Stornoway Announces Closing of Over-Allotment Option VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) -

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Stornoway Diamond Corporation (TSX:SWY) ("Stornoway" or the "Company") is pleased to announce that the syndicate of underwriters led by Canaccord Financial Ltd. and including Cormark Securities Inc., Haywood Securities Inc., Desjardins Securities Inc., BMO Capital Markets, Paradigm Capital Inc. and Raymond James Ltd. (the "Underwriters") has exercised a portion of the over-allotment option (the "Option") granted to the Underwriters in connection with the equity financing of Stornoway that closed on February 23, 2010. Pursuant to the Option, the Underwriters have acquired an additional 2,370,000 common shares for gross proceeds to the Company of $1,185,000, bringing the aggregate gross proceeds of the equity financing to $12,685,000.

The Company intends to use the net proceeds of the Offering to complete a bankable feasibility study and conduct exploration activities on the Renard Diamond Project, and for general working capital purposes.