The upcoming drill program is a continuation of a step-out program of deep drilling first initiated last winter (Stornoway Press Release dated April 14, 2010), and is designed to assess the size and composition of several kimberlite pipes outside the established mineral resource.

For complete news release, click here.

For news release in French, click here.

For Stornoway Diamond’s company profile and stock information, click here.

Diamond prices have largely recovered from the 2008 global economic crisis, but the industry is still not back to pre-2008 levels of demand. While consumption in the United States—the world’s largest diamond-consuming nation—continues to improve, it is double-digit growth in China and India that is driving worldwide diamond demand. Some analysts are predicting China will replace the U.S. as the world’s largest diamond consumer during the next decade. But even with this growth, many large producers such as De Beers, Alrosa and Rio Tinto, are still not back to pre-2008 production levels due to fears that prices would tumble if production was ramped up.

The recent decision by the World Diamond Council to allow Zimbabwe to resume exports from its Marange fields could threaten the delicate supply-demand balance. Zimbabwe has been the target of long-standing allegations of human rights abuses and corrupt practices, but it wasn’t until its military seized control of the Marange fields in 2008 that the allegations led to a ban on Zimbabwe’s diamond exports. Last month, the Council approved two supervised auctions of diamonds from two mines in the region after the Kimberley Process Group, the international watchdog that monitors the diamond trade, decided conditions at these mines had improved and now met the minimum required standards to partially lift the nine-month-old ban.

Critics claim the governments who initially formed the Kimberley Process in 2002 agreed only to prevent the trading of diamonds used by rebel groups to fund armed resistance against established governments and that human rights abuses are still ongoing in Zimbabwe. The U.S.-based Rapaport Diamond Trading Network, one of the largest buyers of diamonds in the nation, announced it would continue to enforce a ban on purchasing Zimbabwean diamonds. Rapaport said respected human rights groups have documented severe abuses at the diamond fields since their discovery in 2006, including “rampant abuses of forced labour, child labour, beatings, smuggling and corruption” and the network stated it would expel any of its 10,000 members who knowingly traded Zimbabwean stones tainted by allegations of killing or human rights abuses.

In an interview with the Christian Science Monitor, Zimbabwe’s Minister of Mines Obert Mpofu explained, “If [the Rapaport group] mobilizes other nations to ban our gems… we will sell our stones to [other] countries. We have countries like China, Malaysia, Russia, India and other Asian countries where we can market our diamonds.”

And that is exactly what has happened. With most U.S. buyers on the sidelines, buyers from Indian stepped up and purchased US$38 million worth of the Marange diamonds, accounting for 83 percent of the total tender valued at approximately US$46 million. The second auction is scheduled in September and the value of the diamonds to be made available is still being tallied, but if these two auctions go well and sales continue, the diamonds could bring the country US$1.7 billion per year and pave the way for more Marange diamonds to become available on the world market.

The press release is quoted as saying:

A size dependant diamond recovery model was based upon a 90% recovery of diamonds greater than +3 DTC sieve by weight. This recovery factor is applied to the diamond grade-size models and results in a recoverable diamond grade. The grade model assumes recovery of diamonds larger than 1mm. SRK is presently preparing an updated 43-101 compliant report for the Jericho property. The SRK qualified person for this Mineral Resource is Mike Johnson, P.Geo.

Click here to access the entire press release

Click here to access Shear Minerals Ltd. Corporate Site

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.

For Stornoway’s company profile, click here.

The potential extent of the gold mineralization appears more significant than originally expected at both locations. HI-1 and HI-2 prospects are on the Halkett Inlet Property located in Nunavut.

Mark Kolebaba, President & CEO of Diamonds North says:

“HI-1 and HI-2 are very good examples of why Diamonds North focuses on the underexplored North. At minimal cost, DDN has outlined two very prospective and large gold target areas that we own 100%. I look forward to receiving the sample results.

For complete news release, click here.

The Renard Diamond Project is a 50:50 joint venture between Stornoway Diamond Corporation and SOQUEM, a wholly-owned subsidiary of SGF, the Québec government’s main industrial and financial holding company.

Matt Manson, President and CEO of Stornoway says:

“The commencement of a Feasibility Study at Renard is a significant milestone on the path towards Québec’s first diamond mine. Our objective at Renard is to define a robust, low-risk project with high margins and a substantial mine life, which is readily financeable. An important element of the work program will be a distinct Feasibility Study and Environmental Assessment for a power line to the project, to be conducted under the auspices of Hydro-Québec but financed by the joint venture partners. This power line has the potential to greatly reduce the project’s operating costs, reduce its overall environmental footprint, and to insulate the project from future fuel cost escalation. Its addition to the conceptual mine plan, not contemplated in previous studies, follows the recent determination of a cost-efficient mechanism for its construction. The feasibility program will also entail the immediate creation of an expanded Québec-based mining team under the leadership of Stornoway’s newly appointed Chief Operating Officer, Patrick Godin.”

For complete news release, click here.

For Stornoway’s company profile, click here.

The press release is quoted as saying:

Under the MoU, Rio Madeira was to provide access to, and work with Sola, in regards to enabling Sola to review due diligence materials and have access to any and all aspects of Rio Madeira’s business. Such access was provided, and Sola was satisfied with information and materials presented to date. Further due diligence will continue, but under the terms of the MoU, Sola has been satisfied with its initial reviews.

Click here to access the entire press release

Click here to access Sola Resource Corp. Corporate Site

The diamond program will focus on the collection of a 25 tonne bulk sample from the Beluga-3 kimberlite to further test for commercial size diamonds. The gold program will focus on defining drill targets in areas where anomalous gold was discovered in 2009.

Mark Kolebaba, President & CEO of Diamonds North says:

“A positive bulk sample from Beluga-3 would be a significant driver for the Amaruk diamond project and Diamonds North.”

For complete news release, click here.

Renard 65 is the largest kimberlite pipe in the Renard cluster, with a surface area of approximately 1.7 hectares. In 2003 a large, gem quality diamond of 4.04 carats was recovered within drill core, an exceptionally rare occurrence in diamond exploration. However, subsequent larger scale sampling, through both reverse circulation (“RC”) drilling and surface trenching, returned lower diamond contents than the nearby Renard 2, 3, 4 and 9 kimberlites, and consequently Renard 65 was not incorporated in the recently updated Renard Preliminary Assessment (Stornoway Press Release dated March 22, 2010).

Matt Manson, President and CEO of Stornoway says:

“This work represents an example of the integrated geological and diamond analysis that we are using to gain an increasingly detailed understanding of the diamond distribution within the Renard kimberlite pipes. We now believe that Renard 65 has the potential to add value to an operating Renard diamond mine, which would be developed initially on the higher grade Renard 2, 3 and 4 ore bodies. Without a bulk sample at Renard 65, no mineral reserve can be established in the short term, and no change in the Renard conceptual mine plan is contemplated at this time. However, the implication of this work is that a large tonnage of potentially viable kimberlite occurs close to the planned mine infrastructure, amenable to low cost stripping and open at depth. Consequently, consideration will be made within the ongoing mine design for future development at Renard 65, and additional work will be undertaken to better understand the potential grade distribution within the kimberlite, particularly at depth.”

For complete news release, click here.

For Stornoway ‘s company profile, click here.

The press release is quoted as saying:

Big Red Diamond Corporation is a junior exploration company with exploration projects in the Attawapiskat diamond exploration project located in the Ontario James Bay Lowlands, surrounding De Beers’ Victor diamond deposit, near Sept-Iles, Quebec for Rare Earth Elements and in the West Timmins Gold camp.

Click here to access the entire press release