Shear Minerals Ltd. (SRM:TSXV), Northern Empire Minerals Ltd. (NEM:TSXV) and BHP Billiton today announced that two additional kimberlite pipes, Tuvaaq-2 and Tuktu-1, have been discovered on the Churchill Diamond Project located near the community of Rankin Inlet, Nunavut. This brings the total number of kimberlite pipes discovered on the project to nine and expands the discovery area to 30km east-west by 15km north-south.

The two new pipes are located approximately 10km and 30km northeast of the previously discovered Kalluk kimberlites. This confirms that kimberlite pipes are present over a 110,000 acre area on the project. The current drilling program will test targets located outside the expanded discovery area in an effort to establish an even greater spatial distribution of kimberlite pipes on the project.

The Tuvaaq-1 kimberlite, reported in the previous news release (July 2, 2003) is located 10km northeast of the Kalluk pipes. The vertical hole (CD-010) was drilled to a depth of 109m and was terminated in kimberlite after a 94m intersection.

The eighth kimberlite, Tuvaaq-2, is proximal to Tuvaaq-1 and is characterized by a roughly circular magnetic high anomaly about 150m in diameter. Two holes were drilled into Tuvaaq-2. The first, a vertical hole (CD-011), was drilled to a depth of 42m and intersected 23m of kimberlite. A second hole (CD-012) was drilled at a 45 degree angle across the geophysical anomaly and intersected 52m of kimberlite. This hole was terminated in kimberlite at a depth of 68m.

The ninth kimberlite, Tuktu-1, is located 30km from the Kalluk pipes. The target is a two lobed magnetic low anomaly with approximate dimensions of 150m x 200m. Vertical drill hole CD-013 intersected kimberlite after 13m of overburden and remains in kimberlite.

Ongoing ground geophysical surveying has identified 11 additional priority drill targets. At one target, kimberlite float has been discovered and a sample collected. Shear has recommended expanding the current drill program to include the testing of these additional targets.

Finally, an airborne magnetic geophysical survey has been initiated to cover areas on the project that have not been previously flown. Targets identified in the airborne data will befollowed up with a combination of prospecting, heavy mineral sampling and ground geophysics during the 2003 field season.

The Churchill Diamond Project, totaling more than 1.5 million acres, is located in Kivalliq region of Nunavut. In the past year, the joint venture has advanced the project to the discovery stage by conducting a comprehensive exploration program that included kimberlite indicator mineral sampling, prospecting and geophysics. In January 2003, the partners approved a budget of $2.5 million program that includes additional land acquisition, airborne and ground geophysical surveys, heavy minerals sampling, prospecting and drilling.

The 2003 field program is under the supervision of Dean Besserer, P. Geol. of APEX Geoscience Ltd., a Qualified Person under NI 43-101. Mr. Besserer is responsible for all aspects of the projects supervision including Quality Assurance, Quality Control, and sample Chain of Custody.

Shear has a 51% interest and is operator on the Churchill Diamond Project. Northern Empire and BHP Billiton have 35% and 14% interests respectively.

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