Stock Symbol: DIAM: TSX
SASKATOON, SK, Feb. 17,
2022 /CNW/ - Star Diamond Corporation ("Star
Diamond") is pleased to announce an appointment to the Board of
Directors of Star Diamond.
Star Diamond is also pleased to
announce an update on the Fort à la Corne
Joint Venture.
Appointment to Board of Directors
Star Diamond Corporation ("Star Diamond") is pleased to announce
the appointment of Mr. Larry
Phillips to the Board of Directors of Star Diamond.
Mr. Phillips, a lawyer and a co‐founder of IAMGOLD Corp. in
1990, was responsible for directing and managing all international
investments, joint ventures and government relationships, helping
build IAMGOLD into one of the largest gold mining companies in the
world. He has been a member or advisor to numerous boards of
directors, and served in senior executive positions with IAMGOLD,
Niagara Ventures Corporation and Euro Ressources SA. He has been
Director of Compass Gold Corporation since 2012 and President and
Chief Executive Officer since 2017. He serves as the President of
Corplex Management Services, through which he provides corporate
advisory services and directorship to public and private companies.
Prior to joining IAMGOLD, he was the managing partner of a
Toronto‐based law firm specializing in corporate commercial law. He
served as a Board Member of The World Gold Council from 2006 to
2011.
Ewan Mason, Chair of the Board of
Star Diamond said "We look forward
to the advice and counsel of Larry as we move the FalCon project
forward. Larry has been involved in the acquisition,
development and construction of many mining projects over his
lengthy career and we look to benefit from that experience going
forward."
Fort à la Corne Joint
Venture ("FalCon Project")
Star Diamond is also pleased to
announce that it has received notice from Rio Tinto Exploration
Canada Inc. ("RTEC") regarding a meeting of the "FalCon Project
Joint Venture Management Committee" of the Fort à la Corne joint
venture project (the "JVMC"). This JVMC meeting is scheduled to
take place on March 4, 2022. The
purpose of this meeting will be to review work from the last two
field seasons and approve an interim expenditures budget for
project work from the period commencing April 1, 2022 through May
31, 2022. This time period will be used as a data
review and consultation period for both Star and RTEC to
collaborate and review data collected over the two previous field
seasons before planning further work programs and setting budgets.
RTEC has indicated to the Company that during 2021 a number of
desktop studies were undertaken to evaluate the mineability and
economic viability of the Project. Per RTEC, no site exploration
work is planned to take place before May 31,
2022. RTEC has informed Star
Diamond that it intends to submit an additional Program and
Budget for the field season to the JVMC prior to commencing
work.
RTEC has also reported expenditures of the Joint Venture to
December 31, 2021 for RTEC work
programs. These programs included the completion of the Star
Kimberlite 10-hole Trench Cutter bulk sampling program, the
performance of an Order of Magnitude Study, desktop studies on
mineability as well as the 'Orbit' exploration program on joint
venture properties outside of the Star - Orion South Diamond
Project.
Ken MacNeill, President and CEO
of Star Diamond said "Star Diamond looks forward to working with Rio
Tinto Exploration Canada Inc. and reviewing the data
collected from Rio Tinto Exploration Canada Inc.'s previous
programs". As previously stated, in Star
Diamond's view, the Project area contains large and
contiguous diamond-bearing kimberlites with a high proportion of
valuable Type IIa stones.
Diamond Breakage Study
Star Diamond, in concert with a
number of external consultants, is in the process of completing a
diamond breakage study. The Company anticipates this study
will be completed during the first quarter of 2022 and will compare
the results of this study with those of RTEC prior to its
release.
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of Star
Diamond trade on the Toronto Stock Exchange under the
trading symbol "DIAM". Star Diamond holds, through a joint
venture arrangement with RTEC (a wholly-owned subsidiary of Rio
Tinto), a 25% interest in certain Fort à la Corne kimberlites
(including the Star – Orion South Diamond Project). These
properties are located in central Saskatchewan, in close proximity to
established infrastructure, including paved highways and the
electrical power grid, which provide significant advantages for
future mine development. Rio Tinto refers to their Fort à la Corne
mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of
an independent Preliminary Economic Analysis (the "PEA") on the
Project. The PEA (on a 100% basis) estimated that 66 million carats
of diamonds could be recovered in a surface mine over a 38-year
Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of
Return ("IRR") of 19% and an after-tax payback period of 3.4 years
after the commencement of diamond production (see news release
dated April 16, 2018).
All technical information in this press release has
been prepared under the supervision of George Read,
Senior Technical Advisor, a registered
Professional Geoscientist in the Provinces of Saskatchewan and British Columbia and Mark Shimell,
Project Manager, a registered
Professional Geoscientist in the Province of
Saskatchewan, who are Star
Diamond's "Qualified Persons" under the definition
of NI 43-101.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and/or
"forward-looking information" (collectively, "forward-looking
statements") within the meaning of applicable securities
legislation. All statements, other than statements of historical
fact, are forward-looking statements. Forward-looking statements in
this press release include, but are not limited to, statements with
respect to the Fort à la Corne project, anticipated meetings,
budgets and programs to be presented to the JVMC, expected programs
and expenditures to be incurred by RTEC since November 9, 2019, timing and availability of
diamond breakage studies and analyses, and the project's potential
to be a significant contributor to both the local communities and
the broader Saskatchewan
economy.
These forward-looking statements are based on Star Diamond's current beliefs as well as
assumptions made by and information currently available to each of
them and involve inherent risks and uncertainties, both general and
specific. Risks exist that forward-looking statements will not be
achieved due to a number of factors including, but not limited to,
developments in world diamond markets, changes in diamond prices,
risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing
budget priorities of RTEC or Star
Diamond, the impact of changes in the laws and regulations
regulating mining exploration, development, closure, judicial or
regulatory judgments and legal proceedings, operational and
infrastructure risks and the additional risks described in
Star Diamond's most recently filed
Annual Information Form, annual and interim MD&A.
Although the management of Star
Diamond consider the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to them, those assumptions may prove to be
incorrect. When making decisions with respect to Star Diamond, investors and others should not
place undue reliance on these statements and should carefully
consider the foregoing factors and other uncertainties and
potential events. Star Diamond does not undertake any
obligation to release publicly revisions to any forward-looking
statement to reflect events or circumstances after the date of this
release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued forward-looking statement constitutes a reaffirmation of
that statement. Continued reliance on forward-looking statements is
at investors' own risk.
SOURCE Star Diamond Corporation