SRM Shear Diamonds Ltd.

Shear Diamonds Ltd. (TSX VENTURE:SRM) ("Shear") is providing a processing and
operations update with respect to the high grade concentrate stockpiles at its
Jericho diamond mine:




--  Shear has been successfully in 24 hour operations since June 15, 2012. 
    
--  Since commencing 24 hour operations, Shear's average production rate has
    been in excess of 80 tonnes per day. 
    
--  Shear's average recovery grade for the period since May 17th, 2012 has
    been 10.9 carats per tonne, and recoveries since commencing 24 hour
    operations have been as good or better than from the prior production
    period. 
    
--  In light of these achievements, and in order to assist Shear in
    addressing its cash flow challenges, Tache Company NV ("Tache"), Shear's
    diamond marketing partner, have agreed to advance Shear an additional
    $550,000 over the course of the next few weeks. These advances are in
    the nature of prepayments for future production to be sold through
    Tache, and are conditional on Shear continuing its processing on an
    acceptable basis. 
    
--  Shear's next parcel of diamonds is due to be delivered to Tache in early
    July.



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.                            
                                                                            
                       Julie Lassonde, President & CEO

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