Star Diamond Corporation provide this update on Star Diamond’s acquisition of Rio Tinto Canada Inc’s (RTEC) 75% interest in the Fort à la Corne Joint Venture pursuant to the agreement dated November 28, 2023 entered into between Star Diamond and RTEC.
Star Diamond and RTEC have worked together diligently to submit the documentation required to complete the transfer of the Permit to Operate for the Fort à la Corne properties. This process requires that an updated Decommissioning and Reclamation Plan be submitted to the Saskatchewan Ministry of the Environment (MoE) for its approval.
Star Diamond and RTEC have been in active discussions with the MoE and, based upon those discussions, Star Diamond believes that all documents required by the MoE have been submitted for its review. Based upon discussions with the MoE, Star Diamond currently expects that the transfer of the Permit to Operate will be completed prior to the end of March 2024.
Star Diamond CEO Ewan Mason said: “We are pleased that the MoE has committed to move the review process forward expeditiously. While we anticipate that Star Diamond will take full possession of the Project in March, we are not waiting for this transfer to be completed to execute upon our plan and are well underway with the revised Mineral Resource and Pre-feasibility Study previously announced. Our staff is also busy examining the requirements for site security, monitoring and maintenance so that the handover from RTEC to Star Diamond proceeds seamlessly”.
Completion of the transactions contemplated by the Agreement is subject to various closing conditions including receipt of all required Governmental approvals and the approval of the Toronto Stock Exchange for the issuance of additional common shares of Star Diamond to RTEC.
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