STAR DIAMOND CORPORATION PROVIDES UPDATE ON RIO TINTO CANADA DECISIONS REGARDING FORT A LA CORNE JOINT VENTURE

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[{"type":"text","content":"\n \n \n \n STAR DIAMOND CORPORATION PROVIDES UPDATE ON RIO TINTO CANADA DECISIONS REGARDING FORT A LA CORNE JOINT VENTURE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSX: DIAM\n \n \n \n \n SASKATOON, SK\n \n \n ,\n \n \n Oct. 21, 2022\n \n \n /CNW/ - Star Diamond Corporation (\"Star Diamond\") announces that Rio Tinto Exploration Canada Inc. (\"Rio Tinto Canada\") recently provided a community update to stakeholders of the Fort à la Corne joint venture (the \"Project\"). In this communication, Rio Tinto Canada stated that, \"The site continues to be in care and maintenance as we explore our commercial options for the project, however, we are actively looking to minimize our costs.\" Rio Tinto Canada also stated that it intends to fully de-mobilize the leased on-site camp in early 2023, and that it continues with site care and maintenance activities to fulfill its existing obligations, including certain progressive site cleanup and remediation programs.\n \n \n \n \n \n \n \n \n \n As previously disclosed by\n \n Star Diamond\n \n , Rio Tinto Canada exercised its voting power in\n \n June 2022\n \n to place the Project on care and maintenance through\n \n December 31, 2022\n \n . At that time, Rio Tinto Canada also advised that, subject to fulfilling its existing obligations, it did not intend to commit additional capital to the Project during 2022 beyond what is necessary for care and maintenance. As well, Rio Tinto Canada advised that it intended to conduct a near-term review of its alternatives regarding the Project, including its potential exit.\n \n \n \n Star Diamond\n \n continues to work with Rio Tinto Canada in assessing alternatives regarding the Project. These discussions remain at an early stage and there is no certainty that any agreement will be reached between\n \n Star Diamond\n \n and Rio Tinto Canada regarding any such potential arrangements.\n \n \n \n About Star Diamond Corporation\n \n \n \n Star Diamond\n \n is a Canadian-based corporation engaged in the acquisition, exploration and developmen...

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