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Shear Announces Resignation of CFO and Directors
Published : November 15, 2012
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Keywords :   Canada | Diamond | Market | Market Conditions |

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2012) - Shear Diamonds Ltd. (News - Market indicators) ("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, Taché 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that 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
www.sheardiamonds.com
Companies Mentionned : Shear Diamonds |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Shear Diamonds Ltd

EXPLORATION STAGE
CODE : SRM.V
ISIN : CA8209792016
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Shear Diamonds is an exploration diamonds company based in Canada.

Shear Diamonds holds various exploration projects in Canada and in Philippines.

Its main exploration properties are CHURCHILL, MIMINISKA LAKE, CANOE LAKE, EDSON, JERICHO MINE, AFRIDI LAKE, AYLMER LAKE and AYLMER LAKE WEST in Canada.

Shear Diamonds is listed in Canada. Its market capitalisation is CA$ 2.4 millions as of today (US$ 2.2 millions, € 1.6 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 1.70, and its lowest recent point on November 02, 2012 at CA$ 0.04.

Shear Diamonds has 53 329 000 shares outstanding.

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Financings of Shear Diamonds Ltd
8/27/2010Announces Closing of $13.1 Million Private Placement Offerin...
8/10/2010Announces Pricing and Terms for its Private Placement Offeri...
12/14/2009Announces Private Placement
1/2/2009Closes Additional $500,000 Private Placement
12/19/2008Closes $1.18 Million Private Placement
12/11/2008Announces Private Placement Offering
12/1/2008News Release - Application to Extend Term of Warrants
12/1/2008News Release - Application to Extend Term of Warrants
7/22/2008Announces Private Placement Offering
12/20/2007 Closes Private Placement
5/16/2007Announces Brokered Private Placement
Option Grants of Shear Diamonds Ltd
4/25/2008 Announces Grant of Options
Nominations of Shear Diamonds Ltd
11/15/2012Announces Resignation of CFO and Directors
3/29/2011Announces Appointment of Gregory Rieveley to Board of Direct...
Project news of Shear Diamonds Ltd
2/8/2011(Jericho Mine)Reports Diamond Content Range Up To 11.3 cpt From Recovery R...
8/12/2010(Churchill)Files NI 43-101 on SEDAR in respect of the Jericho Diamond P...
9/24/2008(Churchill)discovers nine new kimberlites at the Churchill Diamond Proj...
9/15/2008(Churchill)ANNOUNCES NEW KILLIQ KIMBERLITE AT CHURCHILL DIAMOND PROJECT...
7/2/2008(Churchill)announces 2008 program underway at the Churchill Diamond Pro...
6/27/2008(Churchill)REPORTS ADDITIONAL HIGH INTEREST MINERAL DISPERSIONS AT CHUR...
5/14/2008(Afridi Lake)ANNOUNCES COMPLETION OF SPRING AFRIDI LAKE EXPLORATION DRILL...
3/26/2008(Afridi Lake) ANNOUNCES 2008 AFRIDI LAKE DRILL PROGRAM
1/31/2008(Churchill) REPORTS HIGH DIAMOND COUNTS FROM FOUR KIMBERLITES DISCOVERE...
5/17/2007(Afridi Lake)Announces Exploration Plans for Afridi Lake Diamond Property
Corporate news of Shear Diamonds Ltd
5/5/2011Commences Drilling at Jericho Diamond Project in Nunavut and...
4/26/2011featured in the Toronto Star April 25, 2011
12/23/2010Announces Name Change, Consolidation and New Transfer Agent
11/26/2010AGM November 23, 2010
5/10/2010Press Release - May 2010
3/17/2010Finalizes agreement with Rio Tinto report on fall fieldwork ...
1/15/2010Commences drilling at Liege Diamond Project, Alberta
1/12/2010Invite to Investing in Nunavut Reception - January 17, 2009
10/14/2009From Shear Minerals Ltd.
9/18/2009COMMENTS ON TRADING ACTIVITY
8/10/2009AND STORNOWAY OPTION CHESTERFIELD INLET CLAIMS, NUNAVUT
1/23/2009Featured on 'Innovations in the North'
7/17/2008Announces Road Accessible Drill Ready Targets
7/7/2008Announces Earn into Alberta Potash Permits
1/25/2008To the Life & Memory of BRIAN ELKOW
3/15/2007 Recipient of Environmental Award
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