The optimization study, which improves on the original project feasibility study in November 2011, updates the project’s probable mineral reserves to 17.9 million carats.
Design refinements to the project include the deferral of shaft access for the underground mine and a modified underground mining sequence and draw point design.
Changes in design have led to revision in capital expenditure estimates that now stand at CAD$752m ($742.95m), CAD$50m ($43m) lower than the 2011 estimates.
Operating costs, however, have been revised upwards to CAD$57.63 ($57.46) a ton or CAD$76.63 ($76.41) a carat over the life of mine, demonstrating an increase of $2.92 a ton from the previous estimate.
Stornoway president and CEO Matt Manson noted that the optimization study confirms a robust project with strong cash flows.
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"With our Mining Lease and Québec Certificate of Authorization in hand, and the Renard Mine Road under development, we can now move towards finalizing our project financing arrangements, and initiating project construction in the third quarter of this year," Manson said.
