diamonds (TSXV:PAN) has announced an update on its wholly-owned Motloutse Diamond Project in Botswana.
As quoted in the press release:
Several aeromagnetic anomalies have been selected for follow-up with soil sampling, ground magnetic and gravity surveys to identify kimberlite drill targets. This process identified MG-08 as the second kimberlite target in addition to AGA-01 previously announced (see May 31, 2016 release). Other targets are still being developed as the data is being processed and interpreted.
The MG-08 kimberlite target is a near surface oval anomaly with a projected 8 – 10 metres of cover. The presence of the target was confirmed using ground magnetic and detailed soil sampling consisting of 225 samples within a grid area measuring 700 metres by 1,400 metres. Sub-angular kimberlite indicator garnets with sculptured surfaces denoting proximity to source were optically identified from soil samples collected directly over the target area.
Additional kimberlite targets are still being developed as the data is being processed and interpreted. Once all the results have been interpreted, the drill program will commence. It is anticipated that the percussion drill program will be completed before the end of July 2016.
The Motloutse Diamond Project covers the area where the first diamonds in Botswana were recovered in 1959. It also includes the location where De Beers discovered its first diamonds in Botswana in 1962. The kimberlite source(s) of these diamonds have never been located.
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TORONTO, ONTARIO–(Marketwired – June 8, 2016) – Honey Badger Exploration Inc. (TSX-V: TUF) (“Honey Badger” or the “Company”) announces that it completed both a helicopter magnetic geophysical survey and a preliminary sampling program on its Company’s LG Diamonds Project located in Northern Quebec.
The new geophysical survey identified numerous isolated circular anomalies. The anomalies are located along interpreted deep major liniments that could represent conduits or pathways for kimberlites. Prospecting and sampling near the targets resulted in numerous potassium rich ultramafic rock units that can be associated with kimberlites. These samples will be sent in for geochemical analysis. No bedrock samples were able to be collected at our highest priority targets as the targets themselves are covered with what appear to be shallow swamps.
Quentin Yarie, President & CEO, commented: “The magnetic model developed from the recent survey has provided promising results, indicating several anomalies extend beyond 1000m depth. The observation of surface depressions associated with magnetic lows supports the potential for kimberlites on the LG diamonds property. We are in the process of finalizing our future drill program based on these results.”
Modeling of the newly acquired magnetic data has confirmed the LG targets have magnetic anomalies typical of kimberlite like features. As an example KB3 (Figure 1) is an isolated magnetic low of approximately 300nT with modelled surface dimensions of 212.4 metres X 128.8 metres and interpreted depth extend >1 kilometer. Note: that in the Body Properties boxes the Length (A) and (B) are radii not diameter.
Figure 1: http://media3.marketwire.com/docs/1058234TUF.pdf.
About Honey Badger Exploration Inc.
Honey Badger Exploration is a gold and diamond exploration company headquartered in Toronto, Ontario, Canada with properties in Québec and British Columbia. The newly acquired Wemindji claims total 29 claim blocks covering 1,383 hectares within 30 kilometres of the town of Wemindji, Quebec The company’s common shares trade on the TSX Venture Exchange under the symbol “TUF”.
The Company is currently focused on the advancement of the LG Diamonds Project located in the James Bay region of Quebec:
Qualified Person
Quentin Yarie, PGeo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release and is responsible for overseeing all aspects of the company’s exploration programs.
For more information about the Company visit www.honeybadgerexp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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LONGUEUIL, Quebec, June 06, 2016 (GLOBE NEWSWIRE) — Stornoway Diamond Corporation (TSX:SWY) (the “Corporation” or “Stornoway”) is pleased to provide an update on operational readiness at the Renard Diamond Project ahead of expected first diamond production later this year.
At the end of May overall construction progress stood at 96% compared to the recently re-baselined plan of 90% (and the initial plan of 82%). All major equipment and control systems have been installed in the project’s diamond process plant, primary crusher and processed kimberlite load-out facility, and Pre-Operational Verification (“POV”) procedures are well advanced. The project’s power plant, water treatment facility and maintenance facilities are fully operational. All critical path activities continue well within the planned schedule for first ore delivered to the plant by the end of September and commercial production by the end of December.
By the end of May a total of 8.9 million tonnes of overburden, waste rock and ore had been extracted from the Renard 2-Renard 3 and Renard 65 open pits, representing a performance of 101% against plan. This includes 697,895 tonnes of ore, at 148% of plan. Delivery of ore to the stockpiles is now being achieved at a rate sufficient to commence the project’s planned production ramp-up.
Development of the ramp for the underground mine stood at 1,635 meters at the end of May, or 82% of plan, compared to 74% at the end of March. Progress on the ramp during April and May was 98% and 132% of plan respectively, and there has been no recurrence of the localized water inflow issue that slowed progress at the start of the year. A second underground development team, originally scheduled for 2017, will be mobilized to site in the third quarter of this year to ensure the completion of the underground mine on schedule.
