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UPDATE – Stornoway Announces Second Quarter Production and Sales Results

LONGUEUIL, Quebec, July 10, 2019 (GLOBE NEWSWIRE) – Stornoway Diamond Company (TSX-SWY; "Corporation" or "Stornoway") pronounces manufacturing and sales results on the Renard Diamond mine on June 30, 2019. Highlights are

(All quoted figures in CAD until otherwise said)

  • 460,832 carats are bought in two bids for gross income1, $ 47 million2, common $ 76 per carat ($ 102 per carat) carat2). The full variety of bought carats, pricing, and gross returns symbolize a variation of + 7%, -9%, and -1% within the first quarter. The second quarter diamond sales represented diamonds recovered within the first quarter
  • Second quarter diamond production was 463,136 carats, which have been collected on a mean of 67 carats per hundred tonnes ("cpht") of the ore processing of 695,934 tonnes. The restoration of carats increased by four% in comparison with the first quarter, mainly as a consequence of progress. The typical breeding price was 7 648 tonnes per day, over 7 000 tonnes per day.

Patrick Godin, CEO of Stornoway, commented: “In the course of the second quarter, each mining and refining operations in Renard have shown robust performance, with a mean ore transportation price of 6,813 tonnes per day within the underground mine, and a considerably larger common refining fee. The returned common is decrease than in the first quarter, as a result of the decrease grade mining of the Renard 2 blocks is because of a mean value. The typical grade is predicted to develop in the course of the remainder of the yr, when greater manufacturing of Renard three's kimberlite tube ramps and the event of the second underground mining district in Renard 2, together with the upper common. The tough diamond market continues to be challenging, while second-quarter sales prices are still weakening. Nevertheless, the company retained comparable gross revenue relative to the first quarter as the quantity of carat bought elevated.

SECOND RESULTS OF THE ANNUAL REPORT

Two tenders have been bought through the second quarter for diamonds collected on 27 December 2018 and 29 March 2019. Desk 1 summarizes the second quarter gross sales outcomes and compares these outcomes with the primary quarter 2019 and 2018. second quarter outcome. Desk 2 exhibits the breakdown of bought mines and complementary diamonds.

Table 1. Summary of second-quarter sales results

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19659013] 2 Complete number of carats bought (ct) Complete carat weight bought (ct) Complete Carat Bought (ct) 460 832 460,832 460,832 19659018] 243,262 Complete Cash Amount1 ($ M) 47 47 30 Complete Worth Carat Worth ($ / ct) 102 110 110 Complete Worth for Carat (US $ / ct) 76 83 93 Average Trade Fee ($: US $) 1,34 1,33 1,33 1,31 1.31

Desk 2. Connection a reference to second quarter gross sales results, damaged down between mine three and supplementary carat

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