The Warrants

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A Canadian-based exploration company focused on diamond exploration in the Canadian North

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Clavis

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The Warrants

posted on Dec 01, 2008 10:55AM

December 1, 2008

Shear Minerals Ltd.: Application to Extend Term of Warrants

EDMONTON, ALBERTA--(Marketwire - Dec. 1, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Shear Minerals Ltd. (TSX VENTURE:SRM) ("Shear") announces that it will be applying to the TSX Venture Exchange for approval to extend the expiry date of outstanding warrants issued on June 12, 2007 ("Warrants"), which have an expiry date of December 12, 2008 for an additional twelve months. If approval is granted, the Warrants will expire on December 12, 2009. The Warrants entitle the holders to acquire up to 1,333,250 common shares of Shear ("Common Shares") at an exercise price of $0.95 per Common Share. There will be no change to the exercise prices of the Warrants. No Insiders of Shear hold any of the Warrants.

Shear is a Canadian-based exploration company focused on diamond exploration in the Canadian North, where it explores in established diamond districts and has discovered new ones. Shear currently has a portfolio of eight diamond projects, seven of which are drill-ready. Shear has advanced its flagship Churchill Diamond Project from a conceptual idea to an expanding diamond district. Shear is the operator and owns an undivided 58.14% interest in the Churchill Diamond Project, which is comprised of the diamond rights to more than 800,000 acres located near the 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.

On behalf of the Board

SHEAR MINERALS LTD.

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