LANGLEY, CANADA, January 5, 2010 - 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 Guiana Shield properties acquisition news released April 6, 2009 and May 28, 2009.
On August 15, 2009, Shoreham Resources and Guiana Shield Resources Inc. executed a definitive property option agreement whereby Shoreham Resources will acquire 100% of the Guiana Shield PGM and Gold Properties Portfolio superseding and replacing the original letter agreement dated March 5, 2009. The portfolio consists of 4 groups of Large Scale Property Areas, together consisting of 13 prospecting licenses and 12 prospecting permits in Guyana.
Exploration commitments, security considerations, and cash considerations remained unchanged. However, the minimum and maximum cash provisions relating to the gold supplement have been removed. The gold supplement is directly related to the issuance of a mining license to any one property area and will be based on the submission of a feasibility study to the Guyana Geology and Mines Commission.
Pursuant to the definitive option agreement, Additional Prospecting Licenses clause, the Company has received approval for the issuance of an additional 4 Prospecting Licenses. The additional Prospecting Licenses relate to properties contiguous with the existing Guiana Shield properties and shall be included, and shall form part of the existing property areas.
Mr. David Bending, M.Sc., P. Geo., President CEO and Chairman of the Board of Shoreham Resources Ltd. reports: "The Guiana Shield Properties are important for Shoreham's plans for growth and discovery in Guyana and this announcement serves to clarify details of that transaction for the record. With funding from Mulgravian Ventures Corp. we have commenced field work and drill planning. We are looking forward to a great program this year."
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.