The forecast cost to complete for the project remains within the re-baselined capital budget of C$775 million.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. On July 8, 2014, Stornoway announced the completion of a $946 million project financing transaction to fully fund the project to production, and construction commenced on July 10, 2014. First ore is scheduled to be delivered to the plant at the end of September 2016, with commercial production scheduled for December 31, 2016.
In January 2013, Stornoway released the results of an Optimized Feasibility Study at Renard, with an Updated Mine Plan and Mineral Reserve Estimate in March 2016. These studies highlight the potential of the project to become a significant producer of high value rough diamonds over an initial 14 year mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), stand at 22.3 million carats. In accordance with the Corporation’s September 2015 Mineral Resource estimate, total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 30.2 million carats, with a further 13.35 million carats classified as Inferred Mineral Resources, and 33.0 to 71.1 million carats classified as non-resource exploration upside. Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining, at an average valuation of US$155/carat based on March 2016 terms.
Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated February 28, 2013, in respect of the January 2013 Optimization Study, the technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world-class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive
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For more information, please contact Matt Manson (President and CEO) at 416-304-1026 x2101
or Orin Baranowsky (Vice President, Investor Relations and Corporate Development) at 416-304-1026 x2103
or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de Stornoway au 418-254-6550, gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **
This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
These forward-looking statements include, among others, statements with respect to Stornoway’s objectives for the ensuing year, Stornoway’s medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to Stornoway’s beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate, Québec, Canada, NI 43-101 Technical Report (the “2016 Technical Report”) ; (v) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2016 Technical Report; (vi) mine expansion potential and expected mine life; (vii) expected time frames for completion of permitting and regulatory approval related to construction activities at the Renard Diamond Project; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Project; (ix) the expected time frames for the completion of construction, start of mining and commercial production at the Renard Diamond Project and the financial obligations or costs incurred by Stornoway in connection with such mine development; (x) future exploration plans; (xi) future market prices for rough diamonds; (xii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiii) sources of and anticipated financing requirements; (xiv) the effectiveness, funding or availability, as the case may require, of the Stream, the Senior Secured Loan, the COF and the Equipment Facility and the use of proceeds therefrom; (xv) the Corporation’s ability to meet its Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; and (xvi) the impact of the Financing Transactions on the Corporation’s operations, infrastructure, opportunities, financial condition, access to capital and overall strategy.; (xvii) the foreign exchange rate between the US dollar and the Canadian dollar; and (xviii) the availability of excess funding for the construction and operation of the Renard Diamond Project . Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) receipt of regulatory approval on acceptable terms within commonly experienced time frames; (iv) anticipated timelines for completion of construction, commencement of mine production and development of an open pit and underground mine at the Renard Diamond Project, which heavily depends, among other things, on adequate availability and performance of skilled labour, engineering and construction personnel, performance of mining and construction equipment and timely delivery of components; (v) anticipated geological formations; (vi) market prices for rough diamonds and the potential impact on the Renard Diamond Project; (vii) the satisfaction or waiver of all conditions under each of the Senior Secured Loan, the COF and the Equipment Facility to allow the Corporation to draw on the funding available under those financing elements for the completion of the development and construction of the Renard Diamond Project; (viii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; (ix) future exploration plans and objectives; (x) the Corporation’s ability to meet its delivery obligations under the Steaming Agreement; and (xi) the continued strength of the US dollar against the Canadian dollar. Additional risks are described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A, and other disclosure documents available under the Corporation’s profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or royalties being greater than assumed; (x) uncertainty of results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results; (xii) changes in project parameters as plans continue to be refined; (xiii) risks relating to the receipt of regulatory approval or the implementation of the existing Impact and Benefits Agreement with aboriginal communities; (xiv) the effects of competition in the markets in which Stornoway operates; (xv) operational and infrastructure risks; (xvi) execution risk relating to the development of an operating mine at the Renard Diamond Project; (xvii) failure to satisfy the conditions to the effectiveness, funding or availability, as the case may require, of each of the Stream, the Senior Secured Loan, the COF and the Equipment Facility; (xviii) changes in the terms of the Stream, the Senior Secured Loan, the COF or the Equipment Facility; (xix) the funds of the Stream, the Senior Secured Loan, the COF or the Equipment Facility not being available to the Corporation; (xx) the Corporation being unable to meet its delivery obligations under the Stream; (xxi) future sales or issuance of Common Shares lowering the Common Share price and diluting the interest of existing shareholders; and (xxi) the additional risks described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive, and unforeseeable, new risks may arise from time to time.
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BOXX Modular, a business unit of Black Diamond Group (TSX:BDI) has opened its newest branches in Vancouver, BC, and Saskatoon, Saskatchewan with a combination of repositioned existing assets for Saskatoon and newly manufactured assets to suit Vancouver’s market.
