LONGUEUIL, Québec, July 27, 2017 (GLOBE NEWSWIRE) -- Stornoway Diamond
Corporation (TSX:SWY) (the “Corporation” or “Stornoway”) expects to release its Second Quarter
2017 results prior to market open on August 14, 2017 and will host a conference call for analysts and investors on August 14, 2017
at 11:00am EST. This call may be accessed by calling 1-844-215-3287 toll free in North America, or 1-209-905-5939 from
international locations, with Conference ID 58480597. A live webcast of the call will be available at http://edge.media-server.com/m/p/mvni9egd. A replay of the call, and a copy of the earnings
presentation, will be made available on Stornoway’s website.
About the Renard Diamond
Mine
The Renard Diamond Mine is Quebec’s first producing diamond mine and Canada’s sixth. It is located approximately
250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec.
Construction on the project commenced on July 10, 2014, and commercial production was declared on January 1, 2017. Average annual
diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining. Readers are referred to the
technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated
March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions
relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange
under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, Québec’s first
diamond mine. Stornoway is a growth oriented company with a world-class asset, in one of the world’s best mining jurisdictions, in
one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive
For more information, please contact Matt Manson (President and CEO) at 416-304-1026 x2101
or Orin Baranowsky (Interim CFO, Vice President, Investor Relations and Corporate Development) at 416-304-1026 x2103
or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de
Stornoway au 418-254-6550, gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email: info@stornowaydiamonds.com **
This press release contains "forward-looking information" within the meaning of Canadian securities
legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of
this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking
statements, except as required by law.
These forward-looking statements include, among others, statements with respect to Stornoway’s objectives
for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements
with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management
considers these assumptions to be reasonable based on information currently available to it, they may prove to be
incorrect.
Forward-looking statements relate to future events or future performance and reflect current expectations or
beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral
Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) net
present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, size
distribution and quality of diamonds, average ore recovery, internal dilution, mining dilution and other mining parameters set out
in the 2016 Technical Report as well as levels of diamond breakage; (v) assumptions relating to gross revenues,
operating cash flow and other revenue metrics set out in the 2016 Technical Report; (vi) mine expansion potential and expected
mine life; (vii) expected time frames for completion of permitting and regulatory approvals related to ongoing
construction activities at the Renard Diamond Mine; (viii) the expected time frames for the completion of the open pit and
underground mine at the Renard Diamond Mine; (ix) the expected time frames for the ramp-up and achievement of plant nameplate
capacity of the Renard Diamond Mine (x) the expected financial obligations or costs incurred by Stornoway in connection with
the ongoing development of the Renard Diamond Mine; (xi) future exploration plans; (xii) future market prices for rough
diamonds; (xiii) the economic benefits of using liquefied natural gas rather than diesel for power generation;
(xiv) sources of and anticipated financing requirements; (xv) the effectiveness, funding or availability, as the case may
require, of the Senior Secured Loan and the remaining Equipment Facility and the use of proceeds therefrom; (xvi) the
Corporation’s ability to meet its Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement;
(xvii) the impact of the Financing Transactions on the Corporation’s operations, infrastructure, opportunities, financial
condition, access to capital and overall strategy; (xviii) the foreign exchange rate between the US dollar and the Canadian dollar;
and (xix) the availability of excess funding for the operation of the Renard Diamond Mine. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events
or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and
similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other
important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially
different from future results, performances or achievements expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in
which Stornoway will operate in the future, including the recovered grade, size distribution and quality of diamonds, average ore
recovery, internal dilution, and levels of diamond breakage, the price of diamonds, anticipated costs and Stornoway’s ability to
achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and
mining activities and commitments, and the foreign exchange rate between the US and Canadian dollars. Although management considers
its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect.
Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to:
(i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal
rates of return; (iii) recovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution,
mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage, (iv)
receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (v) anticipated timelines for
ramp-up and achievement of nameplate capacity at the Renard Diamond Mine, (vi) anticipated timelines for the development of an open
pit and underground mine at the Renard Diamond Mine; (vii) anticipated geological formations; (viii) market prices for rough
diamonds and their potential impact on the Renard Diamond Mine; (ix) the satisfaction or waiver of all conditions under the Senior
Secured Loan and the remaining Equipment Facility to allow the Corporation to draw on the funding available under those financing
elements; (x) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral
Resources and mine life; (xi) future exploration plans and objectives; (xii) the Corporation’s ability to meet its Subject
Diamonds Interest delivery obligations under the Purchase and Sale Agreement; and (xiii) the continued strength of the US dollar
against the Canadian dollar.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements
as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors
may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in
many forward-looking statements that other forward-looking statements will be correct, but specifically include, without
limitation: (i) risks relating to variations in the grade, size distribution and quality of diamonds, kimberlite lithologies
and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of
recovery and diamond breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in
the targets being delineated as Mineral Resources; (iv) developments in world diamond markets; (v) slower increases in
diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to
the US dollar; (vii) increases in the costs of proposed capital, operating and sustainable capital expenditures;
(viii) increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or
royalties being greater than assumed; (x) uncertainty of results of exploration in areas of potential expansion of resources;
(xi) changes in development or mining plans due to changes in other factors or exploration results; (xii) risks relating
to the receipt of regulatory approvals or the implementation of the existing Impact and Benefits Agreement with aboriginal
communities; (xiii) the effects of competition in the markets in which Stornoway operates; (xiv) operational and
infrastructure risks; (xv) execution risk relating to the development of an operating mine at the Renard Diamond Mine;
(xvi) failure to satisfy the conditions to the funding or availability, as the case may require, of the Senior Secured Loan
and the Equipment Facility; (xvii) changes in the terms of the Forward Sale of Diamonds, the Senior Secured Loan or the
Equipment Facility; (xviii) the funds of the Senior Secured Loan or the Equipment Facility not being available to the
Corporation; (xix) the Corporation being unable to meet its Subject Diamonds Interest delivery obligations under the Purchase
and Sale Agreement; (xx) future sales or issuances of Common Shares lowering the Common Share price and diluting the interest
of existing shareholders; and (xxi) the additional risk factors described herein and in Stornoway’s annual and interim
MD&A, its other disclosure documents and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway
cautions that the foregoing list of factors that may affect future results is not exhaustive and new, unforeseeable risks may arise
from time to time.
