TSX
Venture Trading Symbol SRM
CORPORATE NEWS RELEASE
Ground Program
Underway
March 26, 2008
Shear Minerals Ltd. (TSXV:SRM),
International Samuel Exploration Corp. (TSXV:SAZ), New World Resource Corp. (TSXV:NW),
and Mantle Resources Inc. (TSXV:MTS) today announced the commencement of the
2008 exploration program at the Afridi Lake Diamond Project (“the Afridi
Project”), Northwest Territories. A minimum of 15 high priority
geophysical targets will be drill tested.
An eleven person crew has been
mobilized to the field with ground magnetic and gravity geophysical surveys
underway. Radius Drilling Corp. of Prince
George, BC has been
retained to complete the drilling and Quadra Surveys of Barriere, BC will complete
all the ground gravity surveys. All government land-use and industry road use
permits are in place in anticipation of the upcoming drilling program. All
operations are based out of Peregrine Diamonds DO-27 camp located 15km west of
the Afridi Project. It is anticipated drilling will commence in April with a
budget of $1.2 Million.
“The airborne and ground
gravity surveys that were completed in 2007 were a huge success,” says Shear
President and CEO Pamela Strand. “These methods clearly defined the known
kimberlites as well as outlined a number of potential new targets that will be
drill tested in the coming month.”
In 2007 a high resolution airborne
gravity gradient survey was flown by Bell Geospace of Houston, Texas. It was
proven that the density contrast between the surrounding rock and the known
kimberlites was great enough to register an interpretable gravity gradient
anomaly of two hectares or larger. A review of the geophysical data by
independent consultant Christopher Campbell of Intrepid Geophysics, Vancouver, BC
identified more than 25 targets characterized by land based isolated gravity
low targets suggestive of kimberlite.
The Afridi Project is comprised of
56,000 acres of claims and mineral leases within the Lac de Gras Diamond
District located 320 km northeast of the City of Yellowknife, NWT. The Afridi Project adjoins both
the DIAVIK Diamond Mine and the WO claims which host the DO-27 kimberlite. The
Afridi Project is host to five known diamond bearing kimberlites and there are
more than 40 known kimberlites within 40 kilometers of the Project. Shear
Minerals Ltd. holds a 58.2% interest in the Afridi Project and is the operator.
International Samuel has a 25.4% interest and New World Resource and Mantle
Resources each hold 8.2%.
This
news release may contain forward looking statements, being statements which are
not historical facts, including, without limitation, statements regarding
potential mineralization, exploration results, resource or reserve estimates,
anticipated production or results, sales, revenues, costs,
"best-efforts" financings or discussions of future plans and
objectives. There can be no assurance that such statements will prove
accurate. Such statements are necessarily based upon a number of estimates and
assumptions that are subject to numerous risks and uncertainties that could
cause actual results and future events to differ materially from those
anticipated or projected. Important factors that could cause actual results to
differ materially from either of the Companies’ expectations are in
Company documents filed from time to time with the TSX or the TSX Venture
Exchange and provincial securities regulators, most of which are available at www.sedar.com.
The Companies disclaim any intention or obligation to revise or update such
statements. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.