Trevor Haynes, CEO, said:
Black Diamond remains focused on expanding our construction rentals and specialty modular fleet into new markets, which continues to diversify our overall business platform by further developing our non-resource revenue streams. Vancouver, along with the lower mainland and surrounding markets, has a strong pipeline of construction and infrastructure projects which are well suited to our BOXX Modular offering and the new manufactured assets that we have begun deploying there. Saskatoon is also experiencing steady demand from construction and infrastructure projects in the city and surrounding areas. This market will be served by our high quality existing assets being repositioned from our northern Alberta fleet.
Click here to read the full press release.
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Kennady Diamonds (TSXV:KDI) has announced that the 2016 winter drilling program has been completed. A total of 10,712 meters of core drilling was completed with kimberlite intersected in each of the 74 drill holes comprising the program.
Rory Moore, president and CEO, said:
The 2016 winter drill program was the Company’s most successful to date. Highlights include the discovery of the Faraday 3 kimberlite, the subsurface delineation of both Faraday 1 and 3 up to and beyond the shoreline of Faraday Lake, the successful bulk sampling of the Kelvin North Lobe and the successful mini-bulk sampling of Faraday 2. The way is now clear for further land-based drilling at the Faraday kimberlites during the summer.
As quoted in the press release:
Kennady Diamonds is also pleased to announce that four more diamonds were identified in core from four separate drill holes during detailed core logging operations. A description and the maximum dimension for each partially-exposed diamond in core is presented below:
- Faraday 1: a clear <1 mm irregular diamond identified in Hole KDI-16-029a at 77.8m.
- Faraday 1: a clear <0.5 mm irregular diamond identified in Hole KDI-16-033 @ 31.3 m
- Faraday 3: a clear 4 mm stepped octahedron identified in Hole KDI-16-023a at 115m.
- Faraday 3: a clear 2 mm stepped octahedron identified in Hole KDI-16-032 @ 105m.
Click here to read the full press release.
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On Tuesday’s Christie’s Hong Kong Magnificent Jewels auction, the Aurora Green—a 5.03 carat fancy vivid diamond—set two world auction records by selling for $16.9 million.
The diamond is the largest fancy vivid green diamond in the world and had been valued between $16.2 million and $20.1 million, or $3.22 to $4 million per carat. The Aurora Green was purchased by Chow Tai Fook Jewellery, said Christie’s.
The gem set a world auction record for a green diamond and world record price per carat for a green diamond.
Before the auction, Investing News Network (INN) spoke with Yaniv Marcus, a diamond expert and head of the Diamond Investment and Intelligence Centre. Marcus had pointed out that because of its rarity, size, and colour, the diamond had the potential to break the selling price auction—and it did!
After the auction, Marcus said that because the diamond is so unique, it was able to sell while other pieces went unsold.
The previous record holder was auctioned nearly seven years ago, on November 17, 2009 at the Geneva Magnificent Jewels auction. Sotheby’s auctioned a 2.52 carat fancy vivid green diamond for approximately $3.07 million, or $1.222 million per carat. The Aurora Green is double the size at 5.03 carats, and is only the second fancy vivid green diamond to be auctioned off.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
The post Aurora Green Diamond Sells for Record Breaking Price of $16.8 Million appeared first on Investing News Network.
June 01, 16
(IDEX Online News) – Another world record was broken for the sale of a colored diamond at auction, this time the 5.03-carat “Aurora Green,” which sold for $16.8 million at Christie’s Hong Kong Magnificent Jewel sale, according to a report on Forbes.com.
Hong Kong-based Chow Tai Fook purchased the rectangular-cut vivid fancy VS2 clarity green diamond, which is mounted on a gold ring surrounded by circular-cut pink diamonds. The $3.3 million per carat sale price more than doubled the previous record for a green diamond – the May sale of “The Ocean Dream” – a 5.5-carat fancy vivid blue-green diamond that sold for $8.6 million ($1.5 million per carat).
The Aurora Green was the highlight of the auction, although its sale price was toward the low end of the estimate. Other lots also broke records: Burmese oval-shaped ruby ear pendants of 10.02 and 9.09 carats by Etcetera sold for $11.6 million or $607,053 per carat – a world auction record for a pair of ruby earrings; and a Cartier Art Deco sapphire and diamond bracelet sold for $7.2 million – a world record for a bracelet.
Rockwell Diamonds (TSX:RDI) has announced results for the three and twelve months ended February 29, 2016.
As quoted in the press release:
Salient features
- During the quarter, Rockwell continued to implement key decisions flowing from the recent strategic and operational review. The new, de-layered reporting structure has already reduced ongoing overhead costs. The deferred closure of Saxendrift is delivering substantial savings on the initially estimated closure costs.
- Rockwell’s financial results reflect a reduction in operational losses in the quarter trending to cash breakeven following the annual Christmas operations shutdown.
- The Group has repaid $6.1 million of long-term debt (relating to the Bondeo acquisition) over fiscal 2016.
- Consolidated average cash operating costs for the Middle Orange River (“MOR”) operations stood at US$9.1 per m3, down 18% year-on-year and 12% on the previous quarter of fiscal 2016.
