The Renard Project Building A Canadian Diamond Resource Base

The Renard kimberlite cluster is located in the Monts Otish region of Quebec, Canada. A Canadian National Instrument (NI) 43-101 compliant resource statement for the Renard kimberlites 2, 3, 4 and 9 and the Lynx kimberlite dyke was first issued in 2008 followed by a Preliminary Economic Assessment and the development of a conceptual mine plan. Following a successful drill program in 2009 that greatly expanded the amount of kimberlite in Renard 2, a revised resource statement was issued in December 2009 comprising 23 million carats of Indicated Mineral Resources and 13 million carats of Inferred Mineral Resources, a threefold increase on the previous estimate. The project is currently the focus of a second Preliminary Economic Assessment and it is expected that a full feasibility and permitting program will commence in 2010 leading to the creation of Quebec's first diamond mine by 2013.