EDMONTON, Alberta - Shear Minerals Ltd. ("Shear") (SRM:TSXV) today announced that subject to final TSX Venture Exchange acceptance, it has closed a non-brokered private placement for gross proceeds of $1,004,566 with the sale of 4,650,000 units ("Units") at a price of $0.05 per Unit and 11,877,941 units ("FT Units") at a price of $0.065 per FT Unit.  Each Unit consisted of one common share of Shear ("Common Share") and one non-transferable share purchase warrant ("FT Warrant") entitling the holder to acquire one additional Common Share to be issued as a "flow-through share" at a price of $0.10 at any time within 12 months of issuance.  Each FT Unit consisted of one Common Share to be issued as a "flow through share" ("FT Share") and one-half of one non-transferable share purchase warrant ("Warrant").  Each whole Warrant entitles the holder to acquire an additional Common Share at a price of $0.12 at any time within 12 months of issuance.

The Units and FT Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation.  The proceeds from the sale of the FT Shares and the exercise (if any) of FT Warrants will be used to incur expenditures which qualify as Canadian Exploration Expenses primarily on Shear's Canadian diamond and gold projects.

In connection with the sale of an aggregate of 7,692,307 FT Units to the MineralFields Group, Shear paid Limited Market Dealer Inc. the sum of $35,000 and granted non-transferable share purchase warrants ("Finder's Warrants") to acquire 538,461 Common Shares and in connection with the sale of an aggregate of 300,000 Units, Shear paid an arm's length third party the sum of $1,050 and granted Finder's Warrants to acquire 21,000 Common Shares.  The cash payment represented 7% of the gross proceeds from the sale of such FT Units and Units and the Common Shares issuable upon exercise of the Finder's Warrants represented 7% of the number of FT Units and Units.  The Finder's Warrants are exercisable at a price of $0.10 per Common Share at anytime until December 31, 2010.

The Common Shares and FT Warrants comprising the Units, the FT Shares and Warrants comprising the FT Units, the Finder's Warrants and Common Shares issuable upon exercise of the Warrants and Finder's Warrants are subject to a restricted period which expires on May 1, 2010.

We are very pleased to be continuing our relationship with MineralFields Group", said Pamela Strand, President and CEO of Shear.  MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund that offers tax-advantaged super flow-through limited partnerships to investors in Canada as well as hard-dollar resource limited partnerships.

Shear is a Canadian-based exploration company focused on diamond exploration in the Canadian North, where it explores in established diamond districts and has discovered new ones.  Shear currently has a portfolio of eight diamond projects, seven of which are drill-ready.   Shear has advanced its flagship (62.3% ownership) Churchill Diamond Project from a conceptual idea to an expanding diamond district hosting 88 kimberlites in the Kivalliq region of Nunavut.

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 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

Neither the 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.