- Construction work on the WPC processing plant is in progress to deliver a plant and in-field screening capable of processing 200,000m3 per month during the third quarter of fiscal 2017; ramp-up will commence towards the end of June.
Click here to read the full press release.
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The S&P/TSX Composite index (INDEXTSI:OSPTX) was on the rise last week, gaining 2.59 percent to reach 14,105.23 points.
The exchange rose on Friday despite a dip in oil prices. According to the Globe and Mail, several major banks reported better-than-expected earnings, even though they called for further losses on lower oil prices going forward.
Last week’s top TSX-listed mining stocks were:
Here’s a look at what moved the share prices of those companies last week:
Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.
Shares of Gabriel Resources were up 11.63 percent to $0.24 for the week. The company is focused on permitting and developing its Rosia Montana gold-silver project in Romania. However, the company has been in a dispute with the Romanian Government since January 2015 regarding the classification of a village in the area as a site of historical interest. Gabriel Resources released its first quarter results on May 12, but there has been no further news from the company to explain last week’s price rise.
Capstone operates three copper mines throughout Canada and the US, with development projects in British Columbia and Chile. The company released its annual sustainability report on May 3, but there has been no further news that would explain last week’s rise in share price for the company. Capstone gained 6.35 percent to reach $0.67 per share for the week.
Shares of Peregrine Diamonds were up 5.71 percent last week to $0.185. On May 17, the company announced the start of a 2016 exploration drilling program at its Sikwane diamond project in Botswana, but there was no additional news last week to explain the company’s rise in share price. Peregrine also holds the advanced stage Chidliak project on Baffin Island in Nunavut, Canada.
Luna Gold gained 5.56 percent last week to reach $0.19 per share. The company saw its shares rise on Friday after it announced an exploration agreement with AngloGold Ashanti (NYSE:AU) for its greenfield mineral claims in Brazil. AngloGold must spend US$14 million over four years to earn a 70 percent interest in the project.
“We are very happy to have one of the largest gold producers in the world, AngloGold Ashanti, join us in this exploration project,” said Luna Gold president and CEO Marc Leduc in Friday’s release. “This clearly demonstrates the outstanding geological potential of the greenfields claims.”
Finally, rounding out the top five was Eastern Platinum, which holds a number of platinum projects in South Africa’s Bushveld Complex. On April 4, Eastern Platinum announced that a proposed class action lawsuit against the company had been dismissed. There has been no further news that would explain last week’s share price rise. Eastern Platinum was up 5.5 percent to $1.15 per share last week.
Don’t forget to follow us @INN_Resource for real-time news updates.
Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.
Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Related reading:
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5 Top TSX Stocks: Golden Star Up 40.63 Percent on Q1 Results
5 Top TSX Stocks: Almaden and Lithium Americas Up Over 50 Percent
5 Top TSX Stocks: Americas Silver Gains on San Rafael PFS
5 Top TSX Stocks: Alexco Resource Leads the Way
5 Top TSX Stocks: Karnalyte Up 244.32 Percent on Funding Deal
5 Top TSX Stocks: Rubicon Minerals Up 90.91 Percent
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Honey Badger Exploration (TSXV:TUF) has announced that it has entered into an agreement, subject to certain claims and conditions, to acquire 29 claims located south-east of Wemindji in Quebec.
As quoted in the press release:
The Wemindji claims host a kimberlite sill (1.6 metres to 2.6 metres thick) and a kimberlite dyke that has yielded microdiamonds1. Kimberlite indicator mineral anomalies have also been found on some of the claim blocks and geological interpretations by previous operators indicate that the sill is possibly part of a much larger, and still undiscovered, kimberlite pipe on the property. In addition, the Wemindji kimberlite appears to sit in the eastern extension of the structure that hosts the magnetic anomalies of the LG Diamonds property2.
Quentin Yarie, president and CEO, said:
We are very excited to add the Wemindji claims to our portfolio. To date, only shallow drilling has been done on the property. It is possible that a larger kimberlite pipe is present at depth. Also, the favourable diamond-bearing structure at Wemindji seems to extend to our LG Diamonds Project and our team is eager to initiate an exploration program to investigate this further.
Click here to read the full press release.
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Diamcor Mining (TSXV:DMI) has announced the advancement of the Krone-Endora at Venetia project is progressing with the completion of the first two of four additional boreholes associated with the Water Use License for the project.
As quoted in the press release:
The Company expects to finalize the two remaining boreholes prior to the end of the current fiscal quarter ending June 30, 2016. With these additional water resources, the Company plans to increase the processing levels of all size fractions of material up to 45mm to test and evaluate the full targeted design capacity of its facilities, and to compile key data to assist the Company in arriving at an initial production decision.
Click here to read the full press release.
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The S&P/TSX Composite index (INDEXTSI:OSPTX) saw a bit of a dip last Thursday, but still managed to finish the week up overall. The exchange gained 1.27 percent to finish at 13,919.58 for the week.
A weaker Canadian dollar ahead of the long weekend lent support to the Toronto exchange, the Canadian Press reported. The loonie was sitting at 76.18 cents per US dollar on Friday.
