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High Diamond Counts From Two Kimberlites Discovered at Churchill in 2008

posted on Nov 29, 2008 11:25AM
November 28, 2008
Shear Reports High Diamond Counts From Two Kimberlites Discovered at Churchill in 2008
EDMONTON, ALBERTA--(Marketwire - Nov. 28, 2008) - Shear Minerals Ltd. (TSX VENTURE:SRM) today announced caustic fusion results from the Killiq and Kahuna Breccia kimberlites that were discovered in 2008 at the Churchill Diamond Project in Nunavut, a joint venture between Shear and Stornoway Diamond Corporation. At the Kahuna Breccia, a total of 54 diamonds, including three macro diamonds (greater than 0.5mm in two dimensions) were recovered from a 2.95 kg core sample of kimberlite stringers collected from one drill hole that tested the breccia. From the Killiq kimberlite a total of 176 diamonds, including five macro diamonds, were recovered from a composite 29.9 kg sample of kimberlite chips collected from two reverse circulation drill holes.

"Field activities at Churchill in 2008 identified nine new kimberlites including these two highly diamondiferous kimberlite bodies," says Shear President and CEO Pamela Strand. "The kimberlites have extremely high diamond counts from small samples with some samples exceeding 18 diamonds per kilogram. The partners are particularly impressed by the presence of the larger diamonds which indicates the potential for a coarse size distribution and recovering larger, commercial size stones from bigger samples."

Samples were submitted to the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory for diamond analysis using caustic fusion. Diamonds from these kimberlites will be described, categorized and assessed for any breakage. For photographs of the diamonds, please visit www.shearminerals.com. Complete diamond recoveries were as follows:

----------------------------------------------------------------------------
            Sample  0.106   0.15  0.212    0.3  0.425    0.6   0.85   Total
            Weight     mm     mm     mm     mm     mm     mm     mm Diamond
Kimberlite     (kg) Sieve  Sieve  Sieve  Sieve  Sieve  Sieve  Sieve   Count
----------------------------------------------------------------------------

Kahuna
 Breccia (1)
 (08KD-10)    2.95     15     14     11      7      2      0      1      54
----------------------------------------------------------------------------
Killiq(2)     29.9     76     49     27     13      9      1      1     176
----------------------------------------------------------------------------
(1) The three largest diamonds measured 2.14mm x 1.64mm x 1.1mm;
    1.12mm x 0.84mm x 0.36mm; 1.24mm x 0.78mm x 0.66mm
(2) The three largest diamonds measured 1.36mm x 1.1mm x 0.76mm;
    0.94mm x 0.76mm x 0.68mm; 0.84mm x 0.62mm x 0.54mm
The Kahuna Breccia kimberlite was discovered as a result of follow up drill testing of a gravity low located adjacent to the main Kahuna trend. Ground gravity was used evaluate and identify zones where the kimberlite dyke potentially increases in width or forms possible blows (see news release September 24, 2008). Drill hole 08KD-10 intersected intensely altered and brecciated granite over 52 metres downhole. A series of eight Type B kimberlite stringers (ranging from 1 cm to 15 cm wide) were encountered within the breccia zone and were selectively sampled to comprise a single 2.95 kg composite sample that was subsequently analysed using caustic fusion and returned a total of 54 diamonds (see table above). It is believed that this breccia zone could represent a more explosive kimberlite phase at Kahuna than has been typically observed in association with the other kimberlite dykes discovered on the property.

The Killiq kimberlite was identified as a result of structural interpretation in an area up ice of high interest G10 pyrope mineral chemistry proximal to the PST003 kimberlite (see news release September 24, 2008). Based on ground magnetics, Killiq is interpreted as a 1.1 km long, north-south trending kimberlite estimated to be approximately 0.75 width, similar to the PST003 kimberlite dyke located immediately up ice. 08RC-034 was drilled at azimuth 090 at a -60 degree dip and intersected kimberlite between 32.5-34.0m. 08RC-035 was drilled at azimuth 140 at a -60 degree dip and intersected kimberlite between 26.5-27.5m. The 29.9 kg composite sample is comprised of representative chip samples collected from the two kimberlite intercepts. Along this trend to the north is a large circular feature that could represent a possible blow where the Killiq dyke intersects a structural feature referred to as the "Star" structure.

Additional results are pending from the 2008 program that include microdiamond analyses from other drilling and prospecting discoveries, indicator mineral results from till samples and macrodiamond results from the Notch bulk sample.

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 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. The 2008 field program is under the supervision of Pamela Strand, P. Geol., a Qualified Person under NI 43-101, who has reviewed and approved the contents of this news release.

On behalf of the Board

SHEAR MINERALS LTD.

Pamela Strand, P. Geol., President
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