Shear Announces Resignation of CFO and Directors
TORONTO, ONTARIO, Nov 15, 2012 (Menafn - MARKETWIRE via COMTEX) --Shear Diamonds Ltd. ("Shear") is announcing theresignation of its CFO and two of its directors.
Due to other significant time commitments both Pamela Strand andDavid Prince have resigned from the board of directors of ShearDiamonds.
Greg Powell, CFO has also resigned.
Shear's management and directors thank Mr Prince and Ms Strand fortheir efforts and guidance during their tenure as Shear directors.Shear also wishes to thank Mr Powell for his considerable effortswhilst with Shear.
On September 4, 2012 Shear announced that it had suspended productionof its high grade stockpiles at its 100% owned Jericho diamond mineas a result of continuing weak world diamond prices.
Shear continues its efforts to enter into a transaction (whetherfinancing, joint venture, sale or otherwise) that will either allowShear to advance its Jericho project or to otherwise realize valuefor Shear's stakeholders.
As previously stated, in order to protect its interests and preserveits priority as Shear's lender, Tache has given notice to Shear ofShear's default of certain terms of the credit agreement between theparties and provided notice of intention to enforce security.
At this time, diamond and financial market conditions continue tomake it difficult for Shear to secure a financing or othertransaction. There can therefore be no assurance that an appropriatetransaction will be found.
About Shear Diamonds Ltd.
Shear is a Canadian-based company focused on diamond exploration anddevelopment in Canada's North, where it explores established diamonddistricts and has discovered new ones. Shear currently has aportfolio of eight diamond projects, including three advancedprojects with development potential. Shear holds a 100% interest inits 2010 acquired Jericho Diamond Mine and surrounding explorationassets, located in the Kitikmeot region of Nunavut.
On behalf of the Board of
SHEAR DIAMONDS LTD.
Julie Lassonde, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Shear Diamonds Ltd.
416-479-8728 or 1-866-298-9695
SOURCE: Shear Diamonds Ltd.
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