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Stornoway commences Pre-Feasibility Study on Renard Diamond Deposit

Thursday, July 26th, 2007

Stornoway Diamond Corporation is pleased to report that AMEC Americas Ltd. and Agnico-Eagle Mines Limited have been engaged to prepare a comprehensive Pre-Feasibility Study on potential mining scenarios at the Renard Project in north-central Québec. Stornoway and 50:50 joint venture partner SOQUEM INC. (“SOQUEM”) are currently engaged in a program of bulk sampling at Renard designed to recover a minimum 6,000 carats of diamonds from three separate kimberlite pipes. On June 20, 2007 Stornoway announced the recovery of 2,681 carats of diamonds from the Renard 3 pipe from 1,929 tonnes of kimberlite processed, including a 10.15 carat stone. Diamond recovery results from Renard 2 and Renard 4 are expected before the end of the third quarter, with a diamond valuation to follow thereafter.
The Pre-Feasibility Study will comprise two phases. Phase one will include preliminary geological, geotechnical, environmental and hydro-geological assessment. Phase two will comprise an independent NI 43-101 compliant resource calculation, a mining model, mine design, diamond plant design, capital and operating cost estimation, and financial modeling. Phase 1 work has already commenced, with the commencement of Phase 2 dependent upon joint venture approval following the receipt of final bulk sample diamond recovery and valuation results. AMEC is an international project management and services company with broad experience in the Canadian diamond mining sector. Agnico-Eagle is a leading mine developer in the province of Québec and Stornoway’s largest shareholder.
Eira Thomas stated, “We are very pleased to be taking the Renard project through to this next phase of its development. Since Stornoway acquired the project earlier this year we have been on a fast track to bring Renard into the position of Québec’s first diamond mine and results continue to support our belief that the deposit will be an important producer of gem quality stones.”

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