Thanks for the update. I will wait until next year.

Shoreham grants three-month extension to Rexma
Ticker Symbol: C:SMH

Shoreham Resources Ltd (C:SMH)
Shares Issued 56,859,300
Last Close 12/3/2009 $0.27
Friday December 04 2009 - News Release

Mr. David Bending reports

SHOREHAM GRANTS THREE MONTH EXTENSION TO REXMAS START UP AND MILESTONE DATES FOR MARUDI ALLUVIAL MINING

Shoreham Resources Ltd. is providing an update on further developments regarding planned alluvial gold production at its Marudi Mountain gold project in Guyana. Shoreham has the right to earn a 75-per-cent working interest in the Marudi Mountain property by exercising an option to acquire 75 per cent of the shares of Romanex Guyana Exploration Ltd. (holder of 100 per cent of the project) held by Vanessa Ventures Inc. (now Infinito Gold Corp.). Shoreham must invest a total of $4-million (U.S.) in the project by March, 2011, in order to acquire its 75-per-cent interest. Shoreham's expenditures to date significantly exceed the requirements of the agreement and the company expects to meet its vesting requirements ahead of schedule.

On Aug. 21, 2008, Shoreham and Rexma Participacions, an alluvial mine operator based out of Leon, France, signed a definitive agreement entitled project operating plans and principles, Marudi Mountain alluvial mining agreement. This original agreement envisaged commencing sustained alluvial production at a rate of 500 cubic metres per day commencing July 1, 2009, with an ultimate target rate of 2,000 cubic metres per day. In a news release in Stockwatch dated Jan. 27, 2009, Shoreham realized that additional environmental studies would be required in order for Rexma to begin production, and granted Rexma a three-month extension to its production start-up and other milestone deadlines.

Delays in the granting of the mining licence, the need for undertaking additional environmental impact studies and reports, community relations meetings, baseline environmental studies, and the granting of duty-free importation licences, have hampered Rexma's ability to perform and meet the revised milestones defined in the operating agreement. Shoreham recognizes that the conditions responsible for Rexma's failure to meet the defined goals were beyond Rexma's control. On Oct. 26, 2009, Shoreham issued Rexma an addendum to the agreement which provided Rexma with an additional three-month extension to meet the milestone production dates. Rexma is now to be in production by Feb. 1, 2010, at a minimum sustained production rate of 125,000 cubic metres per year, and increasing its plant capacity to 200,000 cubic metres per year by Jan. 1, 2011, and further increasing operations to at least 300,000 cubic metres per year prior to Jan. 1, 2012. All of Rexma's production and processing equipment is ready for shipment from Cayenne in French Guyana. Rexma is anxiously awaiting final importation documentation so that it can begin plant construction.

Rexma will be responsible for all of its costs, will be required to pay Shoreham an agreed upon monthly sum for Shoreham's Guyanese overhead, office and support costs, pay all royalties to the Guyanese government and underlying royalty holders, and will pay a gross production royalty of 10 per cent to Romanex, 100 per cent of which monies Shoreham has the right to use to support its own exploration on the Marudi property. In addition, all expenditures incurred by Rexma qualify as earn-in expenditure by Shoreham to acquire 75 per cent of Romanex. Pursuant to notice provision, Rexma's operations must be relocated from areas which Shoreham needs to undertake its own exploration and mining activities. Initial operations will be integrated as a prestripping component of Shoreham's development program for the property. The benefits to Shoreham include improvements to access and infrastructure, expansion of facilities, accelerated development of saprolite and bedrock targets, acceleration of property interest vesting through qualified expenditures, generation of cash flow to finance Shoreham's own exploration and development programs, and reduced overheads through cost sharing.

David Bending, MSc, PGeo, president and chief executive officer of Shoreham Resources, says, "The company is very pleased to confirm that Rexma is fully committed to begin alluvial mining and gold production at our Marudi Mountain gold project by Feb. 1, 2010."