Stornoway Diamond Corporation has released a progress update for the quarter ended January 31, 2015, reporting that the company had net earnings of C$7.7 million during the quarter and that the overall construction work at its Renard Diamond Project continues in line with planned schedule and budget.

For the nine months ended January 31, 2015 net earnings stood at C$7.8 million which included other income of C$16.3 million (C$11.8 million during Q3). Construction progress at the site stood at 17.4% compared to a planned 15.6%, the company said. As per the schedule, 36% of work is planned for 2015, 46% for 2016 and 3% for 2017.

Some of the milestones noted by the company are the completion of the permanent accommodation facilities, the completion of the waste water and potable water plants, and the commencement of development on the underground mine portal and ramp and the commencement of pre-stripping at the Renard 2-Renard 3 open pit.

Matt Manson, President and CEO of Stornoway stated "Stornoway's construction team continues to make excellent progress towards the completion of the Renard Mine. The forecast cost to complete remains within our fully funded capital budget of $811 million and the project remains on schedule for first ore in the plant in the second half of calendar 2016 and for commercial production in the second quarter of calendar 2017."