Shear Minerals Comments On Trading Activity

September 18, 2009
TSX Venture Trading Symbol SRM
CORPORATE NEWS RELEASE

Shear Minerals Ltd. (SRM:TSXV) (“Shear”) announces at the request of Market Surveillance on behalf of the TSX Venture Exchange that Shear wishes to comment on the recent trading in its shares. Shear is not aware of any specific circumstances that may be contributing to the recent increase in market price and the level of trading activity of its shares.About Shear Minerals:

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 Churchill Diamond Project from a conceptual idea to an expanding diamond district hosting 88 kimberlites in the Kivalliq region of Nunavut.

Shear’s main Churchill Diamond Project and Chesterfield Inlet Diamond Project is owned approximately 62.3% by Shear and 37.7% by Stornoway Diamond Corp. and is comprised of the diamond rights to more than 760,000 acres located near the communities of Rankin Inlet and Chesterfield Inlet in the Kivalliq region of Nunavut. At Churchill work is presently focused on continued exploration of new promising indicator mineral trains and geophysical anomalies as well as the evaluation of a system of significantly diamond-bearing, vertically-emplaced kimberlite dykes that have returned sample grades of up to 2.18 carats per tonne. The 2009 field program is under the supervision of Pamela Strand, P. Geol., a Qualified Person under NI 43- 101, who has reviewed and approved the contents of this news release.

On behalf of the Board
SHEAR MINERALS LTD.
/s/ “Pamela Strand”
Pamela Strand, P. Geol.
President

For further information, please contact the
Company at 780-435-0045 or 1-866-298-9695
www.shearminerals.com

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 the Company’s expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. Neither 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.