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Shoreham Resources Ltd.: Shoreham Resources Ltd.: Black Banana Returns Assays Up to 209.05 g/t Au (6.1 oz/t) Over 0.8 Meters

^{Published on 2009-01-26 08:35:23, Last Modified on 2009-01-26 08:36:41 - Market Wire}
 

LANGLEY, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce that the due diligence sampling and mapping program undertaken during December 2008 has confirmed the presence of multiple high grade veins and widespread gold mineralized areas on its Black Banana Project in Guyana. The company has received and evaluated assays for a total of 41 soil samples, 42 chip/channel samples and 7 vein chip samples.

Shoreham has the right to acquire 100% of the Black Banana Property which consists of a group of 10 medium scale Prospecting Permits (8,290 acres) located in northwestern Guyana near Matthews Ridge (SMH News Release dated October 8, 2008). Mulgravian Ventures Corporation (a privately held company) can acquire a 60% working interest in the Black Banana Property through a series of qualified exploration and development expenditures on the Property and direct investments in Shoreham Resources Ltd. (SMH News Release dated December 22, 2008). The property lies in the same stratigraphic package as the El Callao gold district in Venezuela which boasts a combined historical production plus reserves in excess of 25 million ounces of gold. The Company's due diligence field program indicates that gold mineralization is associated with a swarm of 1 to 3 meter wide roughly parallel diorite dikes (up to 20 meters wide in places) which crosscut undifferentiated volcanic stratigraphy. The westerly contacts of these dikes consists of blue quartz veins ranging from 20 cm to over 2 meters thick flanking the diabase dikes and containing frequent visible gold. The dikes and the flanking volcanic rocks are mineralized as well, with disseminated pyrite and mineralized quartz veinlets.

Soil samples were taken at 50 meter spacing along 2 parallel east-west 1,000 meter long trial lines spaced 250 meters apart. The results of soil analysis ranged from 1 to 102 ppb Au. Plotting of these results shows good correlation of higher values on the down slope side of known quartz veins.

Continuous chip sampling was undertaken across the veins and host rocks in open pits being worked by artisanal miners. In the main pit area a section of 29 meters width was sampled and returned a weight averaged grade of 1.07 g/t Au across 29 meters. Included within this 29 meter interval are 6 meters averaging 2.70 g/t Au and 6 meters averaging 2.06 g/t Au. Limited chip sampling across vein 2 returned 2.16 g/t Au over 4 meters. Values range from trace to 13.6 g/t Au over individual 1 meter intervals. Chip samples from a number of other locations ranged from 38 ppb to a high of 209.5 g/t Au across an 80 cm vein (true width 80 cm). Reported sampled intervals also correspond to true widths of material sampled.

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. He reports that; "The Company is encouraged by the results obtained in our initial efforts and are pleased that Mulgravian is sufficiently encouraged that they are investing into both Shoreham and the project. The remaining $23,000 initial option payment has been made to the property Vendor. Crews were dispatched to the field last week to undertake systematic soil and rock sampling and geologic mapping over the entire property as well as systematic trenching in the vein targets. This will entail about 180 km of line cutting at 200 meter spacing with hand auger soil samples being taken at 50 meter spacing (approximately 3,200 samples). Hand and backhoe trenching and sampling is being undertaken in conjunction with the above (approximately 750 samples). An independent NI 43-101 compliant report will be prepared in parallel with these activities. While it will not detract our focus from our Flagship Marudi Mountain prospect, the Black Banana Project represents a valuable addition to Shoreham's property portfolio and this additional opportunity augers well for the Company's long term growth plans for Guyana."

All samples were prepared by Actlabs in Georgetown, Guyana and then sent to Actlabs' Toronto facilities for analysis. All soils samples were assayed by fire assay with an AA finish. All rock samples were screen fire assayed for metallic's and duplicate 30 gram samples of the fines were fire assayed.

For further information please visit our website at [ www.shoreham.ca ] or our Investor Relations Hub at [ www.agoracom.com/IR/Shoreham ] where you can post questions and receive answers or review questions and answers already posted by other investors or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at [ mike@shoreham.ca ].

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.