STORNOWAY DIAMOND CORP. $1.03 (Toronto symbol SWY; SI Rating: Start-up) (1-888-338-2200; www.sornowaydiamonds.com; Shares outstanding: 200.2 million; Market cap: $206.2 million) recently completed the acquisition of TSE-listed Ashton Mining for $117 million. In a separate transaction, it also acquired all of the outstanding shares of TSE-listed Contact Diamond for $19 million.
The new combined diamond-exploration company holds cash of $37 million. It also holds interests in a number of projects, including a 50% interest in the Renard diamond project in Quebec, the Aviat, Qilalugaq, and Churchill areas of Nunavut, the Buffalo Hills area in Alberta and the Timiskaming area of Ontario and Quebec. TSE-listed Agnico-Eagle holds a 14% interest in the combined company.
Stornoway is now undertaking advanced exploration work on the Foxtrot kimberlite at the Renard project in Quebec. This project was the key asset acquired in the Ashton Mining purchase. This advanced work to determine the economic potential of the project includes a 10,000-tonne bulk sample that will go through separation and then diamond recovery at Stornoway’s lab in North Vancouver.
Foxtrot is the most advanced project, but close behind is the Aviat project on the Melville Peninsula in the eastern Arctic (located across from Baffin Island). This project is a joint venture between Stornoway (70%), BHP Billiton (20%) and Hunter Exploration (10%). The partners have discovered nine kimberlites at Aviat. Early results at Aviat have shown high sample grades of diamonds.
Stornoway’s other priority target is its Churchill project in Nunavut. Stornoway and partner Shear Minerals have discovered diamond-bearing kimberlites on the property.
Stornoway Diamond is still a buy for highly aggressive investors.
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