SRM Shear Diamonds Ltd.

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 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, 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                      



FOR FURTHER INFORMATION PLEASE CONTACT: 
Shear Diamonds Ltd.
416-479-8728 or 1-866-298-9695
www.sheardiamonds.com

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