TSX: DIAM
SASKATOON, SK, Jan. 29,
2024 /CNW/ - Star Diamond Corporation (TSX: DIAM)
("Star Diamond" or the "Company") is pleased to provide this update
on Star Diamond's acquisition of Rio
Tinto Canada Inc's ("RTEC") 75% interest in the Fort à la
Corne Joint Venture pursuant to the
agreement (the "Agreement") dated November
28, 2023 entered into between Star
Diamond and RTEC (see News Release dated November 28, 2023).
Star Diamond and RTEC have worked
together diligently to submit the documentation required to
complete the transfer of the Permit to Operate for the Fort
à la Corne properties ("the Project"). This process requires
that an updated Decommissioning and Reclamation Plan be submitted
to the Saskatchewan Ministry of the Environment (the "MoE") for its
approval.
Star Diamond and RTEC have been
in active discussions with the MoE and, based upon those
discussions, Star Diamond believes
that all documents required by the MoE have been submitted for its
review. Based upon discussions with the MoE, Star Diamond currently expects that the transfer
of the Permit to Operate will be completed prior to the end of
March 2024.
Star Diamond CEO Ewan Mason said:
"We are pleased that the MoE has committed to move the review
process forward expeditiously. While we anticipate that
Star Diamond will take full
possession of the Project in March, we are not waiting for this
transfer to be completed to execute upon our plan and are well
underway with the revised Mineral Resource and Pre-feasibility
Study previously announced. Our staff is also busy examining
the requirements for site security, monitoring and maintenance so
that the handover from RTEC to Star
Diamond proceeds seamlessly".
Completion of the transactions contemplated by the Agreement is
subject to various closing conditions including receipt of all
required Governmental approvals and the approval of the Toronto
Stock Exchange for the issuance of additional common shares of
Star Diamond to RTEC.
About Star Diamond
Corporation
Star Diamond 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's most significant asset
is its interest in the Fort à la Corne property in central
Saskatchewan. These kimberlites are located in close proximity
to established infrastructure, including paved highways and the
electrical power grid, which provide significant advantages for
future mine development.
For further information, please contact: Phone: (306)
664-2202
Email: stardiamondcorp@stardiamondcorp.com
Website www.stardiamondcorp.com
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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. The use of any of the words
"anticipate", "plan", "aim", "target", "contemplate", "continue",
"estimate", "expect", "intend", "propose", "might", "may", "will",
"shall", "project", "should", "could", "would", "believe",
"predict", "forecast", "pursue", "potential", "possible", "capable"
and similar expressions are intended to identify "forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, expectations regarding the timing
for transfer of the Permit to Operate and completion of the
transactions that are the subject of the Agreement.
These forward-looking statements are based on Star Diamond's current beliefs as well as
assumptions made by and information currently available to it 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,
the MoE's approval processes and the impact of changes in the laws
and regulations regulating mining exploration, development,
closure, judicial or regulatory judgments and legal proceedings and
the additional risks described in Star
Diamond's most recently filed Annual Information Form,
annual and interim MD&A.
Although management of Star
Diamond considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to Star Diamond,
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