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Stornoway Announces Fourth Quarter and 2017 Production and Sales Results, and 2018 Production and Sales Guidance

by pmnationtalk on January 11, 201818 Views

LONGUEUIL, Quebec, Jan. 11, 2018  — Stornoway Diamond Corporation(TSX:SWY) (the “Corporation” or “Stornoway”) is pleased to provide production and sales results at the Renard Diamond Mine for the quarter and year ended December 31, 2017. Highlights are as follows:

(All quoted figures in CAD$ unless otherwise noted)

  • Fourth Quarter diamond production of 398,267 carats produced from the processing of 518,817 tonnes of ore with an attributable grade of 77 carats per hundred tonnes (“cpht”), compared to a plan of 415,940 carats from 540,000 tonnes at 77 cpht (96%, 96% and 100% respectively).
  • FY2017 diamond production of 1.64 mcarats produced from the processing of 1.96 mtonnes of ore with an attributable grade of 84 cpht, compared to a plan of 1.69 mcarats from 2.00 mtonnes at 85 cpht (97%, 98% and 99% respectively).
  • Fourth Quarter sales of 453,646 carats sold in two tenders (2017 sales #8 and #9) for gross proceeds 1 of $49.1 million 2, at an average price of US$86 per carat ( $108 per carat 2).
  • FY2017 diamond sales of 1.7 mcarats sold in nine tenders and three out of tender sales for gross proceeds1 of $186.2 million 3, at an average price of US$85 per carat ( $109per carat 3).

In addition, Stornoway is providing production, sales and cost guidance for FY2018. Highlights are as follows:

  • Approximately 1.6 mcarats to be produced from the processing of 2.5 mtonnes of ore at an average grade 65 cpht.
  • Of the 1.6 mcarats produced, approximately 1.1 mcarats are expected to be larger than +7 DTC sieve size (+3mm) with average pricing between US$125 and US$165 per carat. Approximately 0.5 mcarats are expected to be smaller than +7 DTC sieve size (-3mm) with average pricing of between US$15 and US$19 per carat.
  • Approximately 1.6 mcarats to be sold in 9 tender sales, to be operated through the offices of Stornoway’s sales agent Bonas Couzyn in Antwerp, Belgium.
  • Cash operating costs per tonne processed 4 of $56 to $60 per tonne ( $87 to $92 per carat) and capital expenditures of $82 million.

Read More: http://www.stornowaydiamonds.com/English/investors/news-releases/press-release-details/2018/Stornoway-Announces-Fourth-Quarter-and-2017-Production-and-Sales-Results-and-2018-Production-and-Sales-Guidance-1112018/default.aspx

NT4

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