NEWS RELEASE.

May 7, 2013: Montreal, Quebec – Stornoway Diamond Corporation (Stock Profile – TSX:SWY) welcomes the recent announcement by the government of Quebec pertaining to future legislation for mining taxation and royalties. The announcement will help to alleviate the uncertainty around taxation that has been prevalent in the Quebec mining sector for several months. The Government of Quebec has demonstrated a balanced approach that is sensitive to the challenges facing the industry, and which recognises the importance of maintaining Quebec’s status as a premier destination for mining investment.

Matt Manson, Stornoway’s President and CEO, commented: “We welcome the confirmation given by the government of Madame Pauline Marois today that it recognizes the important place of mining in the Quebec economy. The new system of mining taxation that is being proposed is a reasonable balance between maximising both taxation revenue and the type of returns that are expected by investors and lenders in an increasingly competitive world for mining capital allocation. Over the past few weeks, Stornoway has participated fully in the public consultation process for the new legislation, and presented the perspective of a major project developer actively engaged in mine project financing. With this review behind us, we look forward to advancing the development of Quebec’s first diamond mine.”

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