Welcome to the 2008 Stornoway Annual Report
Stornoway Diamond Corporation is one of Canada’s leading diamond exploration and development companies, working to develop a prospective, diversified project portfolio with established diamond resources in the ground. The company benefits from strong management and technical teams with experience in every stage of the diamond pipeline from exploration to marketing.
Despite volatile and generally poor stock performance by the entire diamond exploration sector over a period of close to two years, global demand for diamond jewelry continues to increase and the market outlook for rough diamond prices remains strong.
Stornoway made important progress on each of its key projects over this past year, and will soon be in a position to report its first formal resource statement together with a preliminary mine design for the Renard project, located in central northern Quebec. The Company remains optimistic that Renard will be developed as Quebec’s first diamond mine within a few short years. An independent, conceptual resource study is also underway for the Aviat project, located in eastern Nunavut which is expected to add significantly to our growing inventory of diamond resources and establish Aviat as a second potential development project for the company in the near term. Grass roots exploration activities were scaled back during 2007 and 2008 to focus on our more advanced projects, however, we continued to pursue specific targets of interest and successfully identified new areas prospective for diamond emplacement that will be followed up in 2009.
We look forward to another busy and productive year as we work to advance our entire project portfolio as expeditiously as possible, laying the foundation for future production and cash flow to enhance shareholder value.