EDMONTON, ALBERTA--(Marketwire - March 29, 2011) - Shear Diamonds Ltd. (News - Market indicators) is pleased to announce the appointment of Mr. Gregory Rieveley to the Company's Board of Directors.

Mr. Rieveley is a finance executive with 12 years of experience in the mining, Diamond marketing and retail industries. He is currently the Chief Financial Officer of Noront Resources Ltd.; previously he held the position of Vice President, Internal Audit and Business Development at Harry Winston Diamond Corporation (formerly Aber Diamond Corporation), and prior to that he was the Controller for Dundee Precious Metals. Mr. Rieveley is a Chartered Accountant and has a Bachelor of Commerce degree from the University of British Columbia. Mr. Rieveley will be a member of the Shear's Audit Committee and Compensation Committee. The appointment of Mr. Rieveley follows the resignation of Dr. Keith Barron. Dr. Barron will continue his involvement with Shear through his appointment to the Advisory Board.

"We are pleased to welcome Mr. Rieveley to Shear's Board of Directors," says Julie Lassonde, Executive Chairman of Shear. "Mr. Rieveley's Diamond industry experience will be invaluable to Shear and we look forward to working with him as we advance the Jericho Diamond project. We would also like to take this opportunity to thank Dr. Barron for his 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.