LANGLEY, CANADA, September 28, 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 issuing this News Release to highlight a revision to the terms of the Black Banana Property acquisition News Released October 8, 2008.
On August 12, 2009, Shoreham Resources and Frederick Obermuller executed a Definitive Property Option Agreement, whereby Shoreham Resources will acquire 100% of the Black Banana Property superseding and replacing the original Letter Agreement dated September 6, 2008. Exploration commitments remained unchanged, and security considerations are still not applicable. However, the cash consideration has increased from US $150,000 to $157,500 payable over 4 years, with this increase of US $7,500 coming in the first year. The additional cash consideration was paid to the Vendor as compensation for removing the perimeter provisions which existed in the Letter Agreement and defining the anniversary date of the Agreement as December 6th to coincide with the date of the termination of Shoreham's due diligence process contained in the Letter Agreement.
The removal of the perimeter provisions clause is of substantial importance to Shoreham as it overlapped part of our Guiana Shield, Reis & Yearwood and Five Star property acquisitions.
Mr. David Bending, M.Sc., P. Geo., President CEO and Chairman of the Board of Shoreham Resources Ltd. reports that, "To date, Shoreham has spent over US $220,000 exploring the Black Banana Property and is in the process of mobilizing field crews and equipment to undertake access and camp construction, further line cutting and systematic geochemical sampling and close spaced TRADO drilling of anomalies already identified on the contiguous Black Banana, Whana, Reis & Yearwood and Five Star properties."
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 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.
