LANGLEY, CANADA, September 22, 2009 - Shoreham Resources Ltd. (the "Company" or "Shoreham") (TSX-V: "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 received approval for the issuance of the three (3) Masawaki Prospecting Licenses ("PL") in the Northwest District of Guyana. The Masawaki Project Area is part of the Guiana Shield Option, granting Shoreham the right to acquire 100% of four (4) Project Areas, composed of a total of 17 Prospecting License areas, through a series of cash and share payments and exploration milestones (refer to News Release 2009-12 dated April 6, 2009 and News Release 2009-24 dated May 24, 2009). The Masawaki PL areas cover gold, platinum and palladium geochemical targets originally identified during regional surveys by Golden Star Resources and further defined by a limited program of soil geochemical sampling by Valgold Resources in 2007. This Project area is included in the previously announced agreement granting Mulgravian Ventures the right to earn a 51% working interest in the lands in the Guiana Shield Resources Option by investing CDN $2.1 million in Shoreham Resources Ltd. by purchasing shares of the Company in four (4) stages and providing US $5,000,000 in funds for use in the evaluation and development of the properties.
Valgold had 1140 soil samples and 29 rock samples taken from the Masawaki property in 2007 analyzed at Acme Analytical Laboratories Ltd. using Aqua Regia digestion and ICP-MS techniques.
Gold values in soils ranged from lower detection limits to a high of 952.6 parts per billion.
Platinum values in soils ranged from lower detection limits to a high of 51 parts per billion.
Palladium values in soils ranged from lower detection limits to a high of 521 parts per billion.
Chromium values in soils ranged from 3.1 to a high of 2,063 parts per million.
Mr. Hilbert Shields, President of Guiana Shield Resources Inc., a Guyana company and the vendor of the properties, successfully negotiated the expansion of the Masawaki PL areas from an originally approved area of 4,509 acres covering about 50% of the defined PGM Gold target to the currently approved area of about 35,000 acres covering the interpreted extent of the prospective layered intrusive complex.
Mr. 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. Mr. Bending reports: "We are encouraged by the reported gold, platinum and palladium values in the Masawaki targets and are preparing for a significant sequenced evaluation program. We consider this to be the most significant PGM target in the region, with strongly anomalous values in laterally extensive zones in a deeply weathered soil profile. While our first field program in the Guiana Shield package will be in the Whana Project area, we have strong expectations for the Masawaki Licenses."
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. Additional details concerning the company's projects and plans are accessible at www.agoracom.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.
