Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

April 16, 2008 09:36 ET

Shoreham Resources Ltd. Advancing Towards Gold Production at Marudi Mountain Gold Project in Guyana

TORONTO, ONTARIO--(Marketwire - April 16, 2008) - Shoreham Resources Ltd. (TSX VENTURE:SMH) ("SMH" or "Shoreham"), a Canadian based exploration company dedicated to the exploration and advancement of precious metal and polymetallic deposits in South America and Canada, is pleased to announce developments regarding its Marudi Mountain Gold Project in Guyana (the Property). 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 Vanessa Ventures Ltd. (TSX VENTURE:VVV) and by investing a total of $4,000,000 in qualified exploration and development work within three years.

Shoreham has signed a Letter of Intent ("LOI") with REXMA Participations ("REXMA") which, subject to due diligence extending to August 1, 2008 and execution of a Definitive Agreement, will contract REXMA to evaluate and mine gold from the alluvial, elluvial and colluvial overburden on the Marudi Mountain Gold Project. The LOI provides for an initial contract period of five years, with one five-year renewal option at Shoreham's discretion. REXMA will be responsible for all it's costs and will pay a 10% gross production royalty to Romanex. As described in the LOI, REXMA's operations will not be permitted to conflict with Shoreham or Romanex interests or access to bedrock and saprolite exploration targets.

Initial REXMA operations will be concentrated in portions of the Property that are in and near bedrock gold targets, which will advance Shoreham's pre-stripping activities in preparing the Mazoa, Marudi, Toucan Creek, Peace Creek, Pancake Creek and Success Creek areas, which are all within the approximately 55.77 square kilometre (13,774 acre) Marudi Mountain Gold Project. Pursuant to the LOI, REXMA will be required to construct and operate an alluvial mining operation capable of processing 200,000m3 to 400,000m3 of alluvial materials annually with an average minimum daily production of 500m3 per day over any three-month period. It is anticipated that REXMA will have the project in production within 12 months of the signing of the Definitive Agreement.

The LOI is specific to the Marudi License area (approx. 55.77 sq. km's or 13,774 acres) plus a 10 km area of influence, whereby any expansion of the project land area by REXMA becomes part of the Agreement, and will revert to Romanex upon termination of this Agreement. REXMA will be required to pay all costs related to acquiring and maintaining additional land holdings, if any.

By the very nature of alluvial mining, REXMA will be exposing bedrock over large areas that Shoreham can prospect, sample, map and further define as possible gold target areas where the thick overburden masks the underlying features. The benefits for Shoreham include improvements in access and infrastructure, the use of REXMA's diamond drill for it's exploration program, expansion of facilities, accelerated development of saprolite and bedrock targets, and potential acceleration of property interest vesting through both qualified expenditures and the use of cash flow generated for funding of Romanex activities.

REXMA Participations is a privately owned company based in Leon, France whose primary business is the distribution and sales of heavy equipment but is developing commercial alluvial operations in Bolivia and French Guyana. REXMA is a member of the UN Global Impact Program and is on their Sustainable Development Committee.

David Bending, President and CEO of Shoreham Resources Ltd., reports; "The Company is very pleased that REXMA is considering to develop and mine the alluvial targets within the Marudi Mountain Gold Project. We view this as a mutually beneficial endeavour and we are pleased to announce that phase II of the due diligence process is in the field at this time."

Investors are invited to visit the Shoreham Resources IR Hub at www.agoracom.com/IR/Shoreham where they can post questions and receive answers or review questions and answers already posted by other investors.

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

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