DIY IC: What do do with shield?

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I'd like to make some interconnects with neglex quad microphone cable. This has two twisted pairs and a shield. Should I use the two twisted pairs only, one for signal, the other for ground with shield disconnected on both ends? I have seen someone tie the shield on the source end (ie CD player) to the ground twisted pair and leave the other end unconnected. Another alternative is to use both twisted pairs for the signal and the shield for the ground. Which is best?
 
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