Stornoway and Shear Report Additional High Interest Mineral Dispersions at Churchill Diamond Project

Stornoway Diamond Corporation (TSX:SWY) and Shear Minerals Ltd. (TSX
VENTURE:SRM) today announced final results from the 2007 exploration program at
the Churchill Diamond project in Nunavut.


Highlights Include:

- Complete laboratory results received from 2007 till sampling with mineral
abundance and chemistry defining 35 unsourced high interest indicator mineral
dispersions. Highest count sample returned 136 pyrope garnets from 44% of the
sorted concentrate.


- Kahuna tailings audit completed with the recovery of additional diamonds that
increases diamond grade to 1.04 carats per tonne (cpt).


- Diamond fragments from the Kahuna bulk sample are confirmed to originally have
been part of a larger single 13.42 carat diamond.


2007 Mineral Chemistry Update

In 2007 a total of 479 till samples were collected on the property in order to
further resolve existing high interest dispersions and to follow-up on high
interest samples or prospecting targets previously identified. Overall, 97% of
the 2007 samples were positive for indicator minerals with a total of 10,089
kimberlite indicator mineral grains recovered. Probe results have been received
for 979 grains to date, representing the silicates and chromites recovered from
the first 400 samples. The highest count sample (07C488) returned 482 grains
including 480 picroilmenites. The highest pyrope count was from sample 07C441
with 245 grains recovered from 44% of the concentrate, including 136 pyrope
garnets. This sample is located 2km down ice (SE) of the PST kimberlite and may
indicate a new distinct source in the vicinity of the sample.


Since 2004 Shear has contracted Mineral Services Canada ("MSC") to assist with
the ongoing resolution of possible sources of the very high interest G10 garnet
compositions present on the Churchill property. From the 2007 till sample data,
MSC has identified a number of additional high interest indicator mineral trains
on the property. Out of a total of 42 mineral dispersions identified to date, 35
have yet to be explained by known kimberlite sources. Of these, 17 are ranked
high priority, 10 are ranked moderate priority, and 8 are ranked low priority
for additional follow-up work. Seven high interest dispersions can be
confidently associated with known kimberlite sources, however five of these have
mineral dispersions that suggest possible input of grains from additional
undiscovered kimberlite sources. The mineral dispersions are ranked on the basis
of the indicator mineral abundance, mineral compositions and presence of primary
surface features on the recovered garnets and ilmenites.


One of the goals for the 2008 field season is to find the kimberlite sources to
as many of these high diamond potential dispersion trains as possible.


Kahuna Breakage Study and Diamond Descriptions

MSC was contracted to undertake an evaluation of the value characteristics of
the Kahuna macrodiamonds. MSC completed detailed characterization of a total of
1,757 stones out of the total population of 11,347 diamonds. These included all
stones falling on the +7 DTC sieve class and larger (464 diamonds in total),
plus representative sub-sets of the smaller DTC sieve classes (1,293 diamonds in
total). The work was carried out at MSC's secured diamond recovery facility in
North Vancouver, BC. It should be noted that this exercise was not aimed at
establishing a market-based valuation of the Kahuna diamond parcel. The primary
goal of the study was to investigate the value characteristics of the
macrodiamonds and how these vary with increasing diamond size.


MSC describes the Kahuna diamond population as having encouraging value
characteristics. Most notably, the diamonds contain a high abundance of
colourless and near colourless varieties and octahedral shapes are the dominant
morphology. Diamond clarity in the smaller DTC size classes is described as
being mostly very good, however, clarity does decrease in the larger DTC size
classes due to an increase in the frequency of inclusions and internal
fractures, and not due to the presence of coating on the diamonds. The larger
stones also show increased fragmentation, which MSC believes to be due to the
increase in occurrence of inclusions and fractures. In terms of cutability, the
majority of the stones were classified as having elongated (B) forms that would
most likely place them into the makeable category. Pie charts of the diamond
population will be posted to www.shearminerals.com.


A breakage assessment was completed internally in order to firstly asses the
Kahuna diamonds for physical evidence of breakage through mechanical means (i.e.
man-made through crushing) and secondly to determine if the large diamond
fragments recovered could be fitted back together to represent a single stone or
stones. Diamonds shapes and populations were compared from samples #2 (no
crushing) and #3 (crushed) and no significant difference was noted. In order to
piece together the diamond fragments all diamond surfaces were examined for
resorption, crystallographic orientation, catholuminesence and other
mineralogical characteristics. Based on this it was concluded that seven
fragmented diamonds, totaling 13.42 carats, most likely originated from a
single, larger stone. It also indicated that some of these diamonds exhibited
physical evidence of breakage through mechanical means during processing.


