Funds Managed by Libra Advisors, LLC Acquire Units of Shear Minerals Ltd. for
Investment Purposes

TORONTO, Aug. 30 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 30,769,300 Units of Shear Minerals Ltd. ("Shear") at a price of $0.065 per unit.  Each unit is comprised of one common share and one common share purchase warrant.  Each warrant entitles the holder to purchase one common share in the capital of Shear at a price of $0.075 for a period of 48 months following the date of issuance.

As a result of the acquisition, the Funds now hold 30,769,300 common shares representing approximately 7.3% of the outstanding common shares of Shear, and 30,769,300 warrants of Shear that, if exercised, would result in the Funds' holding approximately 13.6% of the outstanding common shares of Shear.

The Funds acquired the common shares and warrants 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 Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29^th Floor, New York, NY 10022.

For further information:

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