Stornoway Diamond Corporation
TSX : SWY

Stornoway Diamond Corporation

September 15, 2008 09:00 ET

Stornoway and Shear Announce New Killiq Kimberlite at Churchill Diamond Project, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2008) - Stornoway Diamond Corporation (TSX:SWY) has been informed by its joint venture partner, Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear") of the discovery of the Killiq Kimberlite at the Churchill Diamond Project, Nunavut.

The Killiq Kimberlite was discovered during reverse circulation ("rc") drilling in a high interest mineral chemistry area within the Sedna Corridor. Based on geophysical data, the Killiq Kimberlite is a magnetic high dyke-like kimberlite interpreted to be a 1.1 km long trending north-south kimberlite dyke. Four angled rc holes from three different drill set ups over a 25m length were drilled into the Killiq Kimberlite and it was found to average 0.75m in width. Based on visual observations, the Killiq Kimberlite is described as typical of a high diamond potential Type B kimberlite with olivine macrocrysts, green-blue phlogopite and visible pyrope garnets.

Killiq is located 150m up ice from the highest count indicator mineral till sample (07C441) from 2007 with 245 picked grains including 136 pyrope garnets. A 35 kg sample of Killiq has been sent for diamond analysis at the Saskatchewan Research Council plus for petrography by Mineral Services Canada Inc. Based on the samples examined, the Killiq Kimberlite is similar in character to the high grade PST Kimberlite (2.18 carats per tonne) located 300m directly up ice. Additional high count down ice indicator mineral results suggest additional undiscovered multiple kimberlite sources nearby.

"This new kimberlite discovery in conjunction with the known till results in this immediate area suggests a network of high diamond grade kimberlites in this area of the Sedna Corridor," said Pamela Strand, President of Shear Minerals Ltd. "Additional detailed till sampling will assist in future targeting."

The Churchill Diamond Project is owned 41.86% by Stornoway and 58.14% by operator Shear and is comprised of the diamond rights to more than one million acres located near the full service communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. Work is presently focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of a system of significantly diamond-bearing, vertically-emplaced kimberlite dykes that have returned sample grades of up to 2.18 carats per tonne. Pamela Strand (P.Geol.) is Shear's qualified person reviewing the project and has reviewed the content of this news release.

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 seven 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.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

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

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