Stornoway Diamond Corporation

Stornoway Diamond Corporation

March 20, 2007 09:48 ET

Stornoway Repays Bridge Facility

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2007) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has repaid, to a Canadian Chartered Bank (the "Bank"), all amounts owing under the bridge facility that was used to finance the acquisition by Stornoway of Ashton Mining of Canada Inc. The Company used the proceeds from two convertible debentures totaling $20 million (for details see press release dated March 16, 2007) and existing cash resources to pay off the $23,854,000 owed to the Bank.

Stornoway Diamond Corporation

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.

On behalf of the Board


Eira Thomas, Chief Executive Officer

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 The Company disclaims any intention or obligation to revise or update such statements.

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