Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

November 13, 2007 14:28 ET

Shear Minerals Ltd.: Application to Extend Term of Warrants

EDMONTON, ALBERTA--(Marketwire - Nov. 13, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Shear Minerals Ltd. ("Shear") (TSX VENTURE:SRM) announces that it will be applying to the TSX Venture Exchange for approval to extend the expiry date of outstanding warrants issued on May 19, 2006 ("Warrants"), which have an expiry date of November 19, 2007 for an additional six months. If approval is granted, the Warrants will expire on May 19, 2008. The Warrants entitle the holders to acquire up to 273,476 common shares of Shear ("Common Shares") at an exercise price of $0.65 per Common Share and up to 589,250 Common Shares at an exercise price of $0.80 per Common Share. There will be no change to the exercise prices of the Warrants. No Insiders of Shear hold any of the Warrants.

Shear Minerals Ltd. 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 eleven diamond projects, seven of which are drill-ready. The Company has advanced its 58.14%-owned Churchill Diamond property in Nunavut from a conceptual grassroots project to a new kimberlite district hosting over 70 kimberlites.

On behalf of the Board

SHEAR MINERALS LTD.

Pamela Strand, P. Geol., President

The TSX Venture Exchange has not reviewed and does not accept 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
    Website:www.shearminerals.com