The Northern Miner November 14 2016 Issue

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GEOLOGY: A LOOK BENEATH THE SURFACE IN CANADA’S PRAIRIE PROVINCES / 5 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

CANADIAN PRAIRIES

Prospects in Alberta, Saskatchewan and Manitoba / 7–10

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NOVEMBER 14-20, 2016 / VOL. 102 ISSUE 40 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Stornoway opens Quebec’s first diamond mine SITE VISIT

| Renard mine to produce 1.8 million carats annually, 2% of global output

Darnley Bay buys NWT zinc deposits, updates BC resource M&A

| Junior calls Pine Point purchase a ‘game changer’ BY TRISH SAYWELL tsaywell@northernminer.com

D

arnley Bay Resources (TSXV: DBL) is acquiring 42 zinclead deposits over a 68 km strike length in the Northwest Territories, and the junior explorer’s management team is providing a clear path towards production. The assets — collectively known as the Pine Point project — consist of an underground deposit, an openpit deposit and a cluster of smaller open-pit deposits, 10 km south of Great Slave Lake and 42 km from Hay River. They are part of the larger Pine Point district, where Cominco mined 64 million tonnes of ore See DARNLEY BAY / 15 PM40069240

Cutting the ribbon at Stornoway Diamond’s Renard diamond mine in north-central Quebec’s James Bay region, from left: Patrick Godin, chief operating officer; Ghislain Poirier, vice-president of public affairs; and Matt Manson, president and CEO.   STORNOWAY DIAMOND BY ALISHA HIYATE ahiyate@northernminer.com JAMES BAY, QUEBEC

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n a blustery grey day in mid-October, as Stornoway Diamond (TSX: SWY) welcomes 200 visitors to the official opening of its Renard diamond mine in northcentral Quebec, it’s hard not to be impressed by what president and CEO Matt Manson and

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his team have accomplished here. The junior turned developer — and now producer — has consistently beat its own construction time lines and spending estimates at the mine, 360 km north of Chibougamau, and 250 km north of Mistissini. The cost to build Quebec’s first diamond mine is an estimated $775 million, which is well under the $811 million originally budgeted. It also expects to start commercial production by the end of 2016 — six months earlier than planned. All

of this happened while Stornoway managed its own growth to 450 employees, from just a dozen three years ago. Over the first 10 years of its 14-year mine life, Renard could produce 1.8 million carats of diamonds a year — contributing 1.5–2% of global production. A March 2016 mine plan pegs Renard’s net present value at $974 million. With a remote mine, infrastructure is everySee STORNOWAY / 2

unturned.

Reduce uncertainty. Contact us for expertise in all aspects of mining. Contact our Mining Group at mining@weirfoulds.com Visit weirfoulds.com or follow us on:

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12/18/2015 2:58:15 PM

COMMENTARY: IAMGOLD CEO ON BENEFITS OF BENCHMARKING / 4

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