Stornoway Announces First Quarter 2015 Results

15 September 2014

September 15, 2014
Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) announced today its first quarter results for the three months ended July 31, 2014 (Fiscal Year 2015).
First Quarter 2015 Highlights

• Completed a precedent setting $946 million1 project financing transaction to fully fund the development of the Renard Diamond Project;
• Initiated project construction with a focus on site civil works, equipment procurement and camp construction. No major variances forecast to date against plan schedule or budget; 
• Entered into an Engineering, Procurement and Construction Management contract with SNC Lavalin inc., including sub-contracted services to be provided by AMEC Americas Ltd. and DRA Americas Inc.;
• Confirmed the Renard 2 kimberlite extends to a vertical depth of at least 970 meters in an ongoing resource expansion drill program, 370 meters below the base of the current Mineral Reserve;
• Cash and cash equivalents of $438.3 million2 as of July 31st, 2014, with a loss for the quarter of $11.5 million, or $0.04 per share.

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