Shoreham Resources Ltd.
NEX BOARD : SMH.H

Shoreham Resources Ltd.

March 30, 2006 10:02 ET

Shoreham Announces Bearskin Lake Joint Venture

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - David Bending, President & CEO of Shoreham Resources Ltd. (NEX:SMH.H) is pleased to announce the filing earlier this month of 216 claim units covering 3,456 hectares in the Red Lake Mining Division. The two blocks of claims collectively form the Bearskin Lake Project. The claims as filed are subject to Ontario government grant.

This property is subject to a Finder's Fee agreement with Mr. Sam Sapper of Las Vegas, Nevada. Shoreham has agreed to issue Mr. Sapper 50,000 shares subject to regulatory approvals. The initial 25,000 shares are due upon regulatory approval and the remaining 25,000 shares are due 6 months from regulatory approval. Mr. Sapper has also been granted a royalty equal to 2% of Net Smelter Returns from any future production from the property. Shoreham has the right to purchase the royalty at any time for a cash consideration of US$200,000.

Shoreham has entered into an option agreement granting a private consortium ("PC") the right to earn a sixty percent (60%) interest in the Bearskin Lake Project subject to the royalty described above. In order to earn the 60% interest, the PC is required to:

a) issue to Shoreham 125,000 common shares in the capital stock of PC within thirty business days of the approval and satisfaction of all conditions of the regulatory bodies governing PC;

b) pay to Shoreham the sum of $25,000 within 30 days of the Approval Date or within 30 days of documentation of legally valid filing of the Property claims;

c) issue to Shoreham 125,000 common shares in the capital stock of PC on or by January 31, 2007;

d) pay to Shoreham the additional sum of $25,000 on or by January 31, 2007;

e) issue to Shoreham 125,000 common shares in the capital stock of PC on or by January 31, 2008;

f) issue to Shoreham 125,000 common shares in the capital stock of PC on or by January 31, 2009;

g) Fund and complete $100,000 in exploration activities in a form satisfactory for filing for claim assessment credit on the property prior to January 31, 2007. This work will include but will not be limited to the funding of an airborne geophysical survey.

h) Complete a minimum cumulative exploration expenditure of $1,000,000 prior to January 31, 2010.

This new acquisition provides Shoreham with excellent exploration potential on a second project in the Red Lake Mining Division. This project will also enable Shoreham to conduct work programs in a more cost effective manner. Shoreham will retain a 40% interest in the Bearskin Lake Project with no funding requirements during the first $1,000,000 of exploration programs.

Shoreham wishes to thank Mr. Peter Guichon for his years of service to the company. Mr. Guichon has resigned as CFO of Shoreham. Shoreham intends to fill the position at a later time as part of the TSX Venture re-activation process.

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

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