Shear Diamonds Ltd. Auditor Raises 'Going Concern' Doubt

Shear Diamonds Ltd (Shear) is a Canada-based diamond exploration company focused on the evaluation of the Jericho Diamond Mine and nearby exploration assets. The Company is focused primarily in Nunavut but has additional properties in the Northwest Territories and other jurisdictions. The Jericho property includes a 100% interest in the mineral claims and leases comprising the Jericho Diamond Mine, as well as a 100% interest in the Carat property, a group of claims in the vicinity of the Jericho Diamond Mine. The Company holds a 100% interest in the Carat property, which encompasses 133,000 acres surrounding and contiguous to the Jericho Diamond Mine. On July 6, 2011, the Company announced the acquisition of 34 claims totaling 77,250 acres contiguous with the Carat Property surrounding the Jericho Diamond Mine. On May 5, 2011, the Company announced the commencement of its spring drilling program at the Jericho Diamond Mine.