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MONTREAL, QUEBEC--(Marketwired - Aug. 15, 2013) -
Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the appointment of Mr. Hume Kyle to the Board of Directors, effective immediately. Mr. Kyle is the Executive Vice President and Chief Financial Officer of Dundee Precious Metals Inc.


Mr. Ebe Scherkus, the Chair of Stornoway's Board of Directors commented: "We are very pleased to welcome Hume to the Stornoway board. Hume's extensive financial experience in the resource capital markets and in the operation of large scale natural resource businesses will greatly benefit the company as we move forward with the next stage of our evolution, the development of the Renard Diamond Project."


Mr. Hume has a broad range of financial expertise and business experience spanning over 25 years in both the public and private sectors. Prior to joining Dundee Precious Metals in June 2011, Mr. Kyle held increasingly senior financial executive positions in a number of large, publicly traded, multinational energy and natural resource businesses, including TransAlta Corporation, Fort Chicago Energy Partners L.P., Nexfor Inc., and Noranda Inc.


Mr. Kyle is a Chartered Accountant and Chartered Financial Analyst and holds a Bachelor of Arts degree in economics and accounting from the University of Western Ontario and a Graduate Diploma in accounting from McGill University. He has served on a number of corporate and industry boards and has been an active supporter of local organizations, including the United Way.



About the Renard Diamond Project



The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Quebec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument ("NI") 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.




About Stornoway Diamond Corporation




Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Quebec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.


On behalf of the Board




STORNOWAY DIAMOND CORPORATION




Matt Manson, President and Chief Executive Officer


FOR FURTHER INFORMATION PLEASE CONTACT:







Contact Information:
Stornoway Diamond Corporation
Matt Manson
President and CEO
416-304-1026 x101


Stornoway Diamond Corporation
Orin Baranowsky
Director, Investor Relations
416-304-1026 x103 or Toll Free: 1-877-331-2232
[email protected]