Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

August 30, 2011 09:30 ET

Golden Share Reports Surface Grades Up to 93.30 g/t Au at Band Ore on the Shebandowan Gold Project

MONTREAL, QUEBEC--(Marketwire - Aug. 30, 2011) -

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 2011 Shebandowan Gold Project ("SGP") on-going work program.

Highlights:

  • Surface mapping and prospecting program : 468 km of traverses completed and 2,068 surface rock samples collected with assays for 1,290 samples received so far.
  • Sampling of old trenches on Band Ore Main Zone yielded grades of up to 93.30 g/t Au in the main felsic intrusive hosted pyrite bearing shear.
  • Compilation highlights the presence of the Fogen zone between Band Ore and Pistol Lake with historical drilling results of 1.03 g/t Au over 12.20 m and several new gold showings discovered within this part of the regional trend with grades of up to 0.77 g/t Au.
  • New Mathe Lake trend discovery about 1.5 km west of Pistol Lake with several new gold showings grading of up to 1.17 g/t Au.
  • Trenching program : Initiated in early August with 10 trenches opened so far, including 7 trenches with 300 channel samples collected for over 280 m of channel sampling on Band Ore Main Zone target and 3 trenches excavated on Conacher Fogen target, channel sampling still on-going in both areas.
  • Trenching program to continue on Pistol Lake into September.
  • Drilling program : Several holes have been spotted in preparation for the upcoming drilling campaign, continued planning in progress.

For additional details on highlights, see attached figure or visit : http://www.goldenshare.ca.

President and Chief Executive Officer Philippe Giaro commented:

"We are pleased to see the Shebandowan project unfold on planning and on budget. New areas are being opened up with the compilation and surface field work. A thorough trenching program is currently underway to optimize the geological understanding of existing areas and open up the newly discovered gold showings. With the gold price hitting new highs every week and the renewed uncertainty concerning the ownership of mining assets in various parts the world, we are very confident 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, will provide a solid foundation for the Company's future growth".

About the Shebandowan Gold Project

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 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 executing advanced work with a view to increase the current known resources.

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.

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/ShebandowanAout_2011.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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