US markets are open Monday, but the TSX is closed for Victoria Day.
Last week’s top TSX-listed mining stocks were:
Here’s a look at what moved the share prices of those companies last week:
Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.
Shares of Mountain Province were up 14.6 percent last week to $6.28 per share. The company is currently focused on advancing the Gahcho Kué diamond mine located in Canada’s Northwest Territories, in which it holds a 49 percent interest in partnership with De Beers Canada.
On May 9, Mountain Province provided an update on development at Gahcho Kué, stating that the project was roughly 94 percent complete and on track for first production in the first half of 2016. There was no additional news to explain last week’s share price rise for the company.
Avnel Gold saw its share rise 14.29 percent last week to reach $0.36. The company holds the Kalana gold project in Mali, which it owns 80 percent in partnership with the Malian government. Avnel currently operates an underground mine at Kalana, but is looking to develop an open-pit mine in the area.
Avnel filed results of its definitive feasibility study for the Kalana project on May 6, and reported its first quarter results on May 11. There was no further news to explain the company’s gain in share price last week.
Columbus Gold owns gold properties in both Nevada and French Guiana, and put out positive drill results from both areas last month. This Friday, the company announced the appointment of Andrew Yau as its new Chief Financial Officer. There was no additional news to account for the company’s rise in share price last week. Columbus Gold was up 12.9 percent last week to $0.7 per share.
St. Augustine gained 9.09 percent last week to reach $0.12 per share following the release of its first quarter results. The company is advancing the King-king copper-gold project in the Philippines.
During the first quarter, St. Augustine received permit approval for King-king. Subsequent to the first quarter, the company’s joint venture partner, Nadecor, received a ruling from the Supreme Court that its President, Conrado Calalang, and current Board of Directors are the organization’s rightful and authorized representatives.
“The recent awarding of the Declaration of Mining Project Feasibility by the MGB, and the grant of the Certification Precondition, in particular, represent important milestones for our King-king project,” said St. Augustine President and CEO Paolo Villar in a statement. “We are also pleased for Mr Calalang and the current Board of Directors that the Supreme Court has dismissed the claims of the minority shareholders and confirmed that the current Board represent the lawfully constituted board of NADECOR.”
Focused on silver production in Mexico, First Majestic owns and operates six silver mines in the country. Shares of First Majestic Silver were up 8.75 percent last week to $15.04.
On May 12, the company announced it had closed a C$50 million bought deal financing. There was no additional news to explain the company’s rise in share price last week.
Don’t forget to follow us @INN_Resource for real-time news updates.
Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.
Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Related reading:
5 Top TSX Stocks: Golden Star Up 40.63 Percent on Q1 Results
5 Top TSX Stocks: Almaden and Lithium Americas Up Over 50 Percent
5 Top TSX Stocks: Americas Silver Gains on San Rafael PFS
5 Top TSX Stocks: Alexco Resource Leads the Way
5 Top TSX Stocks: Karnalyte Up 244.32 Percent on Funding Deal
5 Top TSX Stocks: Rubicon Minerals Up 90.91 Percent
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Dominion Diamond (TSX:DDC) has reported that the Minister of Lands of the Government of the Northwest Territories, the Honourable Robert G. McLeod, has accepted the recommendations of the Mackenzie Valley Environmental Impact Review Board that the Jay Project be approved.
Brendan Bell, CEO, said:
This is an important milestone for Dominion and for the Northern economy. Dominion thanks Minister McLeod and the GNWT for their work and looks forward to a timely completion of the permitting process.
As quoted in the press release:
Jay is the most significant undeveloped deposit at Ekati. Jay alone has the potential to extend the mine life approximately 10 to 11 years beyond the current projected closure of Ekati. The Company expects to publish a feasibility study on the Jay Project later this month.
Click here to read the full press release.
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Lucapa Diamond Company (ASX:LOM) and its partners have announced the results of the latest sale of alluvial diamonds from the Lulo Diamond Project.
As quoted in the press release:
The parcel of 1,862 carats of Lulo diamonds sold for gross proceeds of A$2.9 million (US$2.1 million), representing an average sale price of A$1,580 (US$1,150) per carat.
Further large specials (diamonds weighing more than 10.8 carats) recovered from the trial mining at the E46 alluvial terraces since the latest sale parcel include individual diamonds weighing 60 carats, 35 carats and 21 carats.
Click here to read the full press release.
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CanAlaska Uranium has reported that it has entered into an option-participation agreement with De Beers Canada for expenditures up to $20.4 million on kimberlite-style targets staked by CanAlaska.
As quoted in the press release:
The claims staked by CanAlaska and optioned to De Beers cover 75 kimberlite-style targets developed from a recent high resolution airborne geophysical survey carried out on behalf of the Saskatchewan Geological Survey. The 2011 airborne magnetic survey, flown at 400 metre line spacing, reveals a series of discrete magnetic anomalies northeast of the Carswell structure and close to the large crustal suture related to the Grease River Fault zone. The Saskatchewan Government’s Kimberlite Indicator Minerals (KIM) sampling programs reached close to the Carswell structure, but the northern most samples are southeast of the down-ice trend from these magnetic anomalies.
