Stornoway signs IBA for Renard diamond project

QUEBEC – Stornoway Diamond Corp. has entered into an impacts and benefits agreement for the Renard diamond project in the Otish Mountains. The “Mecheshoo Agreement” was signed with the Cree Nation of Mistissini and the Grand Council of the Crees (Eeyou Istchee)/Cree Regional Authority at a ceremony held in Mistassini, QC.

The new agreement is binding and will govern the long-term working relationship between Stornoway and the Cree parties during all phases of the Renard project. It provides for training, employment and business opportunities for the Crees during project construction, operation and closure, and sets out the principles of social, cultural and environmental respect under which the project will be managed. The deal also includes a mechanism by which the Cree parties will benefit financially from the success of the project on a long term basis, consistent with the mining industry’s best practices for engagement with First Nations communities.

 “The Mecheshoo Agreement is again an example where, with the co-operation and participation of the Crees, mining development can take place and prosper in Eeyou Istchee,” said Dr. Matthew Coon Come, grand chief of the Eeyou Istchee. “This agreement marks the beginning of a co-operative and fruitful relationship between the Crees and Stornoway, a relationship based on respect for Cree rights and environmental and economic sustainability. In accordance with the principles of our Cree Nation Mining Policy, the Crees and Stornoway have ensured that our traditional rapport to the land remains intact.”

Production start-up is set for 2015 at the Renard mine. See also StornowayDiamonds.com.