Shoreham Resources Ltd.

Shoreham Resources Ltd.

March 27, 2007 17:22 ET

Shoreham and Vannessa Finalize Guyana Agreements

TORONTO, ONTARIO--(CCNMatthews - March 27, 2007) - David A. Bending, President & CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH) is pleased to announce that the Company has finalized the terms and agreements related to acquiring interests in companies active in Guyana along with their associated exploration and mining projects.

As previously announced by Shoreham (September 5, 2006 News Release), Vannessa Ventures Ltd. (TSX VENTURE:VVV) has granted Shoreham the option to earn an initial 50% working interest in the Marudi \ Paint Mountain Gold project by completing US$2,000,000 in exploration and qualified project management expenditures during a 3 year period commencing March 6, 2007 and, may earn a further 25% by completing an additional US$2,000,000 in exploration and development work prior to March 6, 2011.

Under a separate agreement with Vannessa Ventures Ltd., Shoreham has the option to acquire 100% of Vanarde Mining Inc. and Vannessa Guyana Inc. for the cumulative consideration of US$250,000 in qualified exploration expenditures prior to March 6, 2008 and a sequence of cash payments totaling US$1,200,000 over four years, which includes a down payment of US$100,000 due on May 5, 2007. The assets of Vanarde Mining Inc. and Vannessa Guyana Inc. include but are not limited to approximately 40,000 acres of exploration licenses in the Potaro River Area of Guyana. This agreement is subject to a finder's fee of 200,000 shares of Shoreham to a arms length third party subject to regulatory approvals.

The successful completion of these definitive agreements was the result of excellent teamwork between Vannessa Ventures Ltd. and Shoreham. The management of Shoreham express their thanks and appreciation for the careful and diligent efforts of all concerned.

Shoreham is a resource company dedicated to exploration and development of mineral properties in the Red Lake District of Ontario, Canada and in Guyana, South America to build shareholder value.

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

Contact Information

  • Shoreham Resources Ltd.
    David Hammond
    Director & CFO
    (416) 867-1101
    (416) 867-1222 (FAX)