Shoreham Resources Ltd.

Shoreham Resources Ltd.

May 06, 2009 09:01 ET

Shoreham Renegotiates Terms of Mattless Lake Option Agreement

LANGLEY, BRITISH COLUMBIA--(Marketwire - May 6, 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 that the Company has renegotiated part of the terms of the Mattless Lake Property Option Agreement with Confederation Minerals Ltd. (News Release 2007-22 dated October 25, 2007). The original terms of the Agreement required Shoreham to undertake staged annual expenditures on the property in order for Shoreham to maintain its rights under the Agreement. Due to present market conditions and restrictions to access to the property due to First Nations issues, Confederation has agreed to modify and reduce the work requirements from the original $800,000 cumulative total work expenditure requirement and extend the time during which the work must be completed. Shoreham must now spend a total of $600,000 ($141,000 having been spent to March 31, 2009) on the Mattless Lake Uranium - Molybdenum property on such schedule as Shoreham may determine, provided that in each year Shoreham shall ensure that sufficient work is completed on the Property to maintain tenure to the Property for a further period of not less than 12 months and cause it to remain in good standing with the Ontario Ministry of Northern Development and Mines. In return for Confederation reducing the total work requirements and the timing thereof, Shoreham has agreed to issue Confederation Minerals Ltd. an additional 200,000 common shares of Shoreham Resources Ltd.

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. Mr. Bending reports that; "We are encouraged that our partners are willing to seek co-operative ways of resolving problems while maintaining the spirit of the underlying Agreement. We are in discussions with the First Nations and are looking forward to resuming field work on the property soon."

For further information please visit our website at or contact our President and CEO, Mr. David A. Bending at 604-533-9288. You may also go to where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at or Pro-edge Consultants Inc., Tracy Weslosky, at 1-416-581-1717 or via email at

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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