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| July 11, 2011 |
| Stornoway Announces Acquisition of "Aeon" Claims in Northern Quebec |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2011) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the acquisition of 49,350 hectares of new claims in northern Quebec where previous exploration work has indicated the potential for undiscovered and potentially diamondiferous kimberlites. The new claims, wholly owned by Stornoway and designated the "Aeon Project", are situated 300 kilometers north of the Company's Renard Diamond Project and approximately 100 kilometers north of the network of Hydro-Quebec power stations located along the all-season Trans-Taiga Highway. The Renard Diamond Project is Stornoway's flagship property, with a Feasibility Study and an associated Environmental and Social Impact Assessment on track for completion in the third quarter of this year. A location map for the Aeon claims can be found on Stornoway's website at http://stornowaydiamonds.com/_resources/Aeon-Location-jul-11-11.jpg. The Aeon area of interest was first identified by a regional geochemical sampling program designed to test the potential for diamondiferous kimberlites over a broad region of northern Quebec. Subsequent follow-up sampling has now confirmed the potential for multiple kimberlites or kimberlite clusters localized within two 10 km by 10 km source areas. Kimberlite indicator mineral grain counts in anomalous samples are comparable to those associated with the discovery of the Renard Diamond Project to the south, and the chemistry of the indicator minerals is suggestive of a diamondiferous source. Renard represents the nearest known kimberlite cluster to the Aeon Project, although other kimberlites have been identified in the Wemindji area some 490km to the west and in the Torngat area approximately 530km to the northeast. Stornoway initially applied for the Aeon claims in April 2011, and claim certificates have now been officially issued by the Ministere des Ressources Naturelles et de la Faune. During 2011, Stornoway will undertake a high-resolution airborne geophysical survey at the property, and conduct detailed till sampling and follow-up prospecting on high-priority targets with the goal of preparing for discovery drilling in 2012. The Aeon Project is located within the region of northern Quebec governed by the James Bay and Northern Quebec Agreement (1975, as amended; the "JBNQA"), a land claims agreement executed by the Government of Quebec, the Government of Canada, Hydro-Quebec, the Grand Council of the Crees (Eeyou Istchee) and the Northern Quebec Inuit Association, amongst others. Within the context of the administrative regions of the JBNQA, the project is situated north of the 55th parallel. All required permits will be in place prior to exploration activities. On April 26, 2011, Stornoway announced a $5.6 million budget for grass roots diamond exploration at projects within Canada where the potential exists for new kimberlite discoveries close to infrastructure. The 2011 Aeon exploration program is fully consistent with these objectives and represents about $1.1 million within this larger budget. All expenditures will be funded from existing cash resources. |
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