About Shear Diamonds

Shear Diamonds Ltd., an exploration stage company, engages in the acquisition and exploration of mineral properties primarily in Canada. The company acquires and explores mineral properties located primarily in the Northwest and Nunavut Territories, Alberta, and Michigan. Properties Churchill Diamond Project: The company holds a 58.14% interest in the Churchill Diamond Project. The project consists of mineral rights to approximately 1.0 million acres near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. Churchill West Project: The company is exploring the Churchill West project with International Samuel Exploration Corp. (Samuel), Stornoway Diamond Corp. (Stornoway), and BHP Billiton Diamonds Inc.(BHPB) where it holds a 26.45% interest; and Samuel, Stornoway, and BHPB have interests of 48.75%, 18.37%, and 6.43%, respectively, in the diamond rights to the property. The Churchill West project encompasses 397,705 acres located near the community of Rankin Inlet in the Kivalliq region of Nunavut, contiguous to the Churchill Diamond Project. Aylmer Lake West, Northwest Territories: This project operates under a joint venture agreement with Diamondex Resources Ltd. The company holds 62.9% of the project. The property consists of two mineral leases (5,165 acres) located 50 kilometers east of the Diavik Diamond Mine and the diamond district of Lac de Gras and approximately 320 kilometers northeast of Yellowknife, Northwest Territories. There are two known kimberlites on the property, including the Nicholas Bay and Nic2 kimberlites. Afridi Lake, Northwest Territories: This project operates under a joint venture agreement with Samuel, New World Resource Corp. (New World) and Mantle Resources Inc. (Mantle). The company holds a 58.2% interest in the property; and Samuel, New World, and Mantle have 25.4%, 8.2%, and 8.2%, respectively. The Afridi Lake Property consists of 24 mineral claims and 3 mineral leases (56,000 acres) located approximately 40 kilometers east of the Diavik Diamond Mine within the diamond district of Lac de Gras and approximately 320 kilometers northeast of Yellowknife, Northwest Territories. In 2008, a total of 12 drill holes totaling 1,741 meters were completed. Liege, Alberta: The company has acquired a farm-out agreement on a significant land position in north central Alberta for diamond exploration. The property, known as the Liege Diamond Project, consists of 155,000 acres and is located 360 kilometers north of Edmonton, Alberta. The project area lies 80 kilometers east of the Buffalo Head Hills kimberlite cluster and is located along the projected trend of the Peace River Arch. Sakari, Nunavut: The company holds a 50% interest in approximately 42,000 acres of claims located within the southwest portion of Diamonds North Resources Inc.’s Amaruk project in the Franklin Kimberlite District of Nunavut. The Sakari property is located adjacent to the Darby project where nine kimberlites have been discovered. Diamonds North Resources Ltd. retains the other 50% interest in the property and is the operator. Crystal, Michigan, the U.S.A: The company holds an interest in the Crystal Diamond project in Michigan, the U.S.A. XYZ, Northwest Territories: This project operates under a joint venture agreement with Hunter Exploration Group (Hunter). The company holds an 80% interest in the project. The XYZ Project consists of 19,000 acres of mineral claims located along the northwest boundary of the Ekati Diamond Mine property and 225 kilometers northeast of Yellowknife, Northwest Territories. Significant Events In November 2009, Shear Minerals Ltd. has signed an agreement with Exploratus Ltd. whereby Shear can earn an option in all mineral rights to the Napajut Gold-Diamond Project Nunavut together with related datasets. The Napajut Lake Gold-Diamond Property is located 75 km west-northwest west from the community of Arviat and also 250 km southwest of Shear's Churchill Project, Nunavut.