LANGLEY, BRITISH COLUMBIA--(May 20, 2009) - Shoreham Resources Ltd. (TSX VENTURE: SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce that the Company has vested its interest in and exercised its option to acquire a 60% undivided interest in Gold Canyon's Favourable Lake property. Shoreham and Gold Canyon originally signed an agreement in December 2005 whereby Shoreham could earn a 60% interest in the 428 claim unit, 6,928 hectare Favourable Lake property (subject to a 1% NSR) from Gold Canyon through a series of cash payments of $50,000, stock payments which totaled 1 million shares and by spending a minimum of $1,000,000 in exploration expenditures on the property. This group of mineral claims covers uranium, molybdenum and silver prospects of interest to the company in the Setting Net Lake Area of Ontario.
The Companies have now signed a Joint Venture Agreement dated April 20, 2009 which defines the respective interests, rights and obligations of each Company. Shoreham will continue to operate the Project subject to the overview of a three member management committee. Over the past few years, Shoreham has conducted airborne surveys, surface exploration, mapping, sampling and trenching on the property and recently completed a Titan 24 deep penetration geophysical survey. Shoreham is planning on undertaking a minimum of 1,500 meters of diamond drilling on the property in 2009 following formalization of access protocols with local First Nations.
David Bending, M.Sc., P. Geo., President and CEO of Shoreham Resources Ltd., is a Qualified Person as defined in National Policy 43-101 ("NI 43-101"), and is responsible for all technical information contained in this news release. Bending reports that; "We have been encouraged by our field work to date and are looking forward to a good field season which will include drill testing the known mineralization on the property along with many other targets recently identified in our Titan 24 survey."
For further information please visit our website at www.shoreham.ca or contact our President and CEO Mr. David A. Bending at 604-533-9288. You may also go to www.agoracom.com where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca or Pro-edge Consultants Inc., Tracy Weslosky, at 1-416-581-1717 or via email at tracy@proedge.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
