Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

April 27, 2009 09:01 ET

Shoreham Negotiates Option to JV Guiana Shield Resources Inc.'s GOLD and PGM Portfolio With Mulgravian Ventures Corporation

LANGLEY, BRITISH COLUMBIA--(Marketwire - April 27, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce the signing of an agreement granting Mulgravian Ventures Corporation ("MVC"), a private Canadian Company, the right to earn a 51% working interest in the lands in the Guiana Shield Resources Option (News Release 2009 - 11, April 6, 2009) by investing CDN$ 2.1 million by purchasing shares of Shoreham Resources Ltd. in four stages and providing US$ 5,000,000 in funds for use in the evaluation and development of the properties. Shoreham will operate the programs and be entitled to a 10% management fee. The first year's budget, including land costs and due diligence review by MVC, is US$ 1 million.

MVC has committed to an initial placement in the sum of CDN$ 600,000 at a negotiated Unit price of CDN$ 0.30 per Unit. Each Unit consists of one common share of Shoreham Resources Ltd. and 3/4 of a share purchase warrant which entitles the subscriber to acquire one further common share of Shoreham Resources Ltd. per full warrant exercised at a price of CDN$ 0.60 per share within one (1) year of the date of approval of the private placement along with a 1/4 of a share purchase warrant which entitles the subscriber to acquire one further common share of Shoreham Resources Ltd. per full warrant at a price of CDN$ 1.20 per share within two (2) years of the date of approval of the private placement. Within 9 months of exchange approval of this Agreement, MVC will be required to exercise one-third (1/3) of its CDN$ 0.60 warrants for CDN$ 300,000 for a total share purchase quantity of five hundred thousand (500,000) shares of Shoreham Resources Ltd. Within one year of exchange approval of this Agreement, MVC will be required to exercise the remaining two-thirds (2/3) of its CDN$ 0.60 warrants for CDN$ 600,000 (six hundred thousand Canadian dollars) for a total share purchase quantity of one million (1,000,000) shares of Shoreham Resources Ltd. Within two years of exchange approval of this Agreement, MVC will be required to exercise its 1/4 share purchase warrants at CDN$ 1.20 per share for CDN$ 600,000 for a total share purchase quantity of five hundred thousand (500,000) shares of Shoreham Resources Ltd. Full exercise of all warrants plus completion of the US$ 5 million in exploration investments are conditions precedent to vesting MVC with its 51% working interest in the Properties.

The company is currently working through due diligence review with emphasis on the gold targets of the Whana Property Area, the gold and platinum group metals targets of the Masawaki Property Area and the gold targets of the Arawini Property Area (Takatu North Sector) and Aunama Project Area. The Guiana Shield and MVC agreements are both subject to sixty days due diligence review. Shoreham's exploration team is preparing a staged program for the US$ 1 million year 1 exploration budget, with initial activity planned for May and June after completion of due diligence review. This Agreement has been approved by Shoreham's Board of Directors but is further subject to Exchange Approval.

David Bending, M.Sc., P.Geo., President and CEO of Shoreham Resources Ltd., is a Qualified Person as defined in National Policy 43-101 ("NI 43-101"), and is responsible for all technical information contained in this news release. Bending reports that; "The Mulgravian Agreement provides working capital for Shoreham Resources and a robust budget for evaluation and development of the Guiana Shield Resource Inc. Option Properties. We are very pleased with the strategic value of the Guiana Shield assets, the value of cooperation with Guiana Shield, the financial strength provided by the MVC joint venture, and the growing profile of our programs in the region. The arrangement allows us to build our team and focus our financial resources on Marudi Mountain while gaining value on this new frontier."

For further information please visit our website at www.shoreham.ca or contact our President and CEO, Mr. David A. Bending, at 604-533-9288. You may also contact our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors or our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca or Pro-edge Consultants Inc., Tracy Weslosky, at 1-416-581-1717 or via email at tracy@proedge.com.

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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