VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2010) - Stornoway Diamond Corporation (TSX: SWY.TO) ("Stornoway" or the "Company") is pleased to announce that it has entered into an agreement for a private placement of "Flow-Through" common shares with a syndicate of agents (the "Agents") led by Desjardins Securities Inc. on a best efforts basis. The offering is subject to certain conditions, including the approval of the Toronto Stock Exchange.

The offering will be priced in the context of the market with final terms of the offering to be determined at the time of pricing. The proceeds from the offering will be used to fund Stornoway's exploration programs within Canada, including exploration at the Renard Diamond Project in Quebec. Stornoway has agreed that expenditures incurred with proceeds will constitute Canadian exploration expense ("CEE") (as defined in the Income Tax Act) and will be renounced to the subscribers.

Closing of the offering is anticipated to occur on or before June 29th, 2010 and is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange.

The Flow-Through shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.