Stornoway Diamond Corporation
TSX : SWY

Stornoway Diamond Corporation

January 29, 2007 11:30 ET

Stornoway Diamond Corporation: Alberta Drill Program Underway

Samples of 100 and 200 tonnes to be collected from K14 and K6

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 29, 2007) - Stornoway Diamond Corporation (TSX:SWY) is pleased to report that the winter 2007 drill and kimberlite sampling program is now underway on the Buffalo Head Hills property in north-central Alberta. This work is being conducted as part of the $2.2 million 2007 exploration program undertaken by Stornoway's wholly owned subsidiary, Ashton Mining of Canada Inc. The program will concentrate specifically on two areas: the K14/BH225/K91 kimberlite corridor and the K6 kimberlite. Exploration target drilling outside of these areas is also currently planned.

K14/BH225/K91

The K14, K91 and BH225 kimberlites are located within a broad corridor approximately two kilometers in length. Limited existing drill data suggest that the three kimberlites taken together have the potential to host significant kimberlite tonnage. In 1997 and 1998, a cumulative 524 tonne sample collected from K14 returned an estimated diamond content of 12 carats per hundred tonnes ("cpht") with the largest diamond recovered weighing 1.3 carats. A 36 tonne sample collected from K91 in 1998 returned an estimated diamond content of 13 cpht with the largest diamond weighing 0.45 carats. A program of definition drilling is planned to better determine tonnage potential for the bodies and allow an assessment of grade continuity through microdiamond analyses.

In addition to the definition drilling, a cumulative 100 tonne sample will be collected from three surface exposures at K14 to obtain an initial determination of the diamond content of these surface exposures. The 100 tonne sample will be stored at Ashton's laboratory in North Vancouver, BC, until a processing schedule can be determined

K6

The K6 kimberlite is located approximately 10 km south of K14 and is interpreted to have a northern and a southern vent and the potential for significant tonnage. A cumulative 19.2 tonne sample collected from the northern vent in 1997 and 2002 returned an estimated diamond content of 7.2 cpht. Of special interest is a 0.76 carat yellow diamond recovered in the 1997 sample. During the current program, a sample of approximately 200 tonnes will be collected from a surface exposure on the northern vent to better assess the diamond content of K6 and obtain initial indications about the presence of a significant population of yellow stones. The sample will be stored at Ashton's laboratory in North Vancouver, BC, until a processing schedule can be determined.

Overview of Buffalo Head Hills Project

The Buffalo Head Hills group of kimberlites is the third largest district of significantly diamond-bearing kimberlites in Canada after Lac de Gras in the Northwest Territories and Fort a la Corne in Saskatchewan. The project is a joint venture with EnCana Corporation and Pure Diamonds Exploration Inc. with Ashton acting as the Operator. Stornoway, through Ashton, holds an approximate 45 percent interest and is fully funding the 2007 program as part of an option to earn up to a 72.5 percent interest in the joint venture by funding the next $15 million in exploration not later than April 30, 2010. Under the option, Ashton has a commitment to spend at least $4 million by the end of 2008, of which $2 million must be spent by the end of 2007.

To date, a total of 38 kimberlites have been discovered in the region, of which 26 are diamondiferous. The known kimberlites on the joint venture's properties range up to 45 hectares in surface area. Four of the kimberlites are exposed at the surface.

Brooke Clements, Professional Geologist and Ashton's Vice President Exploration, is a Qualified Person pursuant to National Instrument 43-101. Mr. Clements is responsible for the design and conduct of the Ashton's exploration programs and for the verification and quality assurance of analytical results.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Eira Thomas, President

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the Toronto Stock Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements.

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