Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has repaid, to a Canadian Chartered Bank (the "Bank"), all amounts owing under the bridge facility that was used to finance the acquisition by Stornoway of Ashton Mining of Canada Inc. The Company used the proceeds from two convertible debentures totaling $20 million (for details see press release dated March 16, 2007) and existing cash resources to pay off the $23,854,000. owed to the Bank.

Stornoway Diamond Corporation

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies. The Company and its affiliates have been responsible for discovering over 150 kimberlites and six new Canadian diamond districts. Stornoway's management and technical team has a proven track record in wealth creation for shareholders and direct operating experience in each segment of the diamond "pipeline" from exploration to marketing.

On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira Thomas"
Eira Thomas
Chief Executive Officer