Stornoway Diamond Corporation

Stornoway Diamond Corporation

January 22, 2010 11:42 ET

Stornoway Files NI 43-101 Technical Report on the Revised Mineral Resource Estimate at Renard

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2010) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the January 21, 2010 SEDAR filing (view report: of a National Instrument ("NI") 43-101 technical report representing the qualifying report for the recently updated mineral resource estimate at the Renard Diamond Project in North Central Quebec. The Renard Diamond Project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50:50 joint venture with SOQUEM INC. ("SOQUEM").

Highlights of the NI 43-101 compliant mineral resource (previously reported by Stornoway on December 08, 2009) include:

  • A total Indicated Mineral Resource of 23.0 million carats (an increase of 228% over the previous estimate published in December 2008).
  • A total Inferred Mineral Resource of 13.3 million carats, (an increase of 196% over the 2008 estimate).
  • A revised diamond valuation of US$117 per carat to be applied equally to the Renard 2, 3, 4 and 9 kimberlite pipes.

Next Steps
A revised Preliminary Assessment of the Renard Diamond Project utilizing the new mineral resource statement is currently being prepared by Scott Wilson Roscoe Postle Associates. This new study will incorporate a revised conceptual mine plan, updated capital and operating costs, and revised estimates of project economics. Its receipt is expected within the first quarter of 2010.

Stornoway Diamond Corporation
Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in six Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with experience in each segment of the diamond "pipeline" from exploration to marketing. The Renard Diamond Project is managed by Dave Skelton, P. Geol. (AB/QC), Vice President, Project Development, and a Qualified Person under NI 43-101.

SOQUEM INC. SOQUEM is a wholly-owned subsidiary of Societe generale de financement du Quebec ("SGF"). The SGF, the Quebec industrial and financial holding company, has as its mission to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec.

On behalf of the Board


Matt Manson, President and Chief Executive Officer

This document contains "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events. These forward-looking statements include, among others, statements with respect to Stornoway's objectives for the ensuing year, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "potential", "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Stornoway's future operations, future exploration and development activities or other development plans contain forward-looking statements.

All forward-looking statements and information are based on Stornoway's or its consultants' current beliefs as well as assumptions made by and information currently available to them concerning the presence of diamonds and its host rocks at the Project, diamond values, diamond recovery and breakage, anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements.

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