Stornoway Announces Notice Of 2014 Annual Meeting Of Shareholders And Changes To The Board Of Directors

Press Release

September 22, 2014

Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) announces that the annual meeting of shareholders of the Corporation will be held at the Westin Hotel, 270 St. Antoine Ouest, Montréal on the 21st of October at 4pm. All shareholders are invited to attend the meeting at which Matt Manson, President and CEO and Patrick Godin, COO, will provide an update on construction at the Renard Diamond Project.

Two members of Stornoway’s board of directors, Mr. Yves Harvey and Mr. Michel Blouin will not be standing for re-election at the annual meeting.

Mr. Harvey has served as a director of Stornoway since 2007, and was previously the President of SOQUEM Inc. when the Renard Diamond Project was discovered by SOQUEM and Ashton Mining of Canada in 2001. As such, he has played a key role in each step of the project, from first exploration through assessment and feasibility, financing and now construction. Most recently, Yves served as the chair of the board’s Special Committee. Mr. Blouin, a partner at the law firm Lavery de Billy, has served as a director of Stornoway since 2011 as a nominee of Diaquem Inc., a wholly owned subsidiary of Investissement Québec and Stornoway’s largest shareholder. Michel’s depth of experience in corporate and securities law served Stornoway well as we worked to complete the recently concluded financing arrangements for the project. The Board of Directors wishes both Yves and Michel the very best in their future endeavours.

In Mr. Blouin’s place, Diaquem Inc. has nominated to the board Mr. Gaston Morin of Boucherville, Québec. Mr. Morin, a professional engineer, was until October 2013 employed by ArcelorMittal Mines Canada (previously Québec Cartier Mining) in a series of increasingly senior roles, culminating in Vice President, Technology. Mr. Morin brings a long career of experience in the fields of mine development and operation, and will greatly strengthen the board’s technical expertise as we work to complete construction and commissioning at Renard.

Mr. Morin will be nominated for election to the board at the annual meeting of shareholders together with current directors Ebe Scherkus, Peter Nixon, Monique Mercier, John LeBoutillier, Hume Kyle, Douglas Silver, Serge Vézina, Patrick Godin and Matthew Manson.

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 Québec. On July 8th 2014 Stornoway announced the completion of a $946 million project financing transaction to fully fund the project to production, and construction commenced on July 10th, 2014. First ore is scheduled to be delivered to the plant in the second half of 2016 with commercial production scheduled for the 2nd quarter of 2017.

In January 2013, Stornoway released the results of an Optimized Feasibility Study at Renard which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.85 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. Average annual diamond production is forecast at 1.6 mcarats/year over the first 11 years of mining, at an average valuation of US$190/carat based on a March 2014 assessment by WWW International Diamond Consultants Ltd.

Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, and the press release dated July 23, 2013 in respect of the July 2013 Mineral Resource estimate, for further details and assumptions relating to the project. Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a “qualified person” under NI 43-101.

About Stornoway Diamond Corporation

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. 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
/s/ “Matt Manson”
Matt Manson
President and Chief Executive

NT3