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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: Digger who wrote (18486)	4/21/1999 9:17:00 AM
From: Gord Bolton	Respond to of 26850

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: SHEAR MINERALS LTD. ASE SYMBOL: SRM APRIL 21, 1999 Shear Minerals Ltd. Acquires Interest in Nicholas Bay Kimberlite, Northwest Territories EDMONTON, ALBERTA--Shear Minerals Ltd. (Alberta Stock Exchange: SRM) is pleased to announce the acquisition of a 50 percent interest in the Alymer Lake West Property ("Property") from ADEX Mining Corp ("ADEX"). The property consists of 7 mineral claims (18,077 acres) which host the Nicholas Lake Kimberlite. This kimberlite was discovered jointly in 1994 by SouthernEra Resources Ltd/ Winspear Resources and ADEX. Past diamond recovery results returned 213 diamonds from 350 kg of drill core (209 microdiamonds <0.5mm in the longest dimension and 4 macrodiamonds >0.5mm in the largest dimension). The remaining 50 percent interest is held by Winspear Resources Inc. The Property is located 360km northeast of Yellowknife and 90 km southeast of the Ekati Diamond Mine. The property adjoins the Intertech Minerals Corp./Kennecott Canada Afridi Lake Property where the Jordan Kimberlite was recently discovered and the testing of 30 airborne geophysical targets is underway. Other active diamond programs in the area include Pinewood Resources Ltd. and Pure Gold/Diavik Diamond Mines/Aber. Prior airborne geophysical survey data on the Property indicate that many potential kimberlite targets remain to be tested. Shear will be reviewing and re-interpreting all prior exploration data on the Property. An aggressive 1999 exploration program is planned in light of prior results and based on the success of bordering exploration programs. Shear is fortunate to have acquired this advanced property which is located in an area of renewed diamond activity and successes and looks forward to future discoveries. This acquisition allows Shear to focus as a Canadian exploration company committed to diamond exploration in the NWT and Alberta. Shear is also encouraged by the results to date on their Coronation Diamond Property in the northeast Slave Province as well as their Alberta Properties where a summer program is currently being outlined. Under the terms of the Agreement ADEX will transfer its 50 percent interest in the Property in return for 200,000 shares of Shear. The transaction with ADEX is subject to regulatory approval. The Corporation also announces the resignation of Michael B. Dufresne from the Board of Directors in order to focus on his consulting commitments. The Board wishes to thank Mr. Dufresne for his past effort and dedication and we look forward to a continued relationship with Mr. Dufresne as technical consultant. Shear will be applying to the ASE to amend the exercise price of the options previously granted to certain directors and officers to acquire an aggregate of 600,000 common shares from $0.225 to $0.10 per share. The options will expire on December 11, 2002. -30-