NEWS RELEASE: Project Permitting on Track for Completion in 2012.

August 30, 2012: Montreal, Quebec – Stornoway Diamond Corp. (Stock Profile – TSX: SWY) announced the successful completion of public hearings on the Renard Diamond Project held by the Review Committee (“COMEX”) established under the James Bay and Northern Québec Agreement (the “JBNQA”). The COMEX hearings were held in Chibougamau and Mistissini on August 28th and 29th, and are expected to be the final round of public consultation prior to the determination of the project’s eligibility to receive its global Certificate of Authorization. The Certificate of Authorization is the principal regulatory approval needed to advance the project to the construction and mining stages, and is expected to be assessed prior to the end of the year.

The Renard Diamond Project falls under the environmental protection regimes of the JBNQA and the Canadian Environmental Assessment Act. The Renard Environmental and Social Impact Assessment (“ESIA”) was filed in December 2011 with the Canadian Environmental Assessment Agency and the Québec Ministère du Développement Durable, de l’Environnement et des Parcs. Public hearings on the ESIA, held separately by the federal and Québec regulators, are an important step in the mine permitting process, and are designed to gauge the overall social acceptability of the proposed development. As with the federal consultations held in June, attendance in both communities for the COMEX hearings was considerable, and comments received on the project were overwhelmingly positive.

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