Stornoway Provides Corporate Update
December 17, 2008
Stornoway Diamond Corporation (TSX-SWY) wishes to provide an update on management and board appointments that will come into effect January 1, 2009.
Catherine McLeod-Seltzer, who currently serves as the Board's Chairman, will move into the role of Lead Director for the Company. At the same time, Eira Thomas, presently serving as Stornoway's Chief Executive Officer, will assume a new role as Executive Chairman. Matt Manson, who presently serves as President, will assume an expanded role as President and Chief Executive Officer. Coincident with these changes, Ms. Thomas will be taking a four-month maternity leave.
In his new role as President and CEO, Mr. Manson brings over 13 years of experience in Canadian diamond exploration, development and production that will greatly benefit the Company as we continue on our journey towards production and cash flow from the development of a diversified pipeline of quality Canadian diamond assets. Between 1999 and 2005, Mr. Manson was employed by Aber Diamond Corporation (now Harry Winston Diamond Corporation) as VP Marketing and subsequently VP Technical Services & Control, during which time he participated in Aber's US$230m project financing for the Diavik Diamond Project and oversaw the company's technical and marketing operations. Mr. Manson is a graduate of the University of Edinburgh (BSc Geophysics, 1987) and the University of Toronto (PhD Geology, 1996).
In addition, management is pleased to welcome David Skelton (P.Geo.) to the executive team as Vice-President, Project Development. Mr. Skelton presently acts as Senior Project Manager and brings more than 21 years experience as a geologist including 15 years in diamond exploration and advanced evaluation. For the last 6 years, Mr. Skelton has managed the Renard Diamond Project, recently the subject of a positive Preliminary Assessment study released on October 28, 2008. Renard is Stornoway's most advanced project and remains on track to be developed as Quebec's first diamond mine.
Stornoway further announces the grant of a total of 3,378,500 incentive stock options to directors, officers and employees of the Company pursuant to the terms of its Stock Option Plan. The options are exercisable on or before December 16, 2013 at price of $0.10 per share. Following this grant, the total number of incentive stock options issued will be 13,862,100, representing 5.5% of the total outstanding share capital.
Stornoway Diamond Corporation
Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 200 kimberlites in seven 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"
Chief Executive Officer
Caution Regarding Forward-Looking Statements
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.