News Bureau

 
October 11, 2017

Stornoway produced 442154 carats in 3Q


Stornoway 3Q Sales 438,632 carats at an average price of US$94 per carat

Total 442,154 carats produced from the processing of 506,381 tonnes of ore with an attributable grade of 87 carats per hundred tonnes, compared to a plan of 422,475 carats at Stornoway Diamond Corporation. Average processing rate of 5,957 tonnes per day achieved during the quarter. Totally 438,632 carats sold in two sales, 2017 sales #6 and #7, for gross proceeds1 of C$51.6 million2, at an average price of US$94 per carat.

Matt Manson, President & CEO commented: “The third quarter at the Renard diamond mine saw continued robust carat production with a 12% beat on recovered grade compared to our mine plan. On a project to date basis our recovered grades are reconciling well with the overall expected resource model, and reflecting a positive geological reconciliation in the Renard 2-Renard 3 open pit.

During the quarter we saw growth in carats sold, gross sales revenue, and average pricing compared to the first half of the year, despite a rough market correction at the end of the quarter which served to slow the rate of increase. At the process plant, we are achieving steady name-plate capacity in processing, and have broken ground on our new ore/waste sorting circuit that we expect will positively impact the quality of our diamond production and achieved pricing at sale.

Third quarter financial results, including operating costs and earnings, will be released after market on Thursday, November 2, 2017.”