Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

September 28, 2009 13:56 ET

Shear Minerals Debt Settlement Agreements

EDMONTON, ALBERTA--(Marketwire - Sept. 28, 2009) - Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear" or the "Corporation") announces that it has entered into debt settlement agreements for the issuance of up to 2,692,308 common shares to arm's length parties, in consideration for the settlement of an aggregate of up to $175,000.00 related to trade payables, at a deemed price of $0.065 per common share.

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.

Shear Minerals 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.

On behalf of the Board

SHEAR MINERALS LTD.

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, P. Geol.
    President
    (780) 435-0045 or Toll Free: 1-866-298-9695
    (780) 989-0322 (FAX)
    www.shearminerals.com