Shear Diamonds Ltd. (TSX VENTURE:SRM) is pleased to announce that the Nunavut Water Board (“NWB”) issued a positive decision on the water license application for the Jericho Diamond Mine. The NWB has recommended to the Minister of Aboriginal Affairs Northern Development Canada (AANDC) that an eight year Type A water license be issued to its wholly-owned subsidiary, Shear Diamonds (Nunavut) Corp., covering the re-commissioning, operation and ultimate reclamation of the Jericho Diamond project. The previous water license for the Jericho Diamond mine was for a total of six years.
“NWB’s positive decision to renew the license represents a significant milestone for our company and for the communities of the Western Kitikmeot Region that will directly benefit from the Jericho Diamond project,” said Julie Lassonde, CEO of Shear Diamonds Ltd. ”The renewal of the Jericho Diamond mine water license is a key component to Shear’s evolution into the re-start of the Jericho Diamond Mine.”
The positive license decision is provided in conjunction with terms and conditions, which Shear will be working cooperatively with all stakeholders to fulfill. The NWB decision and recommendation has been sent to the AANDC Minister for approval. Shear would like to make a special acknowledgement of the hard work and efforts made by the Nunavut Water Board over the course of the renewal process.
“Shear could not have asked for a better note on which to end 2011. We look forward to processing the recovery reject pile during the course of the first nine months of 2012 and receiving the Minister’s decision some time early in the new year,” comments CEO Julie Lassonde.
Today Shear also announces the appointment of Richard Belfer as Chief Financial Officer. Previously Mr. Belfer was Shear’s Acting CFO, and Shear is delighted to have Mr. Belfer join as a member of th e senior management team.
