VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that Roche ltd. Groupe-conseil ("Roche") has been awarded the contract for the preparation of the Renard Diamond Project Environmental and Social Impact Assessment ("ESIA"). Roche ltee is an international engineering-construction and environmental consultant firm headquartered in Quebec City. The Roche contract will cover the Renard Project Impact Assessment and its Closure and Rehabilitation Plan, with EnviroCree ltd. to be retained as a sub-consultant to provide local expertise. The Renard Diamond Project is a 50:50 joint venture with DIAQUEM INC., a wholly-owned subsidiary of SOQUEM INC., itself a wholly-owned subsidiary of Societe generale de financement du Quebec ("SGF"), the Quebec government's main industrial and financial holding company.

Matt Manson, President and CEO, commented: "The award of this ESIA contract is an important milestone for the Renard Project. The Roche-EnviroCree team is highly experienced in all environmental and social aspects of mine development in the James Bay region of Quebec, and this study will comprise an important component of the project's overall permitting process."

In March 2010, Stornoway released the results of an updated Preliminary Assessment at Renard which outlined a base case estimate of pre-tax Net Present Value of C$885 million (at an 8% discount rate) and an Internal Rate of Return of 24.8%. This study showed the project to have the potential to produce approximately 30 million carats of diamonds over a 25-year mine life based on the currently defined National Instrument ("NI") 43-101 Indicated and Inferred Resources. The Environmental and Social Impact Assessment is expected to be substantially completed by the third quarter of 2011.

About Stornoway Diamond Corporation

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in seven Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with experience in each segment of the diamond "pipeline" from exploration to marketing.

About SGF

Societe generale de financement du Quebec (sgfqc.com), an industrial and financial holding company, has a mission to carry out economic development projects, particularly in the industrial sector, in cooperation with partners and in compliance with accepted profitability requirements and with the economic development policy of the Quebec government. As part of its new mandate, SGF is authorized by the Quebec government to go beyond its traditional role as an equity investor by offering complementary solutions, such as loans, debentures or preferred shares.

SOQUEM, a wholly-owned subsidiary of Societe generale de financement du Quebec, is to undertake exploration, development and mining activities throughout the province of Quebec.

About the Renard Diamond Project

The Renard Diamond Project is located approximately 250km north of the community of Mistissini in the James Bay region of North-Central Quebec, and falls within the environmental protection regime of the James Bay and Northern Quebec Agreement. Based on the March 2010 Preliminary Assessment, total capital investment is currently estimated to be $511 million, with an average operating expenditure of approximately $67 million per year and a workforce of 300 people. Pending the completion of all applicable mine feasibility and environmental and social impact assessments, the receipt of all regulatory approvals, and a positive production decision by the project partners, Stornoway currently anticipates mine production to commence by the end of 2013.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Matt Manson, President and Chief Executive Officer