Canadian Shield Resources Inc.
TSX VENTURE : CSP

Canadian Shield Resources Inc.

October 15, 2007 17:35 ET

Canadian Shield Clarifies Technical Disclosure on Trol Gold Property

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - Canadian Shield Resources Inc. (TSX VENTURE:CSP) ("Canadian Shield" or the "Company") reports that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following press release to clarify its previous disclosure.

Canadian Shield provided historical estimates for the Trol Gold Property in its news releases of January 19 and March 31, 2007 and in the Company's March 31, 2007 Management Discussion and Analysis contrary to National Instrument 43-101 Standards of Disclosure for Mineral Properties (NI 43-101) because the Company failed to disclose the information required under section 2.4 and 3.4 and the cautionary statements under section 4.2(2) of NI 43-101.

The Company disclosed that:

From 1984 to 1994, the combined exploration expenditure on the Trol gold property was US$2.5 million including nearly 7,000 meters of drilling defining a resource estimated at 180,000 ounces gold at 0.7 g/t Au. This historical estimate has not been verified by an independent "qualified person" and should not be relied upon.

Starting in 1986, a joint venture between Shell Minerals (Chile) & Amax Chile, drilled approximately 830 meters which returned intercepts of 8m of 2.5 g/t gold and 12m of 1.53 g/t gold, 2m of 10.22 g/t gold and 6m of 1.06 g/t gold. The property was optioned to Minera Cominco Resources Chile Ltda ("Cominco") in 1991 which completed 602m of reverse circulation drilling and returned intercepts of 106m of 0.99 g/t gold, 23m of 1.4 g/t gold and 1m of 1.25 g/t gold. From the drilling up to 1991, Cominco calculated a geologic resource of 6.25 Mt of 0.72 g/t gold. This historical estimate has not been verified by an independent "qualified person" and should not be relied upon.

In 1993, Pegasus Gold optioned the property and spent US$1.47 million in exploration over two years, completing 46 holes totaling 5,509 meters. Drilling and resource estimations by previous workers clearly show a stratabound nature to the mineralization. Economically important gold values are hosted exclusively in the quartz-sericite-graphite schist which directly overlies a mafic volcanic unit and underlies a graphite free quartz-sericite schist unit. Low angle structures were also identified as playing an important role in localizing mineralization.

This historical estimate has not been verified by an independent "qualified person" and should not be relied upon.

The source for the foregoing historical information is a private report dated April 15, 1992 prepared by John Davidson for Minera Cominco Resources Chile Ltda, titled "Llipe Project Final Report, Summer 1992 Campaign and Exploration Possibilities for Stratiform Gold in the Metamorphic Basement of Southern Chile Coastal Belt".

No independent assessment prepared by a "qualified person" has been carried out to determine whether there is a resource conforming to NI 43-101 which may be potentially economic. The estimates of size and grade constitute an exploration target that is conceptual in nature and are based on the interpretation of historical exploration data. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. A "qualified person" has not done sufficient work to classify the historical estimate relating to the Trol Gold Property as current mineral resources or mineral reserves. Canadian Shield is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101. The historical estimate relating to the Trol Gold Property should not be relied upon.

Investors are invited to visit the Canadian Shield IR Hub at www.agoracom.com/IR/CanadianShield where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to CSP@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

About Canadian Shield Resources Inc.

Canadian Shield is a mineral exploration company building shareholder value through the acquisition of major scale, base and precious metal projects in prolific and established mineral provinces in South America. Efforts are primarily focused on Peru, a very prospective region ranking highly in the world's production of gold (5th), silver (1st), copper (3rd), zinc (3rd) and tin (2nd). The Company controls nine base and/or precious metals projects, eight in Peru and one gold project in Chile through acquisitions by its 100% owned Peruvian subsidiary Compania Minera Canadian Shield Peru S.A.C. including the 90% acquisitions of Gallant Minerals Peru Ltd. S.A. in September 2004 and Anderson Peru Mining & Exploration S.A.C. in April 2007. Canadian Shield is focused on project generation and joint venture opportunities to provide shareholders with interests in a broad portfolio of South American mineral properties. The Company's shares are listed on the TSX Venture Exchange (TSX VENTURE:CSP)

STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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