Shear Announces Resignation of CFO and Directors
TORONTO, ONTARIO, Nov 15, 2012 (Menafn - Marketwire via COMTEX) --Shear Diamonds Ltd. ("Shear") is announcing the resignation of its CFO and two of its directors.
Due to other significant time commitments both Pamela Strand and David Prince have resigned from the board of directors of Shear Diamonds.
Greg Powell, CFO has also resigned.
Shear's management and directors thank Mr Prince and Ms Strand for their efforts and guidance during their tenure as Shear directors. Shear also wishes to thank Mr Powell for his considerable efforts whilst with Shear.
On September 4, 2012 Shear announced that it had suspended production of its high grade stockpiles at its 100% owned Jericho diamond mine as a result of continuing weak world diamond prices.
Shear continues its efforts to enter into a transaction (whether financing, joint venture, sale or otherwise) that will either allow Shear to advance its Jericho project or to otherwise realize value for Shear's stakeholders.
As previously stated, in order to protect its interests and preserve its priority as Shear's lender, Tache has given notice to Shear of Shear's default of certain terms of the credit agreement between the parties and provided notice of intention to enforce security.
At this time, diamond and financial market conditions continue to make it difficult for Shear to secure a financing or other transaction. There can therefore be no assurance that an appropriate transaction will be found.
About Shear Diamonds Ltd.
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 2010 acquired Jericho Diamond Mine and surrounding exploration assets, located in the Kitikmeot region of Nunavut.
On behalf of the Board of
SHEAR DIAMONDS LTD.
Julie Lassonde, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Shear Diamonds Ltd. 416-479-8728 or 1-866-298-9695 www.sheardiamonds.com
SOURCE: Shear Diamonds Ltd.
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