Golden Share Mining Corporation

Golden Share Mining Corporation

February 29, 2012 09:30 ET

Golden Share Initiates Phase Two of Diamond Drilling on Band Ore Main Target in Shebandowan Belt

MONTREAL, QUÉBEC--(Marketwire - Feb. 29, 2012) - Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased announce the start-up of a follow-up diamond drilling program on the Band Ore Main target of its Shebandowan Gold Project ("SGP") located in Northwestern Ontario, Canada.

The Phase 2 diamond drilling program will consist in 7 holes totalling 1,100 m and is designed to refine Golden Share's emerging model for the Band Ore area which suggests the stacking of sub-parallel mineralized zones at the property scale.

This model is being developed with supporting evidence from the 2011 SGP work program which includes information obtained from the compilation of historical data, geological mapping, structural analysis, high resolution resistivity and chargeability surveys as well as recent drilling results on the Band Ore Main South Zone, located approximately 100 m to the south of the Band Ore Main Zone, where Golden Share recently announced the following positive initial drill results :

- 17.85 g/t Au over 2.70 m from 33.00 to 35.70 m (including 47.70 g/t Au over 1.00 m)
- 2.80 g/t Au over 5.50 m from 62.50 to 68.00 m (including 35.90 g/t Au over 0.30 m)
- 1.39 g/t Au over 1.70 m from 73.00 to 74.70 m

The Phase 2 drilling program is expected to be completed by mid-April. Additional results are still pending from the Phase 1 drilling program on the Band Ore Main target.

About the Shebandowan Gold Project (SGP)

The SGP is located 90 km west of Thunder Bay, Northwestern 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.

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., an 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. Highlights of the current portfolio include:

  • NI 43-101 and historical resources on Shebandowan Gold Project (150,699 oz Au Inferred** and 251,271 oz Au 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.
* 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
** 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.



Neither 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.

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