Shear Announces Resignation of CFO and Directors

Shear Announces Resignation of CFO and Directors 
TORONTO, ONTARIO -- (Marketwire) -- 11/15/12 -- Shear Diamonds Ltd.
(TSX VENTURE:SRM) ("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
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, Tache 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
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