TORONTO, ONTARIO - Oct. 25, 2007 - David Bending, President and CEO of
Shoreham Resources Ltd. (TSX VENTURE:SMH), is pleased to announce that the Company has signed an agreement through which it may earn a 70% working interest in the 184 claim unit, 2944 hectare Matless Lake project from Confederat
ion Minerals Ltd. This group of mineral claims covers uranium, molybdenum and silver prospects of interest to the company in the Setting Net Lake Area of Ontario, in a mineralize
d trend which also includes the adjoining Bearhead Lake Uranium project currently held by Shoreham through its option agreement with RPT Uranium Corp. (TSX VENTURE:RP
T - News; News Release 2007-05, released March 27, 2007).
Under the terms of this agreement, which is subject to a net smelter royalty to an underlying vendor, the company can vest its 70% working interest in the subject lands through issuing 200,000 shares on exchange approval, completing $80,000 in cash payments between February 28, 2008 and February 28, 2010, and incurring a cumulative total of $800,000 in exploratio
n and project management expenditur
es prior to February 28, 2010. Shoreham has contracted an airborne EM/Mag/Rad
iometric Survey to provide base line data in preparatio
n for a winter drilling program which will concentrat
e on the Uranium Targets defined by historical
ly documented surveys and Shoreham's work in the region.
The objective of this project, in conjunctio
n with the adjoining Bearhead Lake Claims and nearby Favourable lake claims, is evaluation and developmen
t of the extensive Uranium targets documented along the Bearhead Lake Fault System.
Shoreham President and CEO, David Bending, stated, "We have been encouraged by our field work to date along the Bearhead Lake Fault Zone, and the Matless Lake Claims are an important addition to our strategy of exploratio
n for large tonnage metallic mineral deposits in this prospectiv
e trend.&quo
t;
For more informatio
n on the Company, Investors are urged to review the Company's registered public filings that are available at
www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibi
lity for the adequacy or accuracy of this news release.
Contact:David A. Bending
Shoreham Resources Ltd.
President & CEO
(416) 867-1101
(416) 867-1222 (FAX)
Email:
info@shoreham.caWebsite:
www.shorehamresources.com
