Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

August 09, 2012 10:00 ET

Golden Share Provides an Update on its Shebandowan Project Summer Field Activities

MONTREAL, QUEBEC--(Marketwire - Aug. 9, 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 project 2012 summer work program in Northwestern Ontario, Canada.

An experienced field crew, led by three senior geologists, carried out in-depth investigations of the main mineralized corridors within the 10 km long Pistol Lake - Band Ore trend ("PLBO"). These specific targets have previously been defined as the Pistol Lake, the Band Ore Main and the Conacher corridors and the recent surface work comprised :

  • Detailed geological mapping,
  • Prospecting and verifications (137 surface rock samples collected),
  • Re-opening of ancient trenches (20 channel samples collected),
  • 0.33 km of MMI line testing (52 MMI samples collected at four specific depths),
  • 6.73 km of VLF line testing.

Please see the attached figure or visit http://www.goldenshare.ca for specific details on the various phases of this program which was executed with the objective to refine the next round of drilling targets.

President and Chief Executive Officer Philippe Giaro commented:

"This recent campaign further demonstrated the importance of the recently recognized major alteration zones of the Pistol Lake - Band Ore trend and new shear zones have been identified and sampled. We have also tested various indirect methods that would allow the identification of such zones in areas with thicker overburden. Costs for this program were optimized by the use of our field camp ideally located along the Trans-Canada highway as well as by the direct involvement of senior management during the field work. The renewed uncertainty concerning the ownership of mining assets in various parts the world, with notable recent events such as mine nationalization in Bolivia to a military coup in Mali, strengthen our conviction that the Shebandowan Gold Project, located in a stable mining jurisdiction with an excellent infrastructure comprising a railroad line, a high tension power line and the Trans-Canada highway, is ideally positioned".

About the Shebandowan Gold Project (SGP)

The work of the past year on the SGP has opened up all targets :

  • 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 2012 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 N0 4.

These developments greatly enhance the project and strengthen the potential for the delineation of a commercial gold deposit on the PLBO. Current data shows an inferred resource of 150,699 oz Au** on Pistol Lake's JF West zone (PLBO west end) and historical resources of 251,271 oz Au*** at Band Ore (PLBO east end).

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.

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

OR OUR FACEBOOK PAGE AT: http://www.facebook.com/people/Golden-Share/100001472712018.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/2012_Shebandowan_Work_Program.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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