NEWS RELEASE

October 18, 2012: Montreal, Quebec – Stornoway Diamond Corp. (Stock Profile – TSX: SWY) announced today that the Québec Ministère des Ressources naturelles has issued the Mining Lease for the Renard Diamond Project. The Mining Lease represents the formal transference of mineral title from Québec to Stornoway, and is valid for a period of 20 years.

The Renard Diamond Project falls under the social and environmental protection regimes of the Canadian Environmental Assessment Act and the James Bay and Northern Québec Agreement. The principal regulatory approval required before construction can commence is the global “Certificate of Authorization” issued by the Québec Ministère du Développement Durable, de l’Environnement, de la Faune et des Parcs. Following successful Québec and federal government public hearings in June and August of this year, Stornoway anticipates receipt of the project’s Certificate of Authorization shortly.

Matt Manson, Stornoway’s President and CEO commented: “The Mining Lease is an important milestone in the mine permitting process in Québec. Its issuance ahead of the project’s Certificate of Authorization reflects the broad consensus of support that the project has achieved during the last two years of environmental study and community engagement. We remain on track to achieve regulatory approval for Renard this year.”

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 – CLICK HERE.

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