Stornoway Conducts Successful Open Houses in Chibougamau and Mistissini for the Renard ESIA

VANCOUVER, BRITISH COLUMBIA, Mar 22 (MARKET WIRE) --
Stornoway Diamond Corporation (TSX:SWY) is pleased to report that two
very successful open houses were recently held in the communities of
Chibougamau and Mistissini, Quebec, for the purposes of presenting the
findings of the Environmental and Social Impact Assessment ("ESIA") for
the Renard Diamond Project. The Renard ESIA, which was authored by Roche
Ltd. and filed with Quebec and federal regulators on December 28th, 2011,
is a comprehensive document that incorporates many years of social and
environmental data collection and study. Its purpose is to allow the
permitting regulators to properly assess the impact of the project and to
seek input from local stakeholders on the proposed development. To this
end, Stornoway has made available to the public the full text of the
ESIA, and its associated Environmental Baseline Study and project
Restoration Plan, and maintains a pro-active communication strategy to
explain its content, of which the recent open houses are an example.

The open houses were hosted by Stornoway on March 14th in Chibougamau and
on March 21st in Mistissini. Over 200 people attended the two events,
representing both the general public and local municipal, educational or
business development groups. Presentations by members of Stornoway's
mining team, and by representatives from Roche Ltd., covered diamond
mining and extraction techniques, water management, closure and
rehabilitation, waste management, biodiversity conservation, training and
employment, and business development opportunities.

The Renard Diamond Project falls under the environmental protection
regimes of the James Bay and Northern Quebec Agreement (the "JBNQA") and
the Canadian Environmental Assessment Act. The Renard ESIA has been filed
with both the Ministere du Developpement durable, de l'Environnement et
des Parcs of Quebec (the "MDDEP") and the Canadian Environmental
Assessment Agency (the "CEAA"). Subject to a schedule to be established
by the Review Committee of the JBNQA ("COMEX") and the CEAA, it is
currently expected that joint formal, public hearings will be held in the
second quarter of 2012 and, upon the satisfaction of all regulatory
requirements, the project will be eligible for the receipt of Quebec and
federal Certificates of Authorization by the middle of 2012. Once the
provincial and federal administrators have issued authorizations for
project development, final mine permits will be sought from the MDDEP,
the Ministere des Ressources Naturelles et de la Faune, and all relevant
federal authorities. The Renard ESIA describes a limited-footprint
project with modest impacts on the local environment, all of which are
well within existing Quebec and federal standards.

About the Renard Diamond Project

The Renard Diamond Project is located approximately 250 km north of the
Cree community of Mistissini and 350 km north of Chibougamau in the James
Bay region of North-Central Quebec. In November 2011, Stornoway released
the results of a Feasibility Study for Renard that highlighted the
potential of the project to become a significant producer of high value
rough diamonds over a long mine life. NI 43-101 compliant Probable
Mineral Reserves stand at 18.0 million carats, with a further 17.5
million carats classified as Inferred Mineral Resources, and 23.5 to 48.5
million carats classified as non-resource exploration upside. All
kimberlites remain open at depth. Pre-production capital cost stands at
C$802 million, with a life of mine operating cost of C$54.71/tonne giving
a 68% operating margin over an initial 11 year mine life. Production
start-up is scheduled for 2015. Readers are referred to the technical
report dated December 29, 2011 in respect of the Renard Diamond Project
for further details and assumptions relating to the project.

About Stornoway Diamond Corporation

Stornoway is a leading Canadian diamond exploration and development
company listed on the Toronto Stock Exchange under the symbol SWY. Our
flagship asset is the 100% owned Renard Diamond Project, on track to
becoming Quebec's first diamond mine. Stornoway also maintains an active
diamond exploration program with both advanced and grassroots programs in
the most prospective regions of Canada. Stornoway is a growth oriented
company with a world class asset, in one of the world's best mining
jurisdictions, in one of the world's great mining businesses.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Matt Manson, President and Chief Executive Officer

