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Stornoway Announces Extension of Warrants

Stornoway Diamond Corporation (TSX:SWY) announces that it is extending the expiry date of 2,500,000 outstanding share purchase warrants of the Company (the "Warrants") which expire on May 19, 2007.   The Warrants are exercisable at C$1.30 per share and, subject to approval of the TSX, the expiry date will be extended to permit them to continue to be exercisable at C$1.30 per share until June 19, 2007.  The Warrants cannot be exercised by the holder until after June 1, 2007.

About 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 a management team 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