Potential for Additional Resources Following Discovery of Diamond Characteristics Similar to Renard 65
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/23/11 -- Stornoway Diamond Corporation (TSX: SWY) is pleased to announce positive microdiamond results from Renard 1, the second largest kimberlite at the Renard Diamond Project, located in North Central Quebec. The Renard Diamond Project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50:50 joint venture with DIAQUEM INC. ('DIAQUEM'), a wholly-owned subsidiary of SOQUEM INC. ('SOQUEM'), itself a wholly-owned subsidiary of Societe generale de financement du Quebec ('SGF'), the Quebec government's main industrial and financial holding company. On February 10, 2011, Stornoway announced that an agreement to acquire DIAQUEM'S 50% interest in the Renard Diamond Project had been approved by shareholders and is expected to close on April 01, 2011, on which date Stornoway will have acquired 100% ownership of the project. A bankable feasibility study is on schedule for completion in the 3rd quarter of 2011.
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