Mining Explorers 2009: Stornoway Diamond Corp.
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Last updated 11/1/2009 at Noon
SWY: TSX
President and CEO: Matt Manson
Executive Chairman: Eira Thomas
Vice President, Exploration: Robin Hopkins
Stornoway is involved in the discovery of over 200 kimberlites in six Canadian diamond districts. The junior has four development track properties North of 60, plus varying interests in other grassroots diamond properties and prospects, primarily in Northwest Territories and Nunavut. Stornoway also owns 50 percent interest in the Renard Project, potentially Quebec's first diamond mine. Stornoway also holds significant regional geological, geochemical and geophysical databases.
Incorporated in 1986, Stornoway envisions becoming Canada's leading growth-oriented company in the business of discovering, mining and selling rough diamonds, while aggressively seeking world-class diamond mining opportunities in a market it sees becoming increasingly under-supplied.
Stornoway has completed mini-bulk to bulk-scale kimberlite sampling for preliminary assessment on the Qilalugaq, Timiskaming, Aviat and Churchill properties, representing about 5.04 million acres.
In August, Stornoway and partner, Shear Minerals Ltd., signed an agreement with Kennecott Canada Exploration Inc. to jointly explore the northern portions of the Churchill Diamond Project, now referred to as the Chesterfield Inlet Diamond Project. The 70,000-acre, or 29,046-hectare, project lies within and near the indicator mineral dispersion North Corridor of the larger Churchill Diamond Project.
At Churchill, work is currently focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of a system of significantly diamond-bearing, vertically-emplaced kimberlite dykes that have returned sample grades of up to 2.18 carats per metric ton.
Cash and short-term deposits:
$2.2 million (at July 31, 2009)
Working capital:
$3.1 million (at July 31, 2009)
Market capitalization: C$43.4 million
Unit 116-980 West 1st St.
North Vancouver, BC Canada V7P 3N4
Tel: 604-983-7750 Fax: 604-987-7107
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