Contact Diamond announces generative project joint venture with Stornoway

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Coats	LSE:CO.	London	Ordinary Share	GB0009270579	Ord 20p

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Contact Diamond announces generative project joint venture with Stornoway Stock Symbol: CO (TSX) TORONTO, May 10 /PRNewswire-FirstCall/ -- Contact Diamond Corporation and Stornoway Diamond Corporation are pleased to announce that they have entered into a joint venture designed to pursue a generative diamond exploration project within Canada. The project will be funded 50/50 by the joint venture partners and will comprise initial desktop generative study, field exploration and land acquisition ahead of target testing. The joint venture has allocated approximately $1,000,000 to the joint venture in fiscal 2005. Commenting on the joint venture, Contact's President and COO Matt Manson said "I am very pleased to announce this important relationship with one of Canada's premier technical diamond exploration teams. It represents an important component of Contact's strategy of focused diamond exploration and development within the most prospective regions of Canada." Eira Thomas, President and CEO of Stornoway commented "Stornoway and Contact share a common vision to aggressively explore the extensive, un-tapped potential of Canada for diamonds. We are pleased to be leveraging our combined technical strengths and expertise on this important new exploration initiative". About Stornoway Diamond Corporation Stornoway is one of Canada's premier diamond exploration companies with extensive landholdings of approximately 24 million acres focused in eleven key project areas in northern Canada. Stornoway has been involved in the discovery of 33 kimberlites since 2002, half of which have proven diamondiferous (one kimberlite for which results are pending). About Contact Diamond Corporation Contact Diamond is an exploration and development company with diamond properties in Ontario, Quebec, Northwest Territories and Nunavut. Its leading project is in Timiskaming on the Ontario-Quebec border where it is currently pursuing an aggressive kimberlite exploration and assessment program. Agnico-Eagle Mines Limited (NYSE:AEMNYSE:TSX:NYSE:AGE) is currently the largest shareholder of the corporation. Cautionary Statement Regarding Forward-Looking Information Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "potential", "estimate", "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, the lack of a quoted market for diamonds, the possibility of project cost overruns or unanticipated costs and expenses, a history of net losses, dependence on the support of a significant shareholder, uncertainties relating to the availability and costs of financing needed in the future and other factors usual to the mining industry. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. DATASOURCE: Contact Diamond Corporation CONTACT: Matt Manson, President & COO; David Smith, Investor Relations, (416) 947-1212

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