Shoreham Resources Ltd. (TSX VENTURE: SMH) ("Shoreham"), a Canadian based exploration company focused on exploration and development of precious metal and polymetallic deposits in South America and Canada, is pleased to announce the completion of its fall 2007 surface exploration program in the Marudi Mountain Project area of Guyana. Shoreham holds the option to earn a 75% interest in the Marudi Mountain project area through its agreement with Vannessa Ventures Ltd. (TSX VENTURE: VVV).
The Company has conducted an internal review of the interim consolidated unaudited financial statement for the period ended July 31, 2007 and it was determined that an amendment of this previously filed financial statement and Management's Discussion & Analysis for the 1st quarter ended July 31, 2007 was appropriate. The financial items being amended are as follows:
1. The stock-based compensation expense was increased to $122,597 from
$Nil, thereby increasing the reported loss for the period to $177,999 from
$55,402 and increasing the loss per share to $0.01 from $0.00 previously
reported;
Previous Restated 2006
--------------------------------
Stock-based compensation expense - $122,597 -
Net Loss $55,402 $177,999 $43,505
Loss Per Share $0.00 $0.01 $0.01
2. A revaluation of warrants in accordance with the Black-Scholes option
pricing model resulted in an increase of the value assigned to warrants
from $441,100 to $1,003,123 with a reciprocal decrease to share capital in
the amount of $562,023.
These interim financial statements and related notes for the first quarter ended July 31, 2007 have been amended to reflect these changes.
About Shoreham Resources Ltd.
Shoreham Resources Ltd. is a Canadian based exploration company currently focused on exploration and development of precious metals and polymetallic deposits in South America and Canada. The Canadian projects cover 105 Ontario mineral claims in and around the Red Lake Mining District of northwestern part of the province including three advanced projects and many smaller or less advanced targets with important values in silver, molybdenum, gold and uranium. In Guyana Shoreham holds significant exploration land positions in the regions of Marudi Mountain and the Potaro River. The projects include the Marudi Mountain/Mazoa gold targets and the Maple Creek Diamond/Gold Property.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts: Shoreham Resources Ltd. David A. Bending, P. Geo. President and CEO (416) 867-1101 (416) 867-1222 (FAX) Email: info@shoreham.ca Website: www.shoreham.ca
SOURCE: Shoreham Resources Ltd.
mailto:info@shoreham.ca http://www.shoreham.ca
