Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

November 02, 2011 11:07 ET

Golden Share Keeps Drilling and Refines Targets With Surface Geophysics at Shebandowan

MONTREAL, QUEBEC--(Marketwire - Nov. 2, 2011) -

Editors' Note: Two maps are 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 Shebandowan diamond drilling program is progressing according to schedule and Golden Share has initiated a concomitant surface program to refine the geophysical image at Pistol Lake and Band Ore, two key areas of the Shebandowan project.

A 31 km line grid has been cut on Pistol Lake while a 17 km grid has been cut on Band Ore. These fresh grids cover Pistol Lake's JF West zone and its 3 km potential extension as well as the Band Ore Main Zone and its western extension respectively (see attached figures or visit : http://www.goldenshare.ca).

The two grids will be covered by a ground magnetometer survey and Golden Share has contracted Insight Geophysics Inc. of Oakville, Ontario, to execute a specific detailed IP chargeability and resistivity survey. The tuned gradient survey will be followed by an Insight sections array over specific chosen areas.

President and Chief Executive Officer Philippe Giaro commented:

"We are on our fifth drill hole and the drilling program is progressing as anticipated. The entire core is logged and fully sampled followed which it is rapidly shipped to the laboratory for assaying. We are currently drilling targets for which we have sufficient geological surface control or relevant historical data provided by our summer long surface exploration and compilation programs. Given the amount of historical information and surface outcrop available, we considered that we should avoid expensive indirect exploration methods and use our funds to engage in activities generating direct hard rock evidences such as geological surface mapping, trenching and drilling. As our model develops we now feel it is appropriate to execute very selective geophysics to optimize our drilling success rate. The interpretation of the new geophysical data will be strongly maximized by our extensive rock data base constituted during this past summer's extensive mapping program.".

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 6.7 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 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 maps associated with this press release, please visit the following links:

Band Ore, 2011 Grid: http://media3.marketwire.com/docs/Band_Ore_1102.pdf

Pistol Lake, 2011 Grid: http://media3.marketwire.com/docs/Pistol_Lake_1102.pdf

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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