Golden Share Mining Corporation

Golden Share Mining Corporation

May 23, 2012 09:30 ET

Golden Share Confirms Model of Multiple Parallel Zones With Recent Drilling on Band Ore

MONTREAL, QUEBEC--(Marketwire - May 23, 2012) - Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to provide the results of its recent eight hole, second pass drilling program totalling 1,203 m and executed on the Band Ore Main target of its Shebandowan Gold Project ("SGP") located in Northwestern Ontario, Canada.


- The IP anomalies identified during Golden Share's recent geophysical survey have tested positive for gold mineralization.

- These IP anomalies are located in the volcanic rocks hosting the Main Zone porphyry and the recent results confirm the presence of gold in the surrounding lithologies :

- Eastern Main South Zone / IP # 3 (west extension of 17.85 g/t Au over 2.70 m in BO-11-01) :

  • BO-12-10 : 7.21 g/t Au over 2.00 m from 48.00 to 50.00 m (550 m west of BO-11-01)

  • BO-12-08 : 1.38 g/t Au over 1.00 m from 36.85 to 37.85 m (1,000 m west of BO-11-01)

- Upper Main North Zone / IP # 2 :

  • BO-12-12 : 1.74 g/t Au over 1.00 m from 89.60 to 90.60 m

  • BO-12-13 : 2.93 g/t Au over 1.00 m from 127.35 to 128.35 m

For additional details on highlights and this recent drilling program, see attached figure or visit :

President and Chief Executive Officer Philippe Giaro commented:

"We are pleased with this second pass drilling program which confirms our model of several sub parallel zones on the Band Ore Main target which was historically modelled as a single mineralized zone with historical resources of 155,600 ounces of gold (705,790 tonnes at 6.86 g/t Au*). The clear confirmation that the mineralization now runs outside the main porphyry well into the surrounding volcanics is encouraging. We have resumed our work program and will be following up on these recent drilling results with geological mapping and prospecting to further define the trends and refine the next set of drill targets".

About the drilling program

The drilling is performed at high angle to the mineralized structures and the above intersections represent near true widths. Individual samples weighting 3kg on average have been taken from sawn half core at +/- 1 meter intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of mineralized standards, duplicates and blanks at the sample collection and preparation stage. The samples are shipped to the ALS laboratory in Thunder Bay, Ontario, for analysis by fire assay on 50g pulp samples. The sample preparation procedure involves the crushing of the entire 3kg sample followed by quartering to obtain a representative 250g sample which is entirely pulverized and out of which a 50g sample is isolated for analysis by fire assay. Samples suspected to contain visible gold or higher grade mineralization are assayed using the metallic sieve technique on a 1000g sample.

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 completion of the recent transaction with Lake Shore Gold Corp. for the acquisition of the Band Ore property, Golden Share controls 22 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 (705,790 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).

About Golden Share Mining Corporation

Golden Share Mining Corporation is a Canadian-based mining exploration company 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.

Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2%** interest in Golden Share which 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.

* 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.

** Lake Shore Gold Corp. acquired direct ownership of a total of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of 20 cents per common share.

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.


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