Golden Share Mining Corporation

Golden Share Mining Corporation

October 15, 2008 09:00 ET

Golden Share Mining Corporation: Drilling Campaign Underway and Scoping Study Initiated on Forsan Property

MONTREAL, QUEBEC--(Marketwire - Oct. 15, 2008) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to provide an update on its on-going development program of the Forsan property.

A 2,000 m diamond drilling campaign was initiated at the end of September and is presently underway. The drilling will investigate:

- The new mineralized Forsan Southwest Zone ("FSZ"), where auriferous sulfide bearing tourmaline-quartz veins discovered by Golden Share during the summer of 2008 returned positive channel sampling intervals and notably 5.10 g/t Au over 0.50 m, included in a broader interval of 1.88 g/t Au over 1.50 m (see press release dated October 9th 2008).

- Additional targets around the Forsan Mineralized Zone ("FMZ") which contains an historical resource of 40,000 ounces of gold (282,605 metric tonnes at a grade of 4.42 g/t Au)(i). Such targets were identified during the 2008 compilation and surface geological reconnaissance but could not be accessed by trenching due to overburden.

(i) 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.

- The FMZ itself will be tested with a few holes to confirm some historical parameters, in-fill some areas that where the drilling was too widely spaced and provide material for initial metallurgical testing and density measurements.

A scoping study on the FMZ was initiated in early October. A mandate was given to InnovExplo, a Val d'Or based geological and mining consulting group, for the realization of the scoping study under the supervision of Mr. Carl Pelletier, P. Geo, and Ms. Sylvie Poirier, Eng., the newly appointed Manager of the Mining Engineering Department. A field visit has already been executed by InnovExplo and the digitalization of all historical drill holes from the FMZ, a first mandatory step of the study, has been initiated.

The scoping study will establish an up-to-date, 43-101 compliant resource calculation and will include preliminary studies at the metallurgical, mine planning and engineering levels to generate a preliminary Capex and economic evaluation of the project. Through the process, the digitalization of all historical drill holes from the FMZ will provide a functional and comprehensive three dimensional model of the mineralization which will in turn allow better targeting for further drilling.

Philippe Giaro, P.Geo., President and CEO of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of this release.

Golden Share has currently two drill programs underway and is actively developing three high-profile properties in the Abitibi and Shebandowan greenstone belts of Eastern Canada. Regular updates will be provided as work progresses and results are received by the Company.

About Golden Share Mining Corporation

Golden Share Mining Corporation (TSX VENTURE:GSH) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada. Golden Share was created through the reorganization of SearchGold's Canadian gold assets and is lead by an experienced management team at the technical and corporate level. The Company's projects straddle three greenstone belts of Eastern Canada, are accessible by road and are all located close to the established mining centers of Val d'Or and Rouyn-Noranda in Quebec and Shebandowan, west of Thunder Bay, in Ontario.

Golden Share completed its initial public offering in December 2007 and finalised a $2,666,025 financing with Canaccord Capital Corporation who acted as the agent. The Company's common shares started trading on the TSX Venture Exchange under the symbol " GSH " on January 14th 2008. Golden Share financed and additional $1,075,000 in early July 2008 including a $500,000 flow-through financing to be allocated to the developments of its activities in Ontario and particularly for the Elwood property located near Thunder Bay. The Company has 25 055 193 common shares issued and outstanding and with a current cash position of $2.2 million, Golden Share is fully funded and able to accomplish all of its major exploration programs for 2008 as well as proceed with additional strategic acquisitions.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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