Stornoway Diamond Corporation (TSX:SWY) has recently completed its busiest field season to date and would like to provide shareholders with an update on expected news flow over the next six to twelve weeks. The majority of results from work completed in 2005 remain outstanding and are summarized as follows:
Stornoway holds varying interests, both directly and through 18 joint ventures, in 33 Canadian mineral properties representing 22.6 million acres of ground and has been involved in the discovery of 61 kimberlites since 2002. To date; 51 of 61 have been analyzed and more than one third have proven diamondiferous. The most advanced work has been completed on kimberlite AV-1 where a minibulk sample of 10.4 tonnes returned a potentially economic sample grade of 0.83 carats.
During 2005 SWY operated exploration programs on 24 properties (12 million acres) and our joint venture partners explored 9 properties (10.6 million acres). In addition to work on our landholdings, Stornoway also undertook generative programs covering over 250 million acres in northern Canada. Generative work included the collection of some 95,000 line km of airborne geophysics, in excess of 2700 surficial sediment samples and a series of rock samples for both microdiamond and macrodiamond analysis. Results from this 2005 generative exploration program are continually being assessed as they become available and are being used to identify and acquire targeted landholdings thought to have the potential to host diamondiferous kimberlites.
A large scale, 11,633 line km airborne gravity survey was recently completed over the Sua Pan property in Botswana with final results expected early in the New Year. The new data will be used to identify potential drill targets for follow up in 2006.
Caustic fusion analysis and dense media separation are carried out at Microlithics Laboratories in Thunder Bay, Ontario, an independent mineral process laboratory currently providing services exclusively to Stornoway and its affiliates. Stornoway's diamond exploration programs are conducted under the direction of Robin Hopkins, P.Geol. (NT/NU), a Qualified Person under NI 43-101.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira Thomas"
Eira Thomas
President
This news release may contain forward looking statements, 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 Toronto Stock Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements.