Toronto-listed Star Diamond expects to take full possession of the Fort a la Corne properties in Saskatchewan in March, CEO Ewan Mason reported on Monday.
The company is buying Rio Tinto Canada’s 75% interest in the Fort a la Corne joint venture.
As part of the acquisition, Star Diamond had to submit a permit to operate to the Ministry of Environment (MoE) for approval.
“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 prefeasibility study previously announced,” said Mason.
Star Diamond staff are also busy examining the requirements for site security, monitoring and maintenance so that the handover from RTEC to Star Diamond proceeds seamlessly, he added.