VANCOUVER, BRITISH COLUMBIA, Feb 12, 2010 (MARKETWIRE via COMTEX News Network) --

Stornoway Diamond Corporation (TSX: SWY) is pleased to announce the filing on February 11th, 2010 of a "Notice of Intent" for the Renard Diamond Project in North Central Quebec. The Notice of Intent is the first step in a mine permitting process that is expected to take between 18 and 24 months. The Renard Diamond Project, which includes the Renard kimberlite pipes and the Lynx-Hibou system of kimberlite dykes, is a 50:50 joint venture with SOQUEM INC. ("SOQUEM").

The Notice of Intent has been filed with the provincial administrator of the James Bay and Northern Quebec Agreement (the "JBNQA"), representing the environmental protection regime under which the project falls, for review by the Comite d'evaluation ("COMEV"). The purpose of the Notice of Intent is to present the administrator with a description of the nature and scope of the project so as to allow her to provide a directive for a subsequent Social and Environmental Impact Assessment. In addition to the JBQNA, the project falls under the purview of the Canadian Environmental Assessment Act, requiring an equivalent federal assessment to be completed pursuant to the terms of the JBNQA. Once the provincial and federal administrators have issued authorizations for project development, final mine permits will be sought from the Quebec Ministere du Developpement durable, de l'Environnement et des Parcs, ("MDDEP"), the Ministere des Ressources Naturelles et de la Faune ("MRNF"), and all relevant federal authorities.

The Notice of Intent describes a combined open pit and underground mining operation at Renard, with a production rate of between 5,000 and 7,000 tonnes per day (1.8 to 2.5 million tonnes per year) and a potential mine life of 25 years, based on the totality of mineral resources identified to date. Access to the project site will be by way of the "Route 167 Extension", an all-season road development project currently the subject of a full feasibility study under the auspices of the Ministere des Transports du Quebec ("MTQ").

Next Steps

A revised Preliminary Assessment of the Renard Diamond Project utilizing the recently updated mineral resource estimate (to view Stornoway press release dated December 8th, 2009 please click on: http://bit.ly/d3gYGE) is currently being prepared by Scott Wilson Roscoe Postle Associates Inc. This new study will incorporate a revised conceptual mine plan, updated capital and operating costs, and revised estimates of project economics. Results from the Preliminary Assessment are expected within the first quarter of 2010.

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 six 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. The Renard Diamond Project is managed by Dave Skelton, P. Geol. (AB/QC), Vice President, Project Development, and a Qualified Person under NI 43-101.

SOQUEM INC.

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

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Matt Manson, President and Chief Executive Officer