Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation
Viking Gold Exploration Inc.
TSX VENTURE : VGC

Viking Gold Exploration Inc.

February 01, 2012 10:50 ET

Golden Share Reports 45.93 g/t Au Over 3.1 m in Larose Fall 2011 Channel Sampling

MONTREAL, QUEBEC--(Marketwire - Feb. 1, 2012) -

Editors Note: There is a map associated with this press release.

Golden Share Mining Corporation ("Golden Share")(TSX VENTURE:GSH) is pleased to announce late fall 2011 channel sampling results from the Larose Gold Property ("Larose") located in the Shebandowan area of northwestern Ontario and object of an option agreement with Viking Gold Exploration Inc. ("Viking") (TSX VENTURE:VGC) whereby Golden Share can acquire a 50% interest.

Larose is situated at the western end of the Shebandowan belt, approximately 40 km west of Golden Share's Shebandowan project. The property is mostly underlain by metasedimentary rocks, mainly greywacke and argillite, and gold mineralization is associated with the Larose shear zone ("LSZ"), a major northeast trending shear up to 25 m wide, that can be identified across the entire property over 9 km and which has so far been systematically traced through surface exposures over 4 km.

The recent surface work executed by Golden Share comprised geological reconnaissance, outcrop sampling, channel sampling, line cutting and ground geophysics. Highlights for this recent campaign are provided by channel sampling on the P1 trench located within the central part of the LSZ and which yielded the following results :

  • 45.93 g/t Au over 3.1 m
  • 54.21 g/t Au over 1.4 m

The mineralization is hosted in sheared, very fine grained metasediments showing local sericitization, silicification and carbonatization and quartz veinlets containing up to 20% sphalerite, 10% pyrite and 2% galena. Moreover, the grab sampling by Golden Share validated Freewest's previous results and shows several high grades areas to be developed along the LSZ with grab samples results of up to 218.0 g/t Au in the P1 trench, 30.7 g/t Au in the Larose trench and up to 29.8 g/t Au in the T trench located 4 km to the northwest of the Larose trench. Please see the attached figure or visit : http://www.goldenshare.ca.

Philippe Giaro, President and Chief Executive Officer of Golden Share, commented:

"The P1 trench had never been channel sampled previously and we are encouraged by these early stage results showing high gold grades on pluri-metric widths. We will now execute additional detailed compilation to better understand the relationship between such high grade zones and the broad mineralized envelopes associated with the LSZ. While such high grades have also been intersected by previous Freewest drilling at shallow depths (29.11 g/t Au over 0.50 m in L03-06, 25.52 g/t Au over 0.50 m in L04-09 and 39.49 g/t Au over 0.20 m in L04-13 - all above 100 m depth), previous drilling has also intersected broader, lower grade envelopes yielding results such as to 0.97 g/t Au over 22.35 m in L03-04. Understanding this relationship will be key to unlocking the potential of the property and the compilation will pave the way for our summer 2012 program on Larose."

Mac Watson, Geological Advisor to Viking, commented:

"The recent work completed by Golden Share illustrates the potential of the Larose property and Viking is happy to see Golden Share moving the project forward".

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., an 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
*** 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.

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://www.marketwire.com/library/20120201-2011_fall_surface_work_Larose_800.jpg.

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