Shear Diamonds Ltd.
TSX VENTURE : SRM

Shear Diamonds Ltd.

December 14, 2011 11:22 ET

Shear Announces Closing of Loan Transaction With Tache Securing Debt Financing and a Strategic Alliance for Sales of Diamond Production from Jericho

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2011) - Shear Diamonds Ltd. (TSX VENTURE:SRM) has today confirmed the closing of its previously announced financing agreements with Taché Company N.V. ("Taché") securing debt financing and forming a strategic alliance. Shear confirms that the term loan of US$2 million has been funded as of today.

About Shear Diamonds Ltd.

Shear is a Canadian-based company focused on diamond exploration and development in Canada's North, where it explores established diamond districts and has discovered new ones. Shear currently has a portfolio of eight diamond projects, including three advanced projects with development potential. Shear holds a 100% interest in its recently acquired Jericho Diamond Mine and surrounding exploration assets, located in the Kitikmeot region of Nunavut.

About Taché Company N.V.

Taché is the Belgian sales division of the Taché Group, a family business active in the diamond industry for over 50 years. The Taché Group deals in rough, prepared and polished diamonds as well as in diamond jewellery.

The orderly supply of rough is fundamental to the Group's activities and therefore the Group principally sources its rough from Primary Rough Producers, in addition to being a DTC Sightholder and an Alrosa long term contract holder.

The Group has a longstanding leading position in fine make polished diamonds, from Exceptional stones down to 0.01 carats, based on its longstanding commitment to modern high quality manufacturing capacity. This polished is distributed world-wide through 12 sales offices to premium retailers and jewellery manufacturers.

On behalf of the Board of SHEAR DIAMONDS LTD.

Julie Lassonde, CEO & Executive Chairman

The information above related to Taché has been provided by Taché (www.tachediamonds.com).

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

Contact Information

  • Shear Diamonds Ltd.
    Julie Lassonde
    CEO & Executive Chairman
    416-479-8728 or 1-866-298-9695
    www.sheardiamonds.com