Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

November 17, 2011 09:30 ET

Golden Share Completes First Phase of Drilling at Pistol Lake and Mobilizes Second Drill in Shebandowan Belt

MONTREAL, QUEBEC--(Marketwire - Nov. 17, 2011) -

Editors Note: There is a map associated with this press release.

Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to provide an update on its Shebandowan Gold Project ("SGP") located in Northwestern Ontario, Canada.

The first phase of diamond drilling is now completed on Pistol Lake and eight holes totaling 1,358 m have been drilled. Four holes targeted the recently announced Trench 14 discovery where a composite interval of 0,68 g/t was obtained over 36 m in the immediate eastern extension of the JF West Zone. A geological cross section consisting in three north-south holes was also executed approximately 150 m east of the JF West resource area and one hole was drilled within the inferred resource to fill an information gap (see figure at http://media3.marketwire.com/docs/Pistol_Lake_Extension_fall_2011_DDH.pdf or visit : http://www.goldenshare.ca).

A second drill has been added to the project and drilling is currently on-going simultaneously in the central part of the Shebandowan project in the Lobanor area as well as on the U zone of the Elwood project located further south.

About the Shebandowan Gold Project (SGP)

The SGP is located 90 km west of Thunder Bay, north-western Ontario, in the Rainy River – Atikokan – Shebandowan emerging gold province where Osisko Mining Corporation is currently developing the 10.52 M oz Au Hammond Reef gold deposit 100 km to the West of the Company's project. The SGP is serviced by a railroad line, a high tension power line and the Trans-Canada highway all providing excellent infrastructure to the project.

Following the June 2011 transaction with Lake Shore Gold Corp. for the acquisition of the Band Ore property, Golden Share controls 25 km of strike length along the northern part of the Shebandowan belt highlighted by two advanced gold targets :

  • Pistol Lake JF's West zone : 150,699 oz Au Inferred Resource (2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off / NI 43-101 compliant).
  • Band Ore deposit : 251,271 oz Au in historical resources within two principal zones (706,000 tonnes at a grade of 6.86 g/t Au** in the Main Zone and 616,000 tonnes at a grade of 4.83 g/t Au** in the # 4 zone).

The Pistol Lake - Band Ore trend ("PLBO") represents a 10 km segment of the belt on which Golden Share is executing advanced work with a view to increase the current known resources.

About Golden Share Mining Corporation

Golden Share Mining Corporation is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada. Golden Share is developing a promising portfolio of properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas. The Company is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle. Golden Share's development strategy involves advancing a well balanced portfolio of gold properties in a politically stable environment with a history of gold endowment through systematic exploration, resource definition and acquisitions. Highlights of the current portfolio include:

  • NI 43-101 and historical resources on Shebandowan Gold Play (150,699 oz Au Inferred* and 251,271 oz historical**),
  • Past producing high grade Au-Ag Berens River Mine to be redeveloped,
  • NI 43-101 compliant resources on Forsan (35,000 oz Au Inferred Resources***),
  • New discoveries in the Cadillac break environment.
* 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off
** These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon.
*** 536,500 MT @ 2.03 g/t Au at 1.00 g/t Au cut off

Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a « Qualified Person » as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.

FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca OR OUR FACEBOOK PAGE AT: http://www.facebook.com/people/Golden-Share/100001472712018

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Pistol_Lake_Extension_fall_2011_DDH.pdf

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