SRM Shear Diamonds Ltd.

Shear Diamonds Ltd. (TSX VENTURE:SRM) is pleased to announce that the Nunavut
Water Board ("NWB") issued a positive decision on the water license application
for the Jericho Diamond Mine. The NWB has recommended to the Minister of
Aboriginal Affairs Northern Development Canada (AANDC) that an eight year Type A
water license be issued to its wholly-owned subsidiary, Shear Diamonds (Nunavut)
Corp., covering the re-commissioning, operation and ultimate reclamation of the
Jericho Diamond project. The previous water license for the Jericho Diamond mine
was for a total of six years.


"NWB's positive decision to renew the license represents a significant milestone
for our company and for the communities of the Western Kitikmeot Region that
will directly benefit from the Jericho Diamond project," said Julie Lassonde,
CEO of Shear Diamonds Ltd. "The renewal of the Jericho Diamond mine water
license is a key component to Shear's evolution into the re-start of the Jericho
Diamond Mine."


The positive license decision is provided in conjunction with terms and
conditions, which Shear will be working cooperatively with all stakeholders to
fulfill. The NWB decision and recommendation has been sent to the AANDC Minister
for approval. Shear would like to make a special acknowledgement of the hard
work and efforts made by the Nunavut Water Board over the course of the renewal
process. 


"Shear could not have asked for a better note on which to end 2011. We look
forward to processing the recovery reject pile during the course of the first
nine months of 2012 and receiving the Minister's decision some time early in the
new year," comments CEO Julie Lassonde.


Today Shear also announces the appointment of Richard Belfer as Chief Financial
Officer. Previously Mr. Belfer was Shear's Acting CFO, and Shear is delighted to
have Mr. Belfer join as a member of the senior management team.


On behalf of the Board of SHEAR DIAMONDS LTD. 

Julie Lassonde, CEO & 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.

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