Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

June 07, 2012 09:30 ET

Golden Share Provides an Update on its Shebandowan Belt Summer Work Program

MONTREAL, QUEBEC--(Marketwire - June 7, 2012) -

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 belt 2012 summer work program in Northwestern Ontario, Canada.

Shebandowan Project

The work of the past year on the Shebandowan project has opened up all targets with the following positive developments:

  • Pistol Lake Corridor : 3 km gold trend with an immediate 200 m extension of the JF West resource area to the east.
  • Band Ore Main Corridor : 1.5 km gold trend confirmed with a new model of several sub parallel zones with recent drill intercepts of up to 18.27 g/t Au over 2.70 m.
  • Conacher Corridor : 4 km gold trend on strike with Band Ore Zone N°4.

These developments greatly enhance the project and strengthen the potential for the delineation of a commercial gold deposit on the 8 km long Pistol Lake - Band Ore trend ("PLBO"). Current data shows an inferred resource of 150,000 oz Au** on Pistol Lake's JF West zone (PLBO west end) and historical resources of 250,000 oz Au*** at Band Ore (PLBO east end). Please see the attached figure or visit : http://www.goldenshare.ca.

The field crew will be carrying out a geological mapping, prospecting and sampling program starting in July to confirm the continuity of the gold mineralization over the entire 8 km long PLBO. The extensive data base now provides compelling targets that will be the object of the upcoming surface program with the objective to refine the next round of drilling.

Larose property

The field crew started the surface program by mid-May which consists in geological mapping and prospecting along the lines of the fall 2011 freshly cut grid that covers the southern, yet unexplored, 4 km strike length of the Larose Shear Zone ("LSZ"). Other targets also being investigated on the property in parallel are :

  1. Parallel shears to the LSZ,
  2. Soil geochemical anomalies from Freewest,
  3. Pressure shadows and dilational jogs in the southwestern extension of the Obadinaw pluton,

A thorough compilation including the setting up of an ArcGIS data base for the property as well as a review of Freewest's previous diamond drill core is also being executed. Golden Share has retained the services of SRK Consulting (Canada) Inc. (« SRK ») to perform structural geology investigations of stripped outcrops and available drill core in order to improve the understanding on the controls and geometry of the gold mineralization to optimize future drill targets. The Larose property is object of an option agreement with Viking Gold Exploration Inc. ("Viking") whereby Golden Share can acquire a 50% interest.

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.

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. 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 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 - established in 2010
*** 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 - established in 2009

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.

To view the map associated with this press release, please visit the following link: http://www.marketwire.com/library/20120607-2012_Shebandowan_update.jpg

FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca

OR OUR FACEBOOK PAGE AT:

http://www.facebook.com/people/Golden-Share/100001472712018

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