Stock Symbol: DIAM: TSX
SASKATOON, SK, May 11, 2022
/CNW/ - Star Diamond Corporation (TSX: DIAM) ("Star Diamond" or the
"Corporation") is pleased to announce that, pursuant to a
Quitclaim, Surrender and Assignment of Interest Agreement dated
May 11, 2022, the Corporation has
acquired an additional joint venture interest of approximately 17%
in the Buffalo Hills project in north central Alberta, Canada for nominal consideration. As
a result of the transaction, Star
Diamond and Canterra Minerals Corporation (TSXV: CTM) each
hold a 50% interest in the Buffalo Hills project.
About Buffalo Hills Property
Located approximately 400 kilometres northwest of
Edmonton, Alberta, Canada, the
Buffalo Hills project is a significant and accessible field of
diamond bearing kimberlites, with similarities to the Fort á la
Corne kimberlites in Saskatchewan,
Canada.
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of the Corporation trade on the TSX Exchange
under the trading symbol "DIAM". Star
Diamond holds, through a joint venture arrangement with RTEC
(a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain
Fort à la Corne kimberlites (including the Star – Orion South
Diamond Project). These properties are located in central
Saskatchewan, in close proximity
to established infrastructure, including paved highways and the
electrical power grid, which provide significant advantages for
future mine development. Rio Tinto refers to their Fort à la Corne
mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of
an independent Preliminary Economic Assessment (the "PEA") on the
Project. The PEA (on a 100% basis) estimated that 66 million carats
of diamonds could be recovered in a surface mine over a 38-year
Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of
Return ("IRR") of 19% and an after-tax payback period of 3.4 years
after the commencement of diamond production (see news release
dated April 16, 2018).
www.stardiamondcorp.com
SOURCE Star Diamond Corporation