MONTREAL, QUEBEC--(Marketwire - Feb. 5, 2013) - Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to announce that it has now acquired a 100% interest in its Shebandowan Gold Project located in Northwestern Ontario, Canada.
The project consists in three adjacent properties, the Pistol Lake, Conacher and Band Ore properties, forming one unified and continuous land package. The resulting entity is referred to as the "Shebandowan Gold Project".
In June 2011, Golden Share signed a definitive purchase agreement with Lake Shore Gold Corp. and acquired a 100% interest in the Band Ore property.
In October 2012, Golden Share completed its option on Pistol Lake resulting in the acquisition of its 100% interest in this second property.
As announced earlier this week, Golden Share has now proceeded with the last payment of the remaining Conacher property and has therefore also acquired its 100% interest in this third property thereby completing the full 100% acquisition of the Shebandowan Gold Project.
Further securing this important asset, Golden Share filed assessment work representing a total of $2,350,000 in exploration expenditures with Ontario's Ministry of Northern Development and Mines in the fourth quarter of 2012. The Company thereby secured 85% of the total surface area of the project until at least 2026, and notably the key resource areas and their extensions as well as all anomalous gold corridors.
President and Chief Executive Officer Philippe Giaro commented:
"We are very pleased to have completed the acquisition of our 100% interest in the Shebandowan Gold Project. We now have 100% ownership of this strategic 78 km² land package comprising 150,699 ounces of gold in Inferred Resources* and 251,271 ounces of gold in Historical Resources**. We believe that securing such a high potential asset in a politically stable jurisdiction, within the heart of an emerging gold province where Osisko Mining Corporation is currently developing the Hammond Reef gold deposit in excess of 10 million ounces of gold***, brings excellent fundamental value to the Company. The Shebandowan Gold Project is endowed with extremely good infrastructure comprising a railroad line, a high tension power line and the Trans-Canada highway, and is ideally positioned for cost effective exploration and development".
About Golden Share Mining Corporation
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas.
Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2%**** interest in Golden Share which is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle.
Golden Share's development strategy involves advancing a well balanced portfolio of gold properties in a politically stable environment with a history of gold endowment through systematic exploration, resource definition and acquisitions. Highlights of the current portfolio include:
- NI 43-101 and historical resources on Shebandowan Gold Play (150,699 oz Au Inferred* and 251,271 oz Au historical**),
- Past producing high grade Au-Ag Berens River Mine to be redeveloped,
- NI 43-101 compliant resources on Forsan (35,000 oz Au Inferred Resources******),
- New discoveries in the Cadillac break environment.
|* 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off
|** These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon
|*** The Hammond Reef property contains an inferred resource of 530.6 million tonnes of ore at a grade of 0.62 grams/tonne gold, at a cut-off grade of 0.3 grams/tonne amounting to an inferred resource of 10.52 million ounces of gold (http://www.osisko.com/en/properties/hammond-reef.html).
|**** Lake Shore Gold Corp. acquired direct ownership of a total of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of 20 cents per common share
|***** 536,500 MT @ 2.03 g/t Au at 1.00 g/t Au cut off
Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a « Qualified Person » as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.
The amendment to Conacher option agreement remains subject to the approval of the TSX Venture Exchange.
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