There is little exploration work in this area of the Athabasca basin. In the Fort McMurray area of Alberta, the sampling for KIM shows a grouping of KIM dominated by chromite, with some pyrope and eclogitic garnets. These appear to be down-ice from the kimberlite-style targets identified within the Athabasca Sandstone in the northwestern Athabasca. Basement rocks below the Athabasca Sandstone form part of the Rae Province, with a projected lithospheric thickness in excess of 150 kilometres, thereby within the diamond stability field. The Rae Province, north of the Athabasca in the Nunavut, hosts diamondiferous kimberlites which have been briefly investigated in the past.
Click here to read the full press release.
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With the Hong Kong auction coming up on May 31, Christie’s “Aurora Green”, an ultra-rare fancy vivid green diamond, is poised to set a new auction record for the highest price per carat paid for any gemstone.
To get more insight as to the significance of the fancy diamond and an overview of how fancy vivid green diamonds are determined, Investing News Network (INN), spoke with Yaniv Marcus, a diamond expert and head of the Diamond Investment and Intelligence Centre.
Because of its rarity, size, colour and clarity, the Aurora Green could potentially break the selling price record at the Hong Kong auction. An additional characteristic—its lack of Fluorescence—also contributes to how special the diamond really is, according to Marcus.
Additionally, Marcus said the diamond has “a mesmerizing radiant cut, making it a true natural beauty.” The fancy vivid green gem is set in a pink diamond halo setting.
The rare diamond is the largest fancy vivid green diamond in the world and is valued between $16.2 million and $20.1 million, or $3.22 to $4 million per carat, which was certified as of January 2016 by the Gemological Institute of America (GIA). Marcus said the GIA hasn’t as of yet certified anything bigger.
Marcus told INN the size of the diamond is twice the size of a previous auction with a fancy vivid green, so this is only the second fancy vivid green to be auctioned in the world, which signifies how rare that colour of gem is, since colours such as vivid blue, vivid pink and vivid yellow are generally more popular colours to be auctioned off.
“[The Aurora Green] is only the second [to be auctioned] one [green], and it’s the biggest one, so it’s very big news,” he added.
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The first—and only other—time a fancy vivid green diamond was auctioned was November 17, 2009, at the Geneva Magnificent Jewels auction. Sotheby’s auctioned a 2.52 carat fancy vivid green diamond for approximately $3.07 million. Keep in mind, however, this auction happened during a global financial crisis, which makes the price significant. On the other hand, it also means the auction price could have been a lot higher if the financial sector wasn’t going through trying times.
At the time of the auction, this gem was considered the largest fancy vivid green diamond; all other green diamonds to appear at auctions over the last several decades have either been fancy or intense colour intensities, not vivid.
For comparison, the Aurora Green stands at 5.03 carats, which is twice the size of the fancy vivid green diamond auctioned off in 2009.
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The GIA states that naturally coloured diamonds are extremely rare. Green diamonds are generally treated with suspicion and examined carefully in gemological laboratories.
Marcus describes “fancy colour diamonds” as the rarest of diamond colours. In a blog post, he said green diamonds have generally appeared far less often in auctions over the last 40 years over other rare coloured diamonds, such as red, pink or blue.
“A green diamond has to have enough transactions in order to have some kind of value,” Marcus said. He added, much like selling a house, an asking price has to be established and then [you] see what the market will offer. What the diamond essentially sells for is what it is worth, which can be said for any asset.
Since the Aurora Green is only the second vivid fancy green diamond to be auctioned off, there’s only one former transaction that can be used to compare its value.
Marcus breaks down the gem’s value as follows:
- The 2.52 carat diamond was sold in 2009 for $1.222 million per carat.
- The 5.03 carat diamond is twice as large.
- The value of a 2 carat diamond is more than twice the value of two 1 carat diamonds.
- Six and a half years went by since the last such diamond was sold, supposedly collecting momentum for the next time such a diamond would appear.
- The overall market for unique diamonds has increased a combined average of about 8%
In November 2015, a 12.03 carat vivid blue diamond called the “Blue Moon of Josephine” sold for $48.5 million, or $4.03 million per carat, which holds the current record for highest price per carat for a gem at an auction. It will be interesting to see if the Aurora Green takes the crown for highest fancy vivid diamond auctioned off.
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Securities Disclosure: I, Jocelyn ASpa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Interviews conducted by the Investing News Network are edited for clarity. The Investing News Network does not guarantee the accuracy or thoroughness of the information reported. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Peregine Diamonds (TSX:PGD) has announced that core drilling has commenced on its 100 percent owned Sikwane Project in Botswana.
