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Press Release

November 01, 2018

George H. Read, P. Geo., Senior Vice President Exploration and Development of Star Diamond Corporation (“Star Diamond” or the “Corporation”) announces that Rio Tinto Exploration Canada (”RTEC”) has commenced the winter shut down of the Trench Cutter Sampling Rig, which consists of a Bauer BC 50 Cutter mounted on a Bauer MC 128 Duty-cycle Crane. Bauer Maschinen GmbH (“Bauer”) and Nuna Logistics Limited (“Nuna”) are in the process of winterizing the Trench Cutter Rig and the desanding plant. The winterizing includes the removal of pumps, motors and electronics that will be stored in heated sea containers on the site of the Star Kimberlite for the winter months. The Star Kimberlite is located within the Corporation’s Star – Orion South Diamond Project, in the Fort à la Corne diamond district of central Saskatchewan, Canada, on mineral dispositions held 100 percent by Star Diamond. RTEC refers to Star Diamond’s mineral dispositions in the Fort à la Corne diamond district as Project FalCon.

The Trench Cutter bulk sample drilling was successfully initiated in early October and the first hole reached a depth of 37.1 metres below surface. The Trench Cutter Sampling Rig successfully excavated the sand and till overburden and returned a substantial proportion of large (up to 80 millimetre) fragments from the till. The encouraging performance of the Trench Cutter Sampling Rig was unfortunately constrained by the commissioning of the desanding plant, which did not operate at design capacity. The design and construction of the desanding plant are being evaluated by RTEC with the intent that the desanding plant will be revised or replaced by the time that RTEC’s on-site bulk sample processing plant is commissioned in spring of 2019.

The final components of the bulk sample processing plant have been shipped, by sea, from South Africa. All containers of bulk sample processing plant equipment are scheduled to reach Montreal, Canada in early December 2018. The Tomra X-Ray Transmission (“XRT”) diamond sorter has already been delivered and is currently being stored off-site in heated storage until it such time that it will be delivered to site, for incorporation in the plant, in early 2019. The construction of a heated, on-site sample storage facility has been permitted and is scheduled to commence in late November 2018.

Senior Vice President Exploration and Development, George Read, states: “The successful operation of, and overburden excavation by, the Trench Cutter Sampling Rig bodes well for the future sampling of kimberlite. RTEC has indicated that the construction of the bulk sample processing plant and revisions to the desanding plant are scheduled to be completed during the winter in preparation for the recommencement of Trench Cutter bulk sampling on the Star Kimberlite in spring of 2019.”

About Star Diamond Corporation

Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol “DIAM”. The Corporation’s Star – Orion South Diamond Project is located in central Saskatchewan some 60 kilometres east of the city of Prince Albert. The Project is in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. The Project recently received provincial approval by the Saskatchewan Ministry of Environment (see News Release dated October 25, 2018), along with a previous positive Federal environmental decision).

The Corporation recently announced the positive results of the independent Preliminary Economic Assessment (“PEA”) on the Project. The PEA estimates that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value (“NPV”) (7%) of $2.0 billion after tax, an Internal Rate of Return (“IRR”) of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see News Release dated April 16, 2018). Star Diamond commissioned the PEA and related Technical Report for the Star and Orion South Kimberlites and, as such, the PEA and Technical Report are the sole responsibility of the Corporation. The PEA is based on exploration and evaluation work conducted up to and including March 2017.

During 2017, the Corporation granted RTEC an option to earn up to a 60% interest in the Corporation’s Fort à la Corne mineral properties (including the Star – Orion South Diamond Project) on the terms and conditions contained in the Option Agreement (see News Release dated June 23, 2017). RTEC refers to Star Diamond’s mineral dispositions in the Fort à la Corne diamond district as Project FalCon.

All technical information in this press release has been prepared under the supervision of George Read, Senior Vice-President of Exploration and Development, a registered Professional Geoscientist in the Provinces of Saskatchewan and British Columbia and Mark Shimell, Project Manager, a registered Professional Geoscientist in the Province of Saskatchewan, who are the Corporation’s “Qualified Persons” under the definition of NI 43-101.

For further information: [email protected] or (306) 664-2202
www.stardiamondcorp.com

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