DIAMOND STUDY – Value of Renard samples tested

QUEBEC - Vancouver-based STORNOWAY DIAMOND CORP. has completed the diamond valuation studies on the latest 6,500-ct bulk sample from the Renard project in the Otish Mountains. The project is a 50:50 joint venture with SOQUEM, the Quebec government's exploration arm. The material was sent to Antwerp, Belgium, for valuation under the supervision of WWW INTERNATIONAL DIAMOND CONSULTANTS (WWW).

WWW recommended a modeled base case diamond price estimate of US$109/ct be adopted for both of the Renard 2 and Renard 3 samples, with a high modeled price estimate of US$122/ct and a low modeled price estimate of US$105/ct. WWW further recommended a modeled base case diamond price estimate of US$69/ct be adopted for the Renard 4 sample, with a high modeled price estimate of US$73/ct and a low modeled price estimate of US$63/ct.

The observed diamond price estimate obtained for each of Renard 2 and Renard 3, taken as the average of WWW plus the three other valuators, was US$101/ct and US$107/ct, respectively. The observed diamond price estimate obtained for the Renard 4 sample was US$63/ct. The average observed price of the Renard 2, 3 and 4 samples, taken together, was US$91/ct.

The complete diamond valuation results are available at www.StornowayDiamonds.com.