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Stornoway (SWY.TO) Receives Renard Certificate of Authorization

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RobertJames   Thursday, 12/06/12 11:38:45 AM
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Stornoway (SWY.TO) Receives Renard Certificate of Authorization

Major Permitting Milestone Achieved on Schedule




MONTREAL, QUEBEC--(Marketwire - Dec 6, 2012) - Stornoway Diamond Corporation (SWY.TO) is pleased to announce that it has received the global Certificate of Authorization for the Renard Diamond Project from the Québec Ministère du Développement Durable, de l''Environnement,de la Faune et des Parcs ("MDDEFP"). The Certificate of Authorization represents the principal regulatory approval required to commence mine construction, and has been issued by the Québec regulators following more than 2 years of formal environmental study, community engagement and public consultation under the terms of the James Bay and Northern Québec Agreement (the "JBNQA").

Matt Manson, Stornoway''s President and CEO commented: "Today''s news represents the most significant milestone in the development of the Renard Diamond Project achieved to date. It comes just 11 months since the filing of the project''s Environmental and Social Impact Assessment, an accomplishment that reflects the high quality of the work undertaken by Stornoway''s project team and partners, and the broad support that the project enjoys within the nearby communities of Mistissini, Chibougamau and Chapais. The MDDEFP global Certificate of Authorization is the most important element of the permitting process for mining projects in Québec. As of today we are able to say that the principal regulatory hurdle for the Renard Diamond Project is behind us."

The Renard project falls under the social and environmental protection regimes of both the JBNQA and the Canadian Environmental Assessment Act ("CEAA"). Successful public hearings on the project were held by the federal Canadian government and Québec in June and August of this year respectively. Stornoway expects to receive regulatory authorizations from the Fisheries and Oceans Canada and Environment Canada shortly, following the conclusion of the federal government''s evaluation of the project under the CEAA. The Québec Certificate of Authorization has been issued by the MDDEFP upon the recommendation of the review committee of the JBNQA ("COMEX"). The project''s Mining Lease was issued by the Québec Ministère des Ressources naturelles in October.

The Renard Environmental and Social Impact Assessment, as well as the project''s Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway''s website (www.stornowaydiamonds.com/renard/esia).

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. In November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project for further details and assumptions relating to the project.

About Stornoway Diamond Corporation

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec''s first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. 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

Matt Manson, President and Chief Executive Officer



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