Vancouver, Canada (May 11, 2005) - Stornoway Diamond Corporation (TSX:SWY) announces that it is extending the expiry date of 4,000,000 outstanding share purchase warrants of the Company (the "Warrants") which expire on May 12, 2005. The Warrants are exercisable at C$3.00 per share and, subject to approval of the holders of the Warrants and the TSX, the expiry date will be extended to permit them to continue to be exercisable at C$3.00 per share until May 12, 2006. The Warrants cannot be exercised by the holders until the later of May 27, 2005 and the date the holders of the Warrants approve this extension in accordance with the Warrant Indenture under which they were issued.

About Stornoway Diamond Corporation
Stornoway is one of Canada's premier diamond exploration companies with extensive landholdings of approximately 24 million acres focused in eleven key project areas in northern Canada. Stornoway has been involved in the discovery of 33 kimberlites since 2002, half of which have proven diamondiferous (one kimberlite for which results are pending).

On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira Thomas"
Eira Thomas
President