Golden Share Mining Corporation

Golden Share Mining Corporation

July 13, 2011 09:15 ET

Golden Share Provides an Update on its Shebandowan Gold Project Summer Work Program

MONTREAL, QUEBEC--(Marketwire - July 13, 2011) -

Editors note: There is one map associated with this press release

Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to announce that its 2011 summer work program has commenced on its Shebandowan Gold Project ("SGP"). The project 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 targeting advanced work with a view to increase the current known resources. Recent compilation highlighted the Hag Lake area as an excellent target to potentially extend the mineralization between the Pistol Lake and Band Ore resource areas (see attached figure or visit : An initial historical discovery hole returned 27.36 g/t Au and 137.5 g/t Ag over 4 m at Hag Lake and limited subsequent drilling which has systematically expanded the known mineralization.

As part of the current program, the PLBO is being covered with 100 m spaced north-south geological traverses to systematically harmonize and update the geological maps and data base. As of July 5th, 253 km of traverses were completed and 767 surface rock samples had been collected for assays.

Field verifications and follow-up on initial geological mapping observations have started and already isolated a new fuschite bearing zone 1.3 km east of the Pistol Lake resource area. The 60 m wide zone comprises intermittent intense metric size sericite-fuschite shears and hosts a felsic porphyry containing 2 to 4% pyrite observed on a minimum with of 8 m. Assays are pending.

West of Band Ore's Zone # 4, old trenches and new outcrops display intense decametric shears with associated chert bands and quartz veining. On Band Ore's Main Zone, one of the main trenches has been relocated and will be stripped, washed and mapped in detail. Assays are pending.

Field verifications will continue through July in order to define optimal targets for a trenching program to be initiated in August. Suitable contractors for trenching and drilling have been identified and Golden Share intends on mobilizing them as planned with diamond drilling expected to start within the month of September.

The Company is currently well funded with $4,000,000 to develop its projects.

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.


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