Stornoway Options Majescor’s Portage Project: $1 Million Program to Commence in May


Stornoway Diamond Corporation (TSXV-SWY) is pleased to announce that it has reached an agreement with Majescor Resources Inc. whereby Stornoway can acquire, by way of private placement, 1,250,000 units of Majescor at $0.40 per unit for gross proceeds of C$500,000, each unit comprising one common share and one half of one common share purchase warrant exercisable for two years at $0.70 per share. Concurrent with closing the private placement, Stornoway and Majescor shall enter into an agreement under which Majescor grants Stornoway an exclusive option to acquire a 51% interest in the mineral claims and permits constituting the Portage project on the following terms:

1) Majescor commits to completing, as operator, a $1,000,000 exploration program on the Portage project and delivering to Stornoway, within 12 months of closing, a detailed report which includes the results of the exploration program

2) Stornoway delivering a notice to Majescor, within 30 days of receipt of notice from Majescor that it has completed the $1,000,000 exploration program and receipt from Majescor of the report, that it elects to start earning an interest in the project and commits to incurring a minimum of $700,000 in exploration expenditures within 12 months of the date of the notice; and

3) Stornoway incurring aggregate exploration expenditures of $3,500,000 over the three years after the date of the notice

The agreement is subject to the approval of the TSX Venture Exchange. Eira Thomas, President and CEO of Stornoway Diamond Corporation commented, "The Portage Property is one of the largest contiguous land packages in the Otish Mountains region of Quebec and repres ents an excellent diamond exploration opportunity that compliments our existing Canadian property portfolio. The landholdings are situated adjacent to Ashton-Soquem's Foxtrot property where an $18 million minibulk sampling program is now underway. Majescor brings technical strength and extensive operating experience in Quebec and we are excited to be working with the Company to aggressively advance the Portage Project in 2004. Planning is now underway for a $1 million sampling program set to commence in May."

Majescor is a well funded exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut with Diamonds North Resources Limited, with Tyhee NWT Corp. and Tyler Resources/Diamondex Resources in the Northwes t Territories and in the USA with Dunsmuir Ventures Ltd.

On behalf of the Board


/s/ "Eira Thomas"
Eira Thomas

For further information, please contact the Company at 604-687-7545 or (888) 338-2200

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. This news release may contain forward lookingstatements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at