Stornoway Announces $28.4m Renard Pre-Development Capital Program

NEWS RELEASE.

May 23, 2012: North Vancouver, BC – Stornoway Diamond Corp. (Stock Profile – TSX: SWY) announced a significant pre-development capital program for 2012 at the 100% owned Renard Diamond Project (“Renard”) located in north-central Québec. In November 2011 Stornoway released the results of the Renard Feasibility study, which demonstrated an economically viable project with an initial 11 year reserve based mine life, strong operating margins and extensive resource upside. Since this time, Stornoway has filed the project’s Environmental and Social Impact Assessment (“ESIA”; December, 2011), announced the start of construction on the Route 167 highway extension project by the Québec Ministère des transports (“MTQ”;  February, 2012), announced the signing of an Impacts and Benefits Agreement with the Crees of the James Bay Region (the “Mecheshoo Agreement”; March 2012), and announced the raising of gross proceeds of $40 million in a combination of unsecured debt and new equity (March, April and May, 2012).

Matt Manson, President and CEO, commented: “The pre-development capital program announced today for Renard will maintain our development schedule as we complete final permitting and project financing in 2012. Despite the currently challenging market conditions, we have succeeded in raising the significant capital required to perform this work and we are highly encouraged by the response we have received to date on our larger scale project financing activities. Our objective is to continue hitting our project milestones, this being the most effective way of delivering long term shareholder value.”

Patrick Godin, COO, added: “An important part of the 2012 program will be to expand our mine development team based in Longueuil, Mistissini and Chibougamau, Québec. This team has already added considerable mining depth to the company alongside our existing diamond technical team based at our North Vancouver office and plant facility. Our strategy is to build upon our already strong operating credentials, recognizing that strong in-house expertise is an essential element for the successful growth of any diamond mining business”.

To learn more about the 2012 engineering program – CLICK HERE.

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