Stornoway Diamond Corporation
TSX : SWY

Stornoway Diamond Corporation

February 22, 2007 15:31 ET

Stornoway Diamond Corporation: Collection of 10,000 Tonne Quebec Bulk Sample Complete

DMS processing of kimberlite has commenced

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2007) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that the collection of a cumulative sample of over 10,000 tonnes of kimberlite from Renard 2, Renard 3 and Renard 4 is now complete. Approximately 2,400 tonnes of material were collected from Renard 4 and 4,000 tonnes were recovered by underground mining from each of Renard 2 and 3. Approximately 6,000 tonnes of material will be processed through the onsite ten tonne per hour dense media separation ("DMS") test facility starting immediately with material from Renard 4.

Renard 2, 3 and 4 are three significantly diamondiferous kimberlites that form part of the Renard cluster of nine bodies on the Foxtrot property in north-central Quebec. The bulk sample program being conducted by Stornoway and its joint venture partner, SOQUEM INC., is designed to recover a parcel of at least 6,000 carats of diamonds. The joint venture plans to conduct a diamond valuation of the parcel in support of an upcoming pre-feasibility study, expected to commence in the second half of the year.

Underground work at Renard 2 and 3

Mining crews have completed the collection of approximately 4,000 tonnes of kimberlite from each of Renard 2 and Renard 3 using an underground decline that extended into each body for approximately 100 metres. As reported previously, ground conditions within the cross-cut leading into Renard 2 were challenging, but ground conditions within the kimberlites were excellent. The material from Renard 2 and 3 has been placed in stockpiles next to the DMS test facility in anticipation of processing 4,000 of the total 8,000 tonnes recovered from the bodies.

Drilling crews have now commenced an underground delineation drill program at Renard 3 to be followed by a similar program at Renard 2. The resulting geological information will assist in better defining a resource for these two bodies under established National Instrument 43-101 standards as part of the pre-feasibility study.

DMS Test Facility and Bulk Sample Processing

Commissioning of the DMS test facility is complete and processing of the kimberlite bulk samples will now commence with material from Renard 4.

The concentrates produced by the DMS will be shipped to Stornoway's North Vancouver, B.C., laboratory where final diamond recovery will be carried out. The joint venture expects to report diamond recovery results, commencing with Renard 3, starting early in the second quarter of 2007. The valuation of the anticipated 6,000 carat parcel of diamonds is expected within the third quarter.

Stornoway Diamond Corporation and SOQUEM INC.

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies. The Company and its affiliates have been responsible for discovering over 150 kimberlites and six new Canadian diamond districts. Stornoway's management and technical team has a proven track record in wealth creation for shareholders and direct operating experience in each segment of the diamond "pipeline" from exploration to marketing.

SOQUEM INC. is a wholly owned subsidiary of the Societe generale de financement du Quebec ("SGF"). The mission of the SGF, an industrial and financial holding company, is 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.

Ashton Mining of Canada Inc., a wholly-owned subsidiary of Stornoway, is the operator of the joint venture's exploration programs. 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 Ashton's exploration programs and for the verification and quality assurance of analytical results.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Eira Thomas

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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