Langley, Canada -- June 15, 2009 -- Shoreham Resources Ltd. (the "Company" or "Shoreham") (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 that the Company has signed an Agreement with two individuals through which Shoreham may earn a 100% interest in the Bearhead Trend property (the "Property"), located in the Setting Net Lake Area of Ontario which consists of 128 mineral claims and covers an area of 2,048 hectares. Subject to the acceptance of the TSX Venture Exchange, in order to acquire a 100% interest in the Property, the Company is required to pay to the Vendors an aggregate of $480,000 and an aggregate of 1,000,000 common shares over a period of five years. The Property is subject to a 2% net smelter return ("NSR") royalty payable to the Vendors. The Company will have the option to reduce the NSR royalty to 1% upon paying the Vendors the aggregate amount of $2,000,000.
The Property which consists of a group of mineral claims covering uranium, molybdenum and silver prospects lies in a mineralized trend which also includes the adjoining Bearhead Lake Uranium project currently held by Shoreham through its option agreement with RPT Uranium Corp. (TSX-V: RPT, News Release 2007-05 dated March 27, 2007) and the adjoining Mattless Lake Uranium Property held by the Company under option from Confederation Minerals (TSX-V: CFM.V, News Release 2007-22 dated October 25, 2007).
The Company now controls a total of almost 40 kilometers of the Bearhead Lake fault zone which represents the fault contact between the Sachigo and Berens River geological sub-provinces of the Precambrian Canadian Shield. Subject to regulatory acceptance, Shoreham intends to undertake field work on the Property later this summer in preparation for a fall and winter drilling campaign to test uranium and molybdenum targets known to exist on the claims by historically documented surveys and Shoreham's work conducted in the region to date. The objective of this project, in conjunction with the adjoining Bearhead Lake claims and nearby Favourable Lake claims, is to evaluate and develop the extensive Uranium targets documented along the Bearhead Lake Fault System.
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 and has reviewed all technical information contained in this news release. Mr. Bending reports that: "We have been encouraged by our field work to date along the Bearhead Lake Fault Zone, and the Bearhead Trend claims are an important addition to our strategy of exploration for large tonnage metallic mineral deposits."
For further information please visit our website at www.shoreham.ca or contact our President and CEO Mr. David A. Bending at 604-533-9288. You may also go to www.agoracom.com where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mkachanovsky@shoreham.ca or Pro-edge Consultants Inc. at 416-581-0177 or via email at info@pro-edge.com.
Neither the 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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