Stornoway Diamond Corporation (SWY:TSX) and Shear Minerals Ltd. (SRM:TSXV) today announced recovery of additional macrodiamonds from an audit of the tailings material from the 2006 Jigsaw, PST003, Notch and Kahuna mini bulk samples. An additional 31 diamonds representing 1.74 carats were recovered from the tailings of the four kimberlites, including a 0.44 carat diamond from Jigsaw.

As a result of the audit, diamond content for the four kimberlites as reported on February 12, 2007, has increased from 0.69 carats per tonne (cpt) to 0.82 cpt for Notch; 0.39 cpt to 0.49 cpt for Jigsaw; 1.09 cpt to 1.11 cpt for Kahuna, and 2.04 cpt to 2.18 cpt for PST003. The diamond content of Notch North remains unchanged (see table below for details).

The primary goal of the audit work was to determine the efficiency of the primary processing circuit applied to the 2006 mini bulk samples. The original samples were processed by Dense Media Separation (DMS) at De Beers Processing plant in Grande Prairie, AB after an initial 8.0 mm primary crush using a jaw crusher. Sample concentrates were finished by caustic fusion at the Saskatchewan Research Council Geoanalytical Laboratories.

All tailings from the 2006 sampling of Kahuna, PST003, Notch and Jigsaw kimberlite dykes were processed at Kennecott Canada Exploration Inc.'s Dense Media Separation (DMS) facility in Thunder Bay, Ontario. Tailings underwent an initial pass through the DMS circuit to produce a heavy mineral concentrate which was then subjected to a magnetic separation through an Eritz magnetic separator. The non-magnetic fraction was picked for diamonds. The +4mm tailings were then subjected to a re-crush using a high-pressure roll crusher, and this material was then run through the DMS as a separate batch, and treated as described above.

By reprocessing the kimberlite tailings through a second Dense Media Separation (DMS) facility, Shear was aiming to establish firstly, the presence of possible locked diamonds (those that were not liberated by the original crushing circuit and remain trapped in kimberlite); and secondly, if any "free" diamonds were missed by the original DMS circuit. The Notch kimberlite returned the highest number of additional stones (20) weighing approximately 0.64 carats. The Notch kimberlite sample appeared generally harder than the others, and it is likely that initial processing did not result in a full liberation of diamonds. A total of six diamonds were recovered from the Jigsaw kimberlite for a total weight of 0.54 carats, including one large 0.44 carat diamond which accounted for 80% of the additional carats recovered at Jigsaw.

The results of the tailings audit are summarized in the following two tables.

Results of tailings audit of 2006 mini-bulk sample as reported today:

Updated sample diamond contents for 2006 mini-bulk samples:

Kahuna Mini Bulk Sample Update

Heavy mineral separation of an initial 150 tonnes of kimberlite from this year's 400-tonne mini-bulk sample of Kahuna has been completed at Kennecott's DMS facility. A total net weight of 950.1 kg of heavy mineral concentrate will be fed through an x-ray sorter to recover all commercially-sized diamonds greater than 0.85mm on a square mesh sieve. All tailings will be audited and the results will be reported once received. The balance of the 400-tonne mini bulk sample is currently being shipped to Thunder Bay for processing.

The Churchill Diamond Project is comprised of the diamond rights to more than two million acres located near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. Work is presently focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of four significantly diamond-bearing, vertically-emplaced kimberlite dykes (up to 4 m in width) that have returned sample grades up to 2.18 carats per tonne. Jennifer Burgess, P. Geol., a Qualified Person under NI 43-101 and supervisor of the 2007 field program, has reviewed, and is in agreement with, the contents of this release.

Stornoway Diamond Corporation

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 150 kimberlites in six Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with 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

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.