This press release contains "forward-looking information" within the
meaning of Canadian securities legislation and "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. This information and these statements,
referred to herein as "forward-looking statements", are made as of the
date of this press release 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 and
include, but are not limited to, statements with respect to: (i) the
amount of mineral resources and exploration targets; (ii) the amount of
future production over any period; (iii) net present value and internal
rates of return of the mining operation; (iv) assumptions relating to
capital costs, operating costs and other cost metrics set out in the
Feasibility Study; (v) assumptions relating to gross revenues, operating
cash flow and other revenue metrics set out in the Feasibility Study;
(vi) assumptions relating to recovered grade, average ore recovery and
other mining parameters set out in the Feasibility Study; (vii) mine
expansion potential and expected mine life; (viii) expected time frames
for completion of permitting and regulatory approvals and making a
production decision; (ix) future exploration plans; (x) future market
prices for rough diamonds; and (xi) sources of and anticipated financing
requirements. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "expects", "anticipates", "plans",
"projects", "estimates", "assumes", "intends", "strategy", "goals",
"objectives" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be
forward-looking statements.

Forward-looking statements are made based upon certain assumptions by
Stornoway or its consultants and other important factors that, if untrue,
could cause the actual results, performances or achievements of Stornoway
to be materially different from future results, performances or
achievements expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which Stornoway will
operate in the future, including the price of diamonds, anticipated costs
and ability to achieve goals. Certain important factors that could cause
actual results, performances or achievements to differ materially from
those in the forward-looking statements include, but are not limited to:
(i) estimated completion date for the Environmental and Social Impact
Assessment; (ii) required capital investment and estimated workforce
requirements; (iii) estimates of net present value and internal rates of
return; (iv) receipt of regulatory approvals on acceptable terms within
commonly experienced time frames; (v) the assumption that a production
decision will be made, and that decision will be positive; (vi)
anticipated timelines for the commencement of mine production; (vii)
anticipated timelines related to the Route 167 extension and the impact
on the development schedule at Renard; (viii) anticipated timelines for
community consultations and the conclusion of an Impact and Benefits
Agreement; (ix) market prices for rough diamonds and the potential impact
on the Renard Project's value; and (x) future exploration plans and
objectives.

By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
estimates, forecasts, projections and other forward-looking statements
will not be achieved or that assumptions do not reflect future
experience. We caution readers not to place undue reliance on these
forward-looking statements as a number of important risk factors could
cause the actual outcomes to differ materially from the beliefs, plans,
objectives, expectations, anticipations, estimates, assumptions and
intentions expressed in such forward-looking statements. These risk
factors may be generally stated as the risk that the assumptions and
estimates expressed above do not occur, including the assumption in many
forward-looking statements that other forward-looking statements will be
correct, but specifically include, without limitation, (i) risks relating
to variations in the grade, kimberlite lithologies and country rock
content within the material identified as mineral resources from that
predicted; (ii) variations in rates of recovery and breakage; (iii) the
greater uncertainty of exploration targets; (iv) developments in world
diamond markets; (v) slower increases in diamond valuations than assumed;
(vi) risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar; (vii) increases in the costs of
proposed capital and operating expenditures; (viii) increases in
financing costs or adverse changes to the terms of available financing if
any; (ix) tax rates or royalties being greater than assumed; (x) results
of exploration in areas of potential expansion of resources; (xi) changes
in development or mining plans due to changes in other factors or
exploration results of Stornoway; (xii) changes in project parameters as
plans continue to be refined; (xiii) risks relating to receipt of
regulatory approvals or the conclusion of an Impact and Benefits
Agreement with aboriginal communities; (xiv) the effects of competition
in the markets in which Stornoway operates; (xv) operational and
infrastructure risks; and (xvi) the additional risks described in
Stornoway's most recently filed Annual Information Form, annual and
interim MD&A, and Stornoway's anticipation of and success in managing the
foregoing risks. Stornoway cautions that the foregoing list of factors
that may affect future results is not exhaustive.

When relying on our forward-looking statements to make decisions with
respect to Stornoway, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Stornoway
does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Stornoway or on
our behalf, except as required by law.

Contacts:
Stornoway Diamond Corporation
Matt Manson
President and CEO
416-304-1026

Stornoway Diamond Corporation
Nick Thomas
Manager Investor Relations
604-983-7754 or Toll Free at 1-877-331-2232
info@stornowaydiamonds.com

Stornoway Diamond Corporation
M. Ghislain Poirier
Vice-president Affaires publiques
418-780-3938
gpoirier@stornowaydiamonds.com
www.stornowaydiamonds.com

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