EDMONTON, ALBERTA--(Marketwire - April 5, 2011) - Shear Diamonds Ltd. (News - Market indicators) is pleased to announce the appointment of Mr. David Prince to the Company's Board of Directors. Mr. Prince is a well respected, experienced market strategist with over 40 years of experience in the investment industry.

Mr. Prince is the president and founder of the independent research firm Harbinger Capital Markets Inc. Started in August 2001, Harbinger provides strategic research to private equity clients, institutional investors, governments, hedge funds, and corporations. He has held various positions within the investment industry from Professional Floor Trader to Research Director. Mr. Prince was a partner and strategist at Gordon Capital Corporation for over twenty years, a top ranked Market Strategist at a Canadian bank, and was featured many times on ROBTv (now BNN). In the 1980's, while at Gordon Capital, he was a member of the TSE Index Committee where he initiated the development of the Toronto 35 Index, the first Exchange Traded Fund in the world, which commenced trading in May 1987. Between 1996 and 1998, he served as the Chairman of the TSE Index Committee which was responsible for the makeup and inclusion of all TSX indices. Mr. Prince is a frequent guest lecturer to fourth year finance students at York University. The appointment of Mr. Prince follows the resignation of Ms. Tanuja De Silva Skerlec. Ms. De Silva Skerlec will continue her involvement with Shear through her appointment to the Advisory Board.

"Mr. Prince is a highly regarded market strategist and we welcome him to Shear's Board of Directors," says Julie Lassonde, Executive Chairman of Shear. "Mr. Prince's insights into the capital markets will be a valuable resource for Shear as we advance the Jericho Diamond project. We would also like to take this opportunity to thank Ms. De Silva Skerlec for her time and contributions to Shear."

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 recently acquired Jericho Diamond Mine and surrounding exploration assets, located in the Kitikmeot region of Nunavut.

On behalf of the Board of
SHEAR DIAMONDS LTD.

Pamela Strand, P. Geol., President & CEO
Julie Lassonde, Executive Chairman

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 Shear's expectations are in its 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. Shear disclaims any intention or obligation to revise or update such statements.