Stornoway Announces Results From Annual General Meeting
Press Release
Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) is pleased to announce the results of the vote at its annual general meeting of shareholders held on May 16, 2016 in Montréal, Québec.
Each of the director nominees proposed by management for election was elected to the Board of Directors, without a vote by ballot being conducted. Stornoway received proxies with regard to voting on the ten directors nominated for election as set forth below:
|
NOMINEE |
VOTES FOR |
% VOTES FOR |
VOTES WITHHELD |
% VOTES WITHHELD |
|
Godin, Patrick |
504,116,458 |
99.51 |
2,457,780 |
0.49 |
|
Kyle, Hume |
504,011,150 |
99.49 |
2,563,088 |
0.51 |
|
LeBoutillier, John |
500,003,180 |
98.70 |
6,571,058 |
1.30 |
|
Manson, Matthew |
504,165,268 |
99.52 |
2,408,970 |
0.48 |
|
Morin, Gaston |
504,211,250 |
99.53 |
2,362,988 |
0.47 |
|
Nixon, Peter |
504,782,160 |
99.65 |
1,792,078 |
0.35 |
|
Scherkus, Ebe |
506,035,425 |
99.89 |
538,813 |
0.11 |
|
Silver, Douglas B. |
504,141,452 |
99.52 |
2,432,786 |
0.48 |
|
Tawil, Marie-Anne |
503,400,481 |
99.37 |
3,173,757 |
0.63 |
|
Vézina, Serge |
505,237,229 |
99.74 |
1,337,009 |
0.26 |
Mr. Ebe Scherkus has been re-appointed as Chairman of the Board, and PricewaterhouseCoopers LLP has been re-appointed as auditor for the ensuing year.
Final voting results on all matters voted on at the annual general meeting of shareholders will be published shortly on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com.
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 **
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