Stornoway Diamond Corporation (SWY:TSX), Shear Minerals Ltd. (SRM:TSXV), and BHP Billiton Diamonds Inc. (BHP Billiton) today announced the approval of a $5 million exploration program and budget to drill test up to 50 geophysical targets located at the head of discrete mineral trains containing high-interest indicator mineral chemistry.

The drill targets were selected after careful integration and review of the Churchill Project data base which now contains more than 6,600 surface samples and 69,000 line km of magnetic and electromagnetic data.

Logistically it is expected that the 2005 exploration program at Churchill will commence in early March with the mobilization of a new field camp to be located in the core area of interest. Ground geophysical crews will follow up selected anomalies and drilling is planned to commence in early April and continue through to the end of the summer season.

In 2003 and 2004, Stornoway and its partners discovered 24 kimberlites over a wide area on the Churchill and Churchill West projects. Eleven of the kimberlites were diamond bearing. The partners have now narrowed down the areas of interest to two priority corridors - the Josephine River and Sedna corridors - which contain the most compelling G10 pyrope mineral chemistry.

On February 1, 2005, the partners were granted additional federal prospecting permits bringing the total acreage being explored at the Churchill Diamond Project to more than 9 million acres located near the community of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. The project is owned by joint venture partners Shear, which has a 51% interest and is the operator, Stornoway (35%) and BHP Billiton (14%). The 2005 field program is under the supervision of Jennifer Burgess, P. Geo., a Qualified Person under NI 43-101.

 For further information, please contact the Company at 604-331-2259 or (888) 338-2200
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **

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.