As quoted in the press release:
SIKWANE KIMBERLITE DRILL PROGRAM
The Sikwane prospecting licence covers 453 km2 and contains nine kimberlites discovered through drilling by De Beers in 1997.A thorough assessment of relinquishment reports held at the Botswana Geological Survey shows that De Beers drilled percussion holes targeted on detailed Kimberlite Indicator Mineral (“KIM”) anomalies with limited ground geophysics support. Interpretation of available KIM garnet and ilmenite chemistry shows that the Sikwane kimberlites contain diamond-compatible KIMs and the kimberlites have moderate to high diamond potential. Diamonds have been recovered from surface samples and from down-hole samples at the Sikwane kimberlites, although diamond abundance and size distribution data are not available. De Beers recovered limited core from the drilling program and due to the limitations of percussion drilling, the geological relationships between kimberlite and country rock granite are unresolved.Core drilling of five of the Sikwane kimberlites is planned. The program is designed to resolve the kimberlite-granite relationships and collect carefully controlled kimberlite samples for microdiamond and KIM analysis. Five vertical core holes of 100 metres each are planned.
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Honey Badger Exploration (TSXV:TUF) has announced that it has mobilized to undertake a helicopter-supported magnetic geophysical survey on its LG Diamonds Project in North Quebec.
As quoted in the press release:
The property is comprised of 9 claim blocks, each exhibiting a magnetic anomaly that may indicate a prospective kimberlite target. The airborne survey (approximately 60 line kilometres on 75 metres spacing) will aim to improve the spatial resolution of the circular anomalies to pinpoint targets for diamond drilling.
The Company will also undertake a surface sampling program that will transect each anomaly. The collection of till and outcrop samples will provide Honey Badger with better geochemical data and help further prioritize targets for drilling.
Quentin Yarie, president and CEO, said:
The LG Diamonds Project is in the diamond-rich zone that hosts Renard, Québec’s new diamond mine. Over the winter, our team undertook an aggressive campaign to model all historic geophysical data on the property. The completion of this detailed heli-GT mag survey as well as sampling on the ground, will help us define and prioritize targets for our upcoming drill program.
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Kennady Diamonds (TSXV:KDI) has announced the delineation and infill drilling at the Faraday 1 kimberlite and exploration drilling at the Faraday 3 kimberlite and the Hobbes anomaly continues to return results.
As quoted in the press release:
Three diamond core drill rigs are drilling from the ice, but warming weather and deteriorating ice conditions will likely result in the program being wrapped up within the next week. The focus at Faraday 1 and Faraday 3 is to gather as much information on the size and shape of the bodies from ice-based setups while conditions permit in preparation for continued land-based in the summer. Kennady Diamonds is also continuing ice-based exploration drilling at the Hobbes anomaly, which is located approximately 150 meters south of the Kelvin kimberlite. Hobbes was initially thought to be part of the hypabyssal Kelvin Sheet that extends to the southwest of the Kelvin pipe. However, the presence of volcaniclastic kimberlite was discovered at Hobbes during the winter of 2015, warranting further exploration.
Dr. Rory Moore, president and CEO, said:
We are pleased with the ongoing success of the core drilling program. The newly discovered Faraday 3 body continues to grow in size with each drill hole, and it appears that Faraday 1 and Faraday 3 may be joined at depth as they approach the shore line of Faraday Lake. Further drilling will be required to confirm this. Kimberlite has now been defined over a strike of more than 200 meters and appears to be open to the northwest.
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Pangolin Diamond (TSXV:PAN) has reported that one of seven diamonds analysed from the MSC Grid in Botswana is a Type II nitrogen-free diamond. Approximately two percent of the world’s diamonds are classified as Type II diamonds.
As quoted in the press release:
Type II diamonds are often associated with the presence of large diamonds, for example the 813 carat and 1109 carat diamonds produced from the Karowe Mine by Lucara Diamonds are both Type II diamonds. The Karowe Mine is approximately 105 kilometres northwest from the MSC Grid area.
The Type II diamond from the MSC Grid is associated with three other diamonds as well as ilmenites with reaction rims, a mantle xenolith and fresh angular olivine recovered from soil samples in an area encompassing 0.32km2. These kimberlite indicator minerals are considered to be associated with a proximal source.
Five of the MSC diamonds are Type I aB diamonds and one is a Type I aA. Approximately 98% of the world’s diamonds are classified as Type I a diamonds in the range between pure Type IaA and pure Type I aB.
All three diamonds tested from The MTS grid were Type I aB diamonds. The single diamond from the Madala. Grid is also a Type I aB diamond.
A synthesis of all the MSC Grid soil sample results, indicator surface feature interpretations, and geophysical data will be integrated towards selecting future drill targets, with drilling to take place in the second semester of 2016.
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Lucapa Diamond Company (ASX:LOM), Endiama E.P., Angola’s national diamond company and private partner Rosas & Petalas have announced the execution of documents to incorporate Sociedade Mineira do Lulo, the new alluvial mining company for the Lulo Diamond Project in Angola.
As quoted in the press release:
Lucapa is a 40% shareholder in SML and operator of the Lulo alluvial diamond mining operations. Endiama holds a 32% interest and Rosas 28%. SML will now hold the Lulo alluvial diamond mining licence, which was gazetted in July 2015.
