Stornoway Diamond Corporation (SWY)

[SevenTheHardway]

NEWS! Stornoway Conducts Successful Open Houses in Chibougamau and Mistissini for the Renard ESIA

VANCOUVER, BRITISH COLUMBIA, Mar 22 (MARKET WIRE) --
Stornoway Diamond Corporation (TSX:SWY) is pleased to report that two
very successful open houses were recently held in the communities of
Chibougamau and Mistissini, Quebec, for the purposes of presenting the
findings of the Environmental and Social Impact Assessment ("ESIA") for
the Renard Diamond Project. The Renard ESIA, which was authored by Roche
Ltd. and filed with Quebec and federal regulators on December 28th, 2011,
is a comprehensive document that incorporates many years of social and
environmental data collection and study. Its purpose is to allow the
permitting regulators to properly assess the impact of the project and to
seek input from local stakeholders on the proposed development. To this
end, Stornoway has made available to the public the full text of the
ESIA, and its associated Environmental Baseline Study and project
Restoration Plan, and maintains a pro-active communication strategy to
explain its content, of which the recent open houses are an example.

The open houses were hosted by Stornoway on March 14th in Chibougamau and
on March 21st in Mistissini. Over 200 people attended the two events,
representing both the general public and local municipal, educational or
business development groups. Presentations by members of Stornoway's
mining team, and by representatives from Roche Ltd., covered diamond
mining and extraction techniques, water management, closure and
rehabilitation, waste management, biodiversity conservation, training and
employment, and business development opportunities.

The Renard Diamond Project falls under the environmental protection
regimes of the James Bay and Northern Quebec Agreement (the "JBNQA") and
the Canadian Environmental Assessment Act. The Renard ESIA has been filed
with both the Ministere du Developpement durable, de l'Environnement et
des Parcs of Quebec (the "MDDEP") and the Canadian Environmental
Assessment Agency (the "CEAA"). Subject to a schedule to be established
by the Review Committee of the JBNQA ("COMEX") and the CEAA, it is
currently expected that joint formal, public hearings will be held in the
second quarter of 2012 and, upon the satisfaction of all regulatory
requirements, the project will be eligible for the receipt of Quebec and
federal Certificates of Authorization by the middle of 2012. Once the
provincial and federal administrators have issued authorizations for
project development, final mine permits will be sought from the MDDEP,
the Ministere des Ressources Naturelles et de la Faune, and all relevant
federal authorities. The Renard ESIA describes a limited-footprint
project with modest impacts on the local environment, all of which are
well within existing Quebec and federal standards.

http://www.reuters.com/article/2012/03/22/idUS126030+22-Mar-2012+MW20120322