Shoreham Resources Ltd. (TSX-V: "SMH"), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce further developments regarding bedrock gold targets identified in systematic sampling at its Potaro/Maple Creek Gold and Diamond Project in Guyana. Shoreham has the option to acquire 100% of Vanarde Mining Inc. and Vanessa Guyana Inc. (the owners of the Potaro/Maple Creek Project). The Potaro/Maple Creek Project consists of Mining Licenses and Prospecting permits encompassing a total area of approximately 40,000 acres in west central Guyana 25 km north of Iamgold's Eagle Mountain Project, 40 km west of the Omai Mine site, and 5 - 10 km west of the Mahdia Mining District. The location and geological setting of the licenses make these licenses high priority exploration lands but transported sand cover complicates exploration.
During late 2007 and early 2008 the Company undertook systematic soil, panned concentrate, rock and stream sediment sampling over the project lands, with emphasis on portions with relatively thin transported cover. Approximately 22% of the property has now been sampled and analyzed for gold. 2,901 samples have been taken consisting of 2,223 soil samples, 278 panned concentrates, 123 rock samples, and 277 stream sediment samples. The work identified seven significant gold anomalies, defined by these geochemical media, with gold responses ranging from detection limits to 77.85 grams per tonne. Four anomalies were investigate with deep Mechanized auger (TRADO) drill holes. The targets are described and illustrated in more detail on our website www.shoreham.ca or by clicking on this link http://www.shoreham.ca/property_potaro.php .
The most significant targets are the 7 km long Pepper Creek - Little Uewang Trend (gold in soil and panned concentrates coincident with a major NE trending structural break, with stronger responses at cross structures) and the 250 x 600 meter Queen of Diamonds NE target (soil and panned concentrate responses associated with a felsic intrusive body). The Maple Creek North Anomaly is clearly associated with a discrete magnetic response from a gabbro/norite intrusive. Reconciliation of the sampling results, field observations, magnetic data and inferred bedrock geology forms a sound basis for further work including more sophisticated geochemistry, ground geophysics, trenching and drilling.
Negotiations are underway with parties interested in farming into the Potaro/Maple Creek land claims. Shoreham is actively working through other significant evaluations and acquisitions in Guyana at this time.
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 cited in this news release. He reports that: "The results from our Maple Creek/Potaro program have provided sufficient encouragement to continue exploring the property for a bedrock/saprolite hosted gold deposit. This area is very prospective but effectively unexplored due to transported sand cover. The work reported herein is a breakthrough in defining significant exploration targets through the sands. The exploration team is particularly encouraged by the size and geological setting of the Pepper Creek-Little Uewang Trend. Detailed follow up work is planned for late 2009 and early 2010.
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 mkachanovsky@shoreham.ca or Pro-edge Consultants Inc., Tracy Weslosky, at 416-581-1717 or via email at tracy@pro-edge.com.
Neither the 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.
