Shear Diamonds Ltd. (TSX VENTURE:SRM) is pleased to announce that further to our
press release dated December 22, 2011, the final approval for an eight year Type
A water license has been received from the Minister of Aboriginal Affairs and
Northern Development for the Jericho Diamond Mine. The Jericho Mine's previous
water license was for six years, and it is Shear's understanding that the
granting of this eight year water license is the longest in Nunavut's history.


"The news of the Minister's final approval is instrumental in Shear's next
steps. The granting of the Type A water license allows us to continue towards
our path to full commercial production at the Jericho Mine. Being granted the
longest water license in Nunavut's history is a true reflection of the hard work
and dedication Shear's team has given towards this project over the last 18
months" comments CEO Julie Lassonde.


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 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, CEO & Executive Chairman

Pamela Strand, P. Geol., President
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