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LANGLEY, CANADA, April 20, 2009 - Shoreham Resources Ltd. (TSX-V: "SMH"), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce official gazetting and granting of the Marudi Mountain Mining License on March 28, 2009, with OFFICIAL signing having occurred on Friday, April 17, 2009 in Georgetown Guyana (http://shoreham.ca/property_marudi.php). The Mining License is being granted on behalf of Romanex Guyana Exploration Ltd. ('Romanex'), a Guyana company which holds 100% of the Marudi Mountain Project. Shoreham has the option to earn 75% of Romanex from Infinito Gold Corp. (TSX-V: IG) through the expenditure of $4 million United States dollars prior to March 7, 2011. The company reports a cumulative qualified expenditure in excess of US$1.5 million as of March 31, 2009 and is fully compliant with its $700,000 expenditure obligation to date. To earn an additional 25% interest (for a 75% total interest), the Company will be required to complete an additional US$2,000,000 (for a total of US$4,000,000) of qualified expenditures prior to March 7, 2011. A substantial drill program is planned for late 2009 and early 2010 which will meet or exceed the initial $2 million cumulative expenditure requirement due on March 7, 2010.
Since executing the Romanex option agreement March 7, 2007 Shoreham has undertaken two phases of field work including geological mapping, mechanical trenching, mechanized deep auger drilling, re-interpretation of the gold prospects, and infrastructure development. The company plans acceleration of evaluation and development programs commencing in September at the end of the rainy season. The Company is pursuing work to enable the preparation of an updated NI 43-101 compliant resource evaluation with emphasis on expansion and detailed sampling of oxide resources and targets, believed inadequately considered previously.
To assist the Company in gaining access to the bedrock, improving infrastructure and generating accelerated cash flow, in April 2008 the Company signed a Letter of Intent ("LOI") with REXMA Participations ("REXMA") which will allow REXMA to mine gold from the alluvial material on the Marudi Mountain Gold Project. The LOI provides for an initial contract period of six years, with one six-year renewal option at Shoreham's discretion. REXMA will be responsible for all its costs and will pay a 10% royalty on all mineral production to Romanex, which Shoreham may use for accelerating the development of the project in compliance with the agreement with Infinito. This LOI was subsequently revised on December 30, 2008. Rexma has submitted its Mining Plan to Shoreham effective March 31, 2009 and is scheduled to commence operations by November 1, 2009. REXMA is committed to a minimum annual production rate of 125,000 cubic meters commencing on November 1, 2009 and progressively increase to 600,000 cubic meters per year.
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 Marudi Mining License solidifies the right to develop and mine the Maruidi Mountain targets, and is a major milestone in Shoreham's growth program in Guyana. We are confident in the substantial potential of the Marudi Project, the supplemental value of the REXMA operations, and our growing capacity to manage the project well".
For further information please visit our website by clicking here or contact our President and CEO Mr. David A. Bending at 604-533-9288. You may also contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca or Pro-edge Consultants Inc.at info@pro-edge.com or 416-581-1362.
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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