Shear Minerals Ltd.
TSX VENTURE : SRM

Shear Minerals Ltd.

April 10, 2006 10:29 ET

Shear Reports 3 Macro Diamonds and 159 Micros from 19.9 kg Churchill Till Sample

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - Shear Minerals Ltd. (TSX VENTURE:SRM), Stornoway Diamond Corporation (TSX:SWY) and BHP Billiton today announced that 3 macro diamonds and 159 microdiamonds have been recovered from a 19.9kg till sample from the Sedna Corridor on the Churchill Diamond Project.

Till sample number 05PST003 had been processed through the Saskatchewan Research Council Geoanalytical Laboratories(1) ("SRC") heavy mineral circuit for recovery of indicator minerals which resulted in the identification of abundant G10 pyrope garnets and kimberlite fragments in the oversize fraction (see February 21, 2006 news release). Of the original 19.9kg till sample, 7.0kg of the unprocessed, screened fractions and 0.97kg of the unpicked, processed, concentrate were submitted for diamond analysis to the SRC. A total of 162 diamonds including three macrodiamonds (defined as greater than or equal to 0.5mm in two dimensions) were recovered from this small sample and are listed in the table below. The majority of the diamonds were described as clear and colourless and were dominated by octahedron shapes. For photos of the diamonds please visit www.shearminerals.com.



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Sample Sample 0.075mm 0.106mm 0.15mm 0.212mm 0.3mm 0.425mm
Number Weight(kg) Sieve Sieve Sieve Sieve Sieve Sieve TOTAL
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05PST003 7.9 95 26 19 11 4 7(2) 162
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(1) The Saskatchewan Research Council Geoanalytical Laboratories are
accredited to the ISO/IEC 17025 standard by the Standards Council
of Canada as a testing laboratory for specific tests.
(2) The three largest diamonds measured 0.76 x 0.56 x 0.50 mm; 0.96
x 0.60 x 0.51mm and 0.70 x 0.60 x 0.42 mm.


"We will shortly commence drill testing targets in the area of this sample," says Shear President and CEO Pamela Strand. "We are increasingly confident that these results point to a kimberlitic source for the sample that is distinctly different from the kimberlites drilled on the property to date. The results also speak to the high diamond potential of both the sample's kimberlitic source and the indicator mineral trains we have isolated after three years of detailed and systematic sampling."

Eira Thomas, President and CEO of Stornoway commented: "The high indicator mineral counts together with kimberlite fragments and now diamonds recovered from till point to a local, diamond bearing sourcebody that we are optimistic we can isolate with drilling this spring."

A $4.5 million exploration budget has been proposed this year for the Churchill Diamond Project. The work program will commence in late April with the opening of the camp, followed by ground geophysical work on specific targets. Drilling should commence in May. Final program details will be announced shortly.

The Churchill Diamond Project is comprised of mineral rights to more than 2 million acres located near the community of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. The project is owned by joint venture partners Shear, which has a 51% interest and is the operator, Stornoway (35%) and BHP Billiton (14%). To date Shear and its partners have drilled 41 kimberlites over a wide area on the Churchill and Churchill West projects. The 2006 field program is under the supervision of Jennifer Burgess, P. Geol., a Qualified Person under NI 43-101.

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, P. Geol.
    President
    (780) 435-0045 or (866) 298-9695
    Website: www.shearminerals.com
    or
    Stornoway Diamond Corporation
    Eira Thomas
    President
    (604) 331-2271 or (888) 338-2200
    Website: www.stornowaydiamonds.com