| | Published : November 04th, 2009 | Grants Option of Remaining Interest in Sachigo Lake |
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FOR IMMEDIATE RELEASE
November 3, 2009
Langley, British Columbia
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TSX.V
Symbol: SMH
Shares Outstanding: 54,159,300
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Shoreham Grants Option of Remaining Interest in Sachigo Lake Property to Escape Gold Inc.
LANGLEY, CANADA, November 3, 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 a Letter Agreement with Escape Gold Inc. (TSXV: EGT)
("Escape") and MacDonald Mines Exploration Ltd. (TSXV:BMK)
("MacDonald") dated October 15, 2009, pursuant to which the
Company granted to Escape an option to acquire Shoreham's remaining 40% in
the Sachigo property (the "Property"),
located in the Setting Net Lake Area of Ontario. Upon exercise of the
option, Escape will acquire from the Company its remaining 40% interest
(the "40% Shoreham Interest") in the Property with the result
that Escape shall have a 100% interest in the Property. Shoreham retains an
Area of Influence of approximately 45,000 hectares surrounding the property
and a 2 ½% Net Smelter Returns ("NSR") Royalty Interest in the
property. Escape retains a right to buy-back 1% of this royalty for
$1,000,000. Subject to the acceptance of the TSX Venture Exchange and in
order for Escape to exercise the 40% Shoreham Interest and acquire a 100%
interest in the Property, Escape is required pay to the Company $50,000 in
cash, issue to the Company 400,000 shares of Escape and issue to the
Company 400,000 common share purchase warrants of Escape which entitle the
Company to purchase an aggregate of 400,000 Escape common shares
exercisable at a purchase price of $0.40 per share for a period of two
years from the date of issue.
The Company originally entered into an Agreement (the "Escape Option
Agreement") dated January 8, 2007 with Escape, pursuant to which the
Company granted to Escape the option to acquire a 60% interest in the Sachigo Lake property in consideration for certain cash
payments, share issuances and exploration expenditures. As part of this
Agreement, the Company granted Escape the right of first refusal
("RFR") to match any offer made in relation to acquiring the
remaining 40% Shoreham Interest. Upon Escape's waiver of its RFR to acquire
Shoreham's 40% Interest pursuant to a letter dated October 6, 2008,
MacDonald entered into an Agreement with Shoreham (the
"MacDonald/Shoreham Option Agreement") dated November 28, 2008
with the Company which granted MacDonald the option to earn up to an undivided
100% interest in the 40% Shoreham Interest by making certain payments. Subsequently,
MacDonald and Shoreham amended the MacDonald/Shoreham Option on January 28,
2008 to reduce the cash payment from $150,000 to $100,000.
Pursuant to the Escape/Shoreham/MacDonald Letter Agreement dated October
15, 2009; MacDonald has no further rights or obligations in respect to the
Property. Within 30 days from the later of the date of the Letter Agreement
or the date on which regulatory approval is obtained, the Company has agreed
to issue 250,000 shares of Shoreham to MacDonald in reimbursement for
MacDonald's payment to the Company of $50,000 on December 5, 2008, pursuant
to the terms of the MacDonald/Shoreham Option Agreement.
David Bending, M.Sc., P.Geo., President and CEO of Shoreham Resources Ltd. reports
that: "The Company is pleased that Escape Gold has proceeded to
consolidate its interests in the Sachigo Lake
Property. It is our sincere hope that Escape can proceed with evaluation
and development of the targets there and that our long term investment in
Escape Shares will be rewarding for Shoreham Shareholders."
Effective October 1, 2009, the Agreement between Shoreham Resources and
Pro-Edge Consultants Inc. was terminated. Pro-Edge was engaged in May, 2007
under an Investor Relations Service Agreement to assist Shoreham with
investor relations activities.
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. Additional details concerning the company's
projects and plans are accessible at www.agoracom.com.
Neither 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.
SnapMail is a Service of www.RMC.mobi
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David A. Bending
President & CEO
Shoreham Resources Ltd.
105 A/B – 20270 Industrial Avenue
Langley, BC, V3A 4K7
Phone: 604-533-9288
Fax: 604-533-9296
Email: info@shoreham.ca
Web: www.shoreham.ca
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Shoreham Resources Ltd.
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EXPLORATION STAGE |
CODE : SMH.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Shoreham Res. Ltd. is a silver and gold exploration company based in Canada. Shoreham Res. Ltd. holds various exploration projects in Canada, in Guinea and in Guyana. Its main exploration properties are FAVORABLE LAKE, BEARHEAD LAKE, BEARHEAD TREND, BEARSKIN LAKE, MATTLESS LAKE and SETTING NET LAKE - TWINPEAKA PROPERTIES in Canada and POTARO DISTRICT GOLD, MARUDI MOUNTAIN and FIVE STAR in Guyana. Shoreham Res. Ltd. is listed in Canada and in United States of America. Its market capitalisation is CA$ 29.1 millions as of today (US$ 29.2 millions, € 21.5 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.67, and its lowest recent point on December 05, 2008 at CA$ 0.04. Shoreham Res. Ltd. has 74 722 000 shares outstanding. |
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