Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

December 23, 2010 13:46 ET

Shear Minerals Ltd. Announces Name Change, Consolidation and New Transfer Agent

EDMONTON, ALBERTA--(Marketwire - Dec. 23, 2010) - Shear Minerals Ltd. ("the Corporation") (TSX VENTURE:SRM) announces that the TSX Venture Exchange has accepted notice of the name change and share consolidation that was approved by the shareholders at the Annual and Special Meeting held on November 23, 2010.

Effective at the opening of trading on December 30, 2010, the Corporation will trade on a consolidated basis of one new Common Share for every ten Common Shares currently issued and outstanding. The new name of the Corporation will be Shear Diamonds Ltd. which reflects the Corporation's current focus of diamond exploration and development. The trading symbol will remain the same: SRM. On a post-consolidated basis, there will be 42,150,337 common shares issued and outstanding.

The Corporation announces a change of its Transfer Agent to Valiant Trust Company who will issue letters of transmittal to shareholders who wish to receive new share certificates.

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. Jericho is Nunavut's first and only diamond mine.

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

Neither the 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 1-866-298-9695
    www.shearminerals.com