Kahuna Bulk Sample Tailings Audit

Shear would also like to report on the recovery of additional macrodiamonds from
an audit of the tailings material from the 2007 Kahuna bulk sample. The audit
comprised reprocessing of between 15 and 22% of the tails from each sample, and
an additional 351 diamonds representing 6.196 carats were recovered, including a
0.27 carat diamond from the Kahuna 3 sample. It was carried out at Microlithics
Dense Media Separation (DMS) facility in Thunder Bay, Ontario. The tailings
underwent an initial pass through the DMS circuit to produce a heavy mineral
concentrate which was then subjected to caustic fusion to recover diamonds.


Based on the results of the audit, the calculated diamond grade for Kahuna (as
reported on December 3, 2007) has the potential to increase from 0.96 carats per
tonne (cpt) to 1.04 cpt.


The original samples were processed by dense media separation (DMS) followed by
magnetic separation through an Eritz magnetic separator at Kennecott Canada
Exploration Inc.'s independent processing plant in Thunder Bay, ON, using a 1mm
square mesh bottom cut off. Kahuna Samples 1 and 3 were crushed; Sample 2
required no crushing as the kimberlite was pervasively clay altered. A heavy
mineral concentrate was generated and then passed through an x-ray sorter and
picked for diamonds. A final stage caustic fusion was then undertaken on the
concentrate to recover all remaining diamonds.


Kahuna Bulk Sample Valuation

Given the completion of the tailings audit and breakage studies on the Kahuna
bulk sample, Shear is currently in the process of finalizing arrangements for an
independent market valuation exercise for the Kahuna diamonds. The valuation
will be conducted in Antwerp, Belgium, and is designed to give a preliminary
estimate of average diamond value for the parcel recovered to date.


Meeka Kimberlite Update

In 2007 a total of 31 new kimberlites were discovered on the Property including
five highly diamondiferous dykes (see news release October 11, 2007) within the
Sedna Corridor. This brings the total number of high interest diamondiferous
kimberlites to nine. One of these is the Meeka kimberlite found during the field
prospecting of an east-west linear trend located southeast of the Jigsaw
kimberlite (see news release October 22, 2007). Initially, an area of green
coloured till was sampled and nineteen microdiamonds were recovered from a 15kg
sample using caustic fusion. Further sampling and caustic fusion of additional
material, believed to represent a mixture of till and weathered kimberlite,
returned 92 microdiamonds from a 102.8kg sample (see news release January 31,
2008). Based on the interpretation of a ground geophysical survey conducted over
the linear feature, Meeka is believed to be an east-west trending kimberlite
dyke approximately 500m in length and open in both directions. Trenching along
the body was unable to establish true width due to the highly weathered nature
of the kimberlite and surrounding country rock. Nonetheless, a 1.8-tonne mini
bulk sample was collected of this material that once dried, resulted in a final
sample weighing 860.5 kilograms. This sample was processed through the
Microlithics DMS facility and only one greater than 0.5mm diamond was recovered
from a concentrate containing abundant chromite and kyanite. Due to the
unconsolidated nature of the sample medium it is interpreted that the mini bulk
sample was highly diluted by glacial material and weather country rock.
Prospecting of the entire Meeka trend will occur in 2008 to attempt to locate
fresh bedrock kimberlite for follow up sampling.


The Churchill Diamond Project is owned 58.14% by Shear and 41.86% by Stornoway
and is comprised of the diamond rights to more than two million acres located
near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq
region of Nunavut. Work is presently focused on continued exploration of new
promising indicator mineral trains and geophysical anomalies as well as the
evaluation of a system of significantly diamond-bearing, vertically-emplaced
kimberlite dykes that have returned sample grades of up to 2.18 carats per tone.
Pamela Strand (P.Geol.) is Shear's qualified person reviewing the project and
has reviewed the content of this news release.


Stornoway Diamond Corporation

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and
development companies, involved in the discovery of over 150 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

Eira Thomas, Chief Executive Officer

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.
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