Shear Minerals Ltd.

Shear Minerals Ltd.
Stornoway Diamond Corporation

Stornoway Diamond Corporation

March 07, 2005 10:10 ET

Shear Announces $5 Million Exploration Budget at Churchill for 2005


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SHEAR MINERALS LTD.

TSX VENTURE SYMBOL: SRM



AND STORNOWAY DIAMOND CORPORATION

TSX SYMBOL: SWY

MARCH 7, 2005 - 10:10 ET

Shear Announces $5 Million Exploration Budget at
Churchill for 2005

EDMONTON, ALBERTA--(CCNMatthews - March 7, 2005) - Shear Minerals Ltd.
(TSX VENTURE:SRM), Stornoway Diamond Corporation. (TSX:SWY) and BHP
Billiton Diamonds Inc. (BHP Billiton) today announced the approval of a
$5 million exploration program and budget to drill test up to 50
geophysical targets located at the head of discrete mineral trains
containing high-interest indicator mineral chemistry.

The drill targets were selected after careful integration and review of
the Churchill Project data base which now contains more than 6,600
surface samples and 69,000 line km of magnetic and electromagnetic data.

Logistically it is expected that the 2005 exploration program at
Churchill will commence in early March with the mobilization of a new
field camp to be located in the core area of interest. Ground
geophysical crews will follow up selected anomalies and drilling is
planned to commence in early April and continue through to the end of
the summer season.

In 2003 and 2004, Shear and its partners discovered 24 kimberlites over
a wide area on the Churchill and Churchill West projects. Eleven of the
kimberlites were diamond bearing. The partners have now narrowed down
the areas of interest to two priority corridors - the Josephine River
and Sedna corridors - which contain the most compelling G10 pyrope
mineral chemistry.

"This year's aggressive drill campaign aims to test up to 50 targets.
Drilling in the spring will focus on targets under lakes where we will
conduct ice-based drilling," says Shear President and CEO Pamela Strand.
"Drilling will continue into the summer on land-based targets. After
three years of systematic exploration we finally have a sample density
and geophysical dataset to focus on discovering the source to the high
diamond potential G10 pyrope indicator mineral chemistry."

On February 1, 2005, the partners were granted additional federal
prospecting permits bringing the total acreage being explored at the
Churchill Diamond Project to more than 9 million acres located near the
community of Rankin Inlet and Chesterfield Inlet in the Kivalliq region
of Nunavut. The project is owned by joint venture partners Shear, which
has a 51% interest and is the operator, Stornoway (35%) and BHP Billiton
(14%). The 2005 field program is under the supervision of Jennifer
Burgess, P. Geo., a Qualified Person under NI 43-101.

This news release contains forward-looking statements regarding ongoing
and upcoming exploration work and expected geology, geological
formations and structures. Actual results may differ materially from
those anticipated in these statements.



On behalf of the Board On behalf of the Board
SHEAR MINERALS LTD. STORNOWAY DIAMOND CORPORATION
/s/ "Pamela Strand" /s/ "Eira Thomas"
Pamela Strand, P. Geol. Eira Thomas
President President


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Shear Minerals Ltd.
    Pamela Strand, P. Geol.
    President
    (780) 435-0045 or 1-866-298-9695
    Website: www.shearminerals.com
    or
    Stornoway Diamond Corporation
    Eira Thomas
    President
    (604) 331-2259 or 1-888-338-2200
    Website: www.stornowaydiamonds.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.