Golden Share Mining Corporation

Golden Share Mining Corporation

May 08, 2008 09:00 ET

Golden Share Provides Update on Malartic Lakeshore Property

MONTREAL, QUEBEC--(Marketwire - May 8, 2008) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to provide an update on its Malartic Lakeshore property.

The Malartic Lakeshore property is located 20 km west of the town of Val d'Or, Quebec, Canada. It consists in 22 claims for a total property surface area of 962 hectares. Golden Share holds an option to acquire a 100% interest over 3 years by paying the Vendors a total of $30,000; issuing 450,000 shares and incurring a total of $250,000 in exploration expenditures. An additional 300,000 shares can be issued at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined; a first tranche of 150,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved.

The property is strategically located between Agnico Eagle's new Lapa mine, located 5 km to the west, and the past producing Norlartic and Marban mines located 6 km to the east. The Lapa mine is now under construction with initial production expected in late 2008. Osisko's Canadian Malartic project is located 6 km due south of the Malartic Lakeshore property.

At Norlartic the mineralization is hosted in the Norbenite shear and associated with swarms of intermediate to felsic dykes and sills injected within the shear zone. The ore at the Norlartic mine was essentially hosted in the main microdiorite dyke or sill injected in the Norbenite shear. At Marban, which is located 1 km to the south-west of Norlartic, the mineralization is hosted in the Marbenite shear, a very strong shear zone sub-parallel to the Norlartic mine Norbenite zone. The ore at the Marban mine was essentially hosted in the more deformed basalt units.

The western extension of the Norbenite and Marbenite shear zones are present on the Malartic Lakeshore property. Additionally, the on-going compilation highlights the presence of several favorable geological contexts such as brecciated smoky quartz veins cross-cutting a gabbro unit as well as shear-hosted gold mineralization within a granodiorite unit. On the Rive du Lac Malartic showing, the bulk of the gold mineralization is found in quartz-carbonate veins associated with a major shear zone hosted in the mafic and ultramafic units of the Dubuisson Formation and intersections of 9.60 g/t Au over 4.57 m and 8.10 g/t Au over 2.13 m were obtained in previous drilling programs (see attached figure

A contract was signed with InnovExplo, a Val d'Or based geological consulting group, for the geological management of the Malartic Lakeshore project and a first field visit was executed on April 28th 2008.

Following a thorough compilation all previous data, a two phase exploration program is planned for the property with phase one to be initiated during the month of May. This first phase will consist in a surface campaign comprising mostly mechanical stripping, detailed mapping and structural studies, systematic sampling of all outcropping veins, channel sampling and eventual detailed ground geophysics in some key areas. Phase two will consist in 4,000 m diamond drill program to test new working hypothesis and freshly exposed mineralized veins.

Golden Share intends to report on a regular basis on the advancement of its work programs. The Company is also simultaneously working towards increasing its visibility in Canada and Europe.

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

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 recently completed its initial public offering and finalised a $2,666,025 financing with Canaccord Capital Corporation who acted as the agent. The Company has 19,605,193 common shares issued and outstanding and Golden Share's common shares have started trading on the TSX Venture Exchange under the symbol "GSH" on January 14th 2008. The net proceeds from the initial public offering will be used by Golden Share mostly for exploration work on its Forsan and Malartic Lakeshore properties, and for working capital and general corporate purposes.

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

Contact Information