Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

September 15, 2008 09:00 ET

Shear Announces New Killiq Kimberlite at Churchill Diamond Project, Nunavut

EDMONTON, ALBERTA--(Marketwire - Sept. 15, 2008) - Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear") and Stornoway Diamond Corporation (TSX:SWY) today announce the discovery of the Killiq Kimberlite at the Churchill Diamond Project, Nunavut.

The Killiq Kimberlite was discovered during reverse circulation ("rc") drilling within the Sedna Corridor in an area of high interest mineral compositions. Based on geophysical data, the Killiq kimberlite is characterized by a weak magnetic high signature that is interpreted to be a 1.1 km long north-south trending kimberlite dyke. Four angled rc holes from three different drill set ups were drilled into the Killiq kimberlite over a 25 m strike length. The average width of kimberlite material intersected in these holes is 0.75m. Based on visual field observations, the Killiq Kimberlite is described as being 'typical' of the high diamond potential kimberlites at Churchill ("Type B") with large olivine macrocrysts, green-blue phlogopite and visible pyrope garnets.

"This new kimberlite discovery in conjunction with the known till results in this immediate area suggests a network of high diamond grade kimberlites in this vicinity of the Sedna Corridor", says Shear President and CEO Pamela Strand. "Additional detailed till sampling from this year will assist us with follow up targeting."

Killiq is located 150m up ice of the 2007 till sample that returned the highest indicator mineral count (sample 07C441 returned 245 picked grains including 136 pyrope garnets). A 35 kg sample of Killiq has been sent for microdiamond analysis at the Saskatchewan Research Council, and smaller hand specimens have been sent to Mineral Services Canada Inc for petrographic classification. Based on the field samples examined to date, the Killiq kimberlite is similar in character to the high grade PST kimberlite (2.18 carats per tonne - see news release August 1, 2007) located 300m directly up ice. Numerous proximal high count indicator mineral results down ice of the new Killiq kimberlite dyke suggest multiple additional undiscovered kimberlite sources nearby.

The Churchill Diamond Project is owned 58.14% by Shear and 41.86% by Stornoway and is comprised of the diamond rights to more than one million acres located near the full service 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. Pamela Strand (P.Geol.) is Shear's qualified person reviewing the project and has reviewed the content of this news release.

On behalf of the Board

SHEAR MINERALS LTD.

Pamela Strand, P. Geol., President

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Eira Thomas, CEO

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.

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