Funds Managed by Libra Advisors, LLC Acquire Shares of Shear Diamonds Ltd. for Investment Purposes

TORONTO, March 14, 2012 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") have acquired a total of 2,646,160 common shares of Shear Diamonds Ltd. ("Shear") on February 14, 2012 at a price of $0.295 per share representing approximately 5.76% of the total common shares of Shear.

As a result of this acquisition and together with securities previously held by the Funds, the Funds now own 4,326,930 common shares representing approximately 9.43% of the total issued and outstanding common shares of Shear and 3,076,930 warrants of Shear that, if exercised, together represent approximately 15.12% of the total outstanding common shares of Shear.

The Funds acquired the shares for investment purposes and may, from time to time, acquire additional securities of Shear or dispose of such securities as they may deem appropriate.

Libra is the investment advisor to the Funds and maintains its principal office at 777 Third Avenue, 27^th Floor, New York, NY 10017.

Mr. Ranjan Tandon, Managing Member, at [phone].