Shoreham Resources Ltd (C:SMH)
Shares Issued 47,825,800
Last Close 2/24/2009 $0.11
Wednesday February 25 2009 - Property Agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a letter agreement dated Sept. 6, 2008, between Shoreham Resources Ltd. and an arm's-length party. Pursuant to the agreement, the company shall acquire 100 per cent of the mining rights of the Black Banana property, located in northwestern Guyana.

As consideration, the company must pay the vendor an aggregate of $150,000 (U.S.) and incur an aggregate of $300,000 (U.S.) in exploration expenditures over a four-year period. If the sum of $150,000 (U.S.) is paid within two years, the requirement to incur $300,000 (U.S.) in exploration expenditures will be waived. The vendor shall receive a 3-per-cent net smelter returns royalty (the NSR). At any time, the company shall have the option to purchase a one-third of the NSR by making a further payment of $500,000 (U.S.).

For further information, please refer to the company's press release dated Oct. 8, 2008