Following the formal execution of the SML incorporation documents, Lucapa has immediately committed to a US $7 million capital development and upgrade program at Lulo, which includes new Caterpillar earth moving equipment, vehicles for both the alluvial diamond mining and kimberlite exploration programs and camp upgrades.
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Sarama Resources (TSXV:SWA) has announced its results from the first phase of its 2016 aircore reverse-circulation and diamond drilling campaign at the South Houndé project. The work forms part of an ongoing, multi-faceted exploration program which includes drilling, geological studies and geochemical and geophysical surveys.
As quoted in the press release:
Highlights
Infill drilling confirms wide, high-grade oxide mineralisation with an oblique strike at the MC Prospect.
• New high-grade, oblique mineralisation identified at the Phantom East Prospect.
• Additional oblique mineralisation identified at the MC Prospect, linking known mineralised horizons and potentially giving an insight into the structural architecture of the mineralised system.
• Infill and extensional drilling confirms mineral resource estimate and provides extension along strike of selected lodes at the Kenobi and MC Prospects.
• Extensional drilling down-dip at the MM, Obi and Kenobi Prospects indicates lithological continuity and provides further target areas.
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Metalex Ventures (TSXV:MTX) has announced the staking of claims on the northern Quebec diamond project along with joint venture partner, Wemindji Exploration.
As quoted in the press release:
The two claim blocks, totaling over 1,000 hectares, are staked over the apparent heads of two diamond indicator mineral trains as detected by the joint venture’s ongoing exploration activities in northern Quebec.
Metalex plans to define potential drill targets this summer season using a combination of heavy mineral sampling and geophysics.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
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Honey Badger (TSXV:TUF) has announced that it has closed the second tranche of a non-brokered financing, pursuant to which it issued 3,700,00 flow-through units priced at $0.04 per FT Unit, for gross proceeds of $150,00.
Quentin Yarie, president and CEO stated:
Closing a second tranche of this financing shows the confidence that investors and shareholders continue to place in Honey Badger and our team is excited to return to the field and advance the LG Diamonds Project.
As quoted in the press release:
Each FT Unit consists of one common share of the Company issued on a “flow-through” basis within the meaning of the Income Tax Act (Canada), and one common share purchase warrant (each, a “FT Unit Warrant”), with each FT Unit Warrant being exercisable to acquire one non-flow-through common share of the Company at a price of $0.07 for a period of 36 months following the closing date of the Offering.
The net proceeds from the FT Units will be used for “Canadian exploration expenditures” (within the meaning of the Income Tax Act (Canada)) in connection with the mineral exploration programs of Honey Badger.
In connection with the Financing, Honey Badger paid finders fees in the form of cash compensation of $12,000 and issued a total of 300,000 non-transferable compensation warrants, with each such compensation warrant being exercisable to acquire one common share of the Company at a price of $0.10 for a period of 36 months following the closing date of the Offering.
The net proceeds from the FT Units will be used for “Canadian exploration expenditures” (within the meaning of the Income Tax Act (Canada)) in connection with the mineral exploration programs of Honey Badger. The net proceeds from the Non-FT Units will be used for payment of certain expenses of the Company as described in the Company’s press release of March 4, 2016.
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Anaconda Mining (TSX:ANX) has reported its results of preliminary metallurgical test work that ore from the Thor Deposit of the Viking Project could be processed at the Pine Cove mill using current flotation and leach circuit configuration.
As quoted in the press release:
The results of the study are based on a homogenized sample collected from two diamond drill holes. Bench scale test work, conducted by NB Research and Productivity Council (“RPC”), primarily focused on flotation, cyanide leaching and grinding to evaluate the response of the Thor Deposit material to the current plant flow sheet for the Pine Cove mill.
In a flotation test, using a grind of (80% passing) 150 µm, currently used for Pine Cove ore, the Thor Deposit sample attained 96.0% Au recovery in 4.4% of the mass at a grade of 35.12 grams per tonne (“g/t”) Au in the rougher stage. In a bottle roll cyanidation test the current Pine Cove mill regrind size of (80% passing) 20 µm obtained 94.1% Au extraction without requiring accelerating reagents and consumed 1.1 kg/t NaCN compared to 3.6 kg/t for Pine Cove ore. A Bond Ball mill grindability test was performed utilizing a limiting screen size of 150 µm and indicated that the sample has a Bond Ball Work Index (“BWI”) value of 18.5 kWh/t.
Dustin Angelo, president and CEO said:
Our primary thesis in expanding Anaconda’s reach to new deposits is that the Pine Cove mill and related infrastructure can be leveraged to expedite development of satellite deposits that would otherwise not be mined, given their size. The preliminary metallurgical results on flotation and leaching from the Thor Deposit supports our thesis and allows the company to move forward with plans to expand the historical resource base at the Viking Project with the initial goal of doubling the size of the resource while optimizing a path to development.
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