May 13 (Reuters) - Stornoway Diamond Corp SWY.TO :
* STORNOWAY REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS
* Q1 ADJUSTED LOSS PER SHARE C$0.05
* Q1 REVENUE C$53.3 MILLION
* Q1 LOSS PER SHARE C$0.05
* TWO TENDER SALES WERE COMPLETED IN Q1 FOR A TOTAL OF 429,506 CARATS SOLD
* STORNOWAY DIAMOND -Q1 DIAMOND PRODUCTION 444,562 CARATS PRODUCED FROM PROCESSING 582,613 TONNES OF ORE AT AVERAGE GRADE OF 76 CARATS/HUNDRED TONNES
* STORNOWAY DIAMOND- CONTINUED DOWNWARD PRESSURE ON MARKET PRICE FOR ROUGH DIAMONDS INHIBITED CORP'S ABILITY TO GENERATE POSITIVE FREE CASH FLOW IN 2019
* CORPORATION IS TAKING COST REDUCTIONS STEPS OF $18 MILLION TO $20 MILLION FOR FISCAL YEAR 2019, TO BE IMPLEMENTED OVER COURSE OF YEAR
* INITIATION OF A STRATEGIC REVIEW TO CONSIDER ALL OPTIONS AVAILABLE TO CORPORATION
* MANAGEMENT IS ALSO IN ACTIVE DISCUSSIONS WITH ITS FINANCIAL PARTNERS TO SECURE CORPORATION'S LONG-TERM FINANCIAL VIABILITY