Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

November 11, 2009 14:18 ET

Shear Minerals Announces Closing of Shares for Debt Settlements

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2009) - Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear" or the "Corporation") is pleased to announce that it has settled a total of $253,098.72 of trade payables through the issuance of 3,893,826 Common Shares of the Corporation at a deemed price of $0.065 per share (this includes the amount as per press release dated September 28, 2009).

The issuance of common shares in the capital of the Corporation will not result in a change of control; is pursuant to exemptions from prospectus and registration requirements; and is subject to a 4 month restricted period. This transaction is subject to the receipt of regulatory approval.

About Shear Minerals:

Shear is a Canadian-based exploration company focused on diamond exploration in the Canadian North, where it explores in established diamond districts and has discovered new ones. Shear currently has a portfolio of eight diamond projects, seven of which are drill-ready. Shear has advanced its flagship Churchill Diamond Project from a conceptual idea to an expanding diamond district hosting 88 kimberlites in the Kivalliq region of Nunavut.

Shear's main Churchill Diamond Project and Chesterfield Inlet Diamond Project is owned approximately 62.3% by Shear and 37.7% by Stornoway Diamond Corp. and is comprised of the diamond rights to more than 760,000 acres located near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. At Churchill work is presently focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of a system of significantly diamond-bearing, vertically-emplaced kimberlite dykes that have returned sample grades of up to 2.18 carats per tonne. The 2009 field program is under the supervision of Pamela Strand, P. Geol., a Qualified Person under NI 43-101, who has reviewed and approved the contents of this news release. 

On behalf of the Board
SHEAR MINERALS LTD.
/s/ "Pamela Strand"
Pamela Strand, P. Geol.
President

This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Shear Minerals Ltd.
    Pamela Strand
    President
    (780) 435-0045 or Toll Free: 1-866-298-9695
    www.shearminerals.com