Stornoway advances Coronation Gulf projects (March 24, 2003)

Vancouver — Stornoway Ventures (SWV-V)plans to follow-up on indicator mineral trains identified on its Sceptre and Tiara Diamond properties, located in the Coronation Diamond District, about 100 km southeast of Kugluktuk, Nunavut.

Last spring, Stornoway commissioned a 6,534 line km helicopter borne magnetic and electromagnetic survey that covered the Sceptre and Tiara properties. The data identified 162 anomalies that could be indicative of kimberlitic pipes. A number of these targets were ground checked but the presence of numerous lakes and thick till cover prevented concise identification.

Last year, Stornoway also collected 700 till samples, spaced at 500 metre intervals along a series lines that were spaced 5 km apart and oriented perpendicular to the direction of glacial transport. Additional samples were taken down-ice of potential kimberlite targets that were identified in the airborne geophysical survey.

Results from these sampling campaigns suggest the presence of a number of indicator mineral trains on the two properties. Stornoway states that a total of eight mineral trains have unidentified sources. Six of these mineral trains are on the Sceptre property, and two were found on the Tiara property. Additional sampling is required to determine their respective sources.

Data analysis of sample distribution and mineral chemistry indicate that at least one kimberlite body may be present on each property. Stornoway plans to perform additional till sampling, detailed prospecting and possibly some ground geophysics on the targets, starting in June of this year.

The Sceptre and Tiara Properties together comprise approximately 890 sq. km and adjoin Rhonda’s (RDM-V) Inulik property and land packages held by Ashton Mining of Canada (ACA-T).

Stornoway has an option to earn up to a 60% interest in the Sceptre and Tiara properties from International Samuel Exploration (SAZ-V), Dasher Energy (DHR-V) and Cantech Ventures (CCV-V) by funding $7 million in exploration expenditures and issuing 600,000 shares by December 31, 2006. Stornoway is the operator of all exploration programs on the properties.