2009-03-16 09:27 ET - News Release

Mr. Mike Kachanovsky reports

SHOREHAM ISSUES CORRECTIONS AND CLARIFICATIONS

Shoreham Resources Ltd. is issuing this news release to correct and clarify previously released information.

Finder's fees

In Shoreham's news release No. 2008-16 (reported in Stockwatch on Oct. 7, 2008) David Taylor was identified as receiving 34,000 shares as a finder's fee in connection with the closing of the Shoreham private placement. This share issue has been cancelled and a cash finder's fee of $6,800 was paid to Capital Street Group Investment Services Inc. on March 10, 2009, after receipt of approval from the exchange.

Black Banana private placement and farm-in agreement

The TSX Venture Exchange has approved a revised private placement by Mulgravian Ventures Corp. into Shoreham Resources Ltd. undertaken as part of the Black Banana property farm-in agreement whereby the initial $250,000 placement at 20 cents per share has closed (see news releases No. 2008-22 and No. 2008-23 reported in Stockwatch on Dec. 22 and 23, 2008). Pursuant to the Dec. 22, 2008, news release reported in Stockwatch, Shoreham wishes to clarify that Mulgravian will not be required to participate in the second private placement as announced.

Shares for debt arrangement

The company made an arrangement on March 5, 2009, with RPT Uranium Corp. whereby an option payment due to RPT (reported in new release No. 2007-05 in Stockwatch on March 27, 2007) for $20,000 will be paid in common shares of Shoreham. Based on the closing price of Friday, March 13, 156,500 common shares will be issued to RPT at a discounted market price of 12.75 cents per share (25-per-cent discount) and is subject to exchange approval.

For further information please visit the company's website or its investor relations hub at the Agoracom website where you can post questions and receive answers or review questions and answers already posted by other investors.