Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

September 09, 2008 09:30 ET

Phase I Overburden Stripping and Alluvial Gold Recovery to Commence Prior to July 1, 2009, at Shoreham's Marudi Mountain Gold Project in Guyana

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2008) - Shoreham Resources Ltd. (TSX VENTURE:SMH) or ("Shoreham"), a Canadian based exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce further developments regarding its Marudi Mountain Gold Project. Shoreham has the right to earn a 75% working interest in the Property by exercising an option to acquire 75% of the shares of Romanex Guyana Exploration Ltd. (holder of 100% of the project) held by Vannessa Ventures Inc. (now Infinito Gold Corp. TSX.VENTURE:IG). The Company must invest a total of $4,000,000 in qualified exploration and development work by March 2011. Shoreham's expenditures to date significantly exceed the requirements of the agreement and the company plans to meet its vesting milestones ahead of schedule.

On August 21, 2008 Shoreham and Rexma Participations (REXMA), an alluvial mine operator based out of Leone, France, signed a Definitive Agreement entitled "Project Operations Plans and Principles - Marudi Mountain Alluvial Mining Operating Agreement". This agreement grants REXMA the right to mine alluvial materials if it reaches sustained production at a daily minimum rate of 500 cubic meters per day, and a target rate of 2,000 cubic meters per day, prior to July 1, 2009. Shoreham, working through Romanex Guyana Exploration Ltd., is utilizing this arrangement to accelerate its development of the saprolite and bedrock gold targets at Mazoa Hill, Toucan Hill, and Marudi North by subsidizing infrastructure development, stripping of priority targets, and accelerating cash flow.

The Agreement calls for a contract period of six years, with one renewal at Shoreham's discretion. REXMA will be responsible for all it's costs, pay all royalties to the Guyanese government and underlying royalty holders and will pay a 10% gross production royalty to Romanex. Shoreham has the right to use 100% of the proceeds paid to Romanex to support its work at Marudi Mountain. Pursuant to a notice provision, REXMA's operations must be relocated from areas, which are required for Shoreham's programs including exploration, mining, installations, dumps or tailings facilities. Initial operations will be integrated as a pre-stripping component of Shoreham's development program for the property. The benefits for Shoreham include improvements in access and infrastructure, expansion of facilities, accelerated development of saprolite and bedrock targets, acceleration of property interest vesting through both qualified expenditures and generation of cash flow for funding of Shoreham's work on the Marudi Property.

David Bending, President and CEO of Shoreham Resources Ltd., reports; "The Company is very pleased to confirm the REXMA commitment to supporting our programs at Marudi Mountain and commencing its Phase I program. REXMA has an excellent technical and operating team, champions environmental and social Best Practices, and brings expertise in maintaining and operating heavy equipment along with capital and enthusiasm. We recognize substantial potential for growth beyond the nominal production goals due to the quality and volume of the alluvial materials documented in their work to date and consider this program to be an excellent complement to Shoreham's development programs."

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.

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