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Stornoway Diamond (TSE:SWY) reports a pre-development agreement for the Renard diamond project.

 The PDA has been developed on the principle of mutual respect between the parties, and the interests of all in seeing the establishment of a successful diamond mining venture at Renard. It provides for business and employment opportunities for the Crees during the period of pre-development activities leading up to a potential production decision at the project, the completion of a comprehensive Business and Employment Capacity Study to assess the full potential for Cree business and employment opportunities from an eventual Renard Diamond Mine, and the creation of a joint communication strategy.

Matt Manson, Stornoway's President and CEO says:

"This agreement is the result of a dialogue that was initiated in the early stages of our mining exploration activities in the region. We are proud of what we have accomplished up to now in collaboration with the Crees of Eeyou Istchee and in particular with the Cree Nation of Mistissini. We see this agreement as an important stepping stone towards a successful mining project at Renard that provides meaningful benefits to all stakeholders within the context of social and environmental respect."

For complete news release, click here. ^[2]

For Stornoway's company profile, click here ^[2].