Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

December 01, 2008 15:38 ET

Shear Minerals Ltd.: Application to Extend Term of Warrants

EDMONTON, ALBERTA--(Marketwire - Dec. 1, 2008) -

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

Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear") announces that it will be applying to the TSX Venture Exchange for approval to extend the expiry date of outstanding warrants issued on June 12, 2007 ("Warrants"), which have an expiry date of December 12, 2008 for an additional twelve months. If approval is granted, the Warrants will expire on December 12, 2009. The Warrants entitle the holders to acquire up to 1,333,250 common shares of Shear ("Common Shares") at an exercise price of $0.95 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 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. Shear is the operator and owns an undivided 58.14% interest in the Churchill Diamond Project, which is comprised of the diamond rights to more than 800,000 acres located near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. 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.

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 either of the Companies' expectations are in Company documents filed from time to time with the TSX or the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Companies disclaim any intention or obligation to revise or update such statements.

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