28 January 2014
Stornoway Diamond Corporation (TSX-SWY) is pleased to provide an update on the Pikoo and Qilalugaq exploration projects, which are subject to option agreements with North Arrow Minerals Inc. (TSXV-NAR; “North Arrow”; see Stornoway press release dated March 14, 2013). Under the terms of the option agreements, North Arrow may acquire an 80% interest in each project, subject to a one-time back-in right of Stornoway’s. To earn its interest, North Arrow must fund and complete a pre-defined exploration program specific to each project (the “option work programs”).