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Shareholder Update
LANGLEY, CANADA,
May 18, 2010 � 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, has prepared, for the
benefit of shareholders and the investment community, a progress report
concerning ongoing programs in Ontario and Guyana.
ONTARIO:
Favourable Lake District, Borland Lake and Bearhead Trend
1.
Shoreham completed
two diamond drillholes and part of a third hole in a ten hole program in
March, 2010. The program was designed to use the results of Titan-24 deep
penetrating geophysical surveys, integrated with a compilation of the
results from previous work. The program was modified in early March due to
deteriorating ice conditions, with low priority targets tested in holes 1
and 2 and modified land based sites selected for testing of the priority
silver-polymetallic targets. Hole 3 was terminated about 100 meters short
of its target intercept depth due to unseasonably warm weather and
unprecedented loss of ice road access. The drill remains on site and the
program will resume this month with re-activation of the camp and
mobilization of the drill crew. The core was logged in detail and sampled
to test the potential for Platinum Group Metals in the dominantly
ultramafic rock types intersected. The assays are still pending.
2. The previously known silver � rich targets were
the focus of the ice � based drillholes which were re-scheduled for the
spring drilling campaign. The company has completed a compilation of all
previous drilling and the continuing work will address the geometry of the
known mineralized bodies, potential expansion and potential repeats by
folding of the silver � polymetallic mineralized zones.
3. The remaining holes will be completed from land
based sites using the equipment on site.
4. Shoreham completed an airborne geophysics program
using high resolution helicopter based magnetic and EM surveys to provide
an integrated database covering the Bearhead Trend, Setting Net and
Twinpeaka properties. Further field work, including follow up and expansion
of systematic geochemical sampling of the U-REE-Mo targets of the Bearhead
Trend, will commence in May as part of the resumption of field work in the
area.
GUYANA: CAMP
INSTALLATIONS, TRENCHING AND DRILLING PROGRAMS
1. Shoreham, acting as the operator of the Mulgravian
Joint Ventures, has installed and staffed camp facilities in the Sardine
Hill and Whana Project areas and is proceeding with systematic field work
(prospecting and geochemical sampling) in the Arawini, Aunama and Whana
Project Areas. Approximately thirty persons are involved with field and
support functions of these activities.
2. The company has commenced systematic trenching and
mechanized auger drilling in the Whana/ Five Stars project area, based on
well defined geochemical targets and associated artisanal mining activity
in preparation for RC or diamond drill testing as results are evaluated. The
selection of RC or diamond drilling will be based on final contract terms
and local logistical considerations as drill sites and drillhole
orientations are finalized. Approximately ten persons are involved with
field and support functions of these activities, and the team will increase
with completion of final access roads and commencement of drilling as
results warrant.
3. The REXMA alluvial production plan has been
delayed by environmental permitting and the details of duty free import of
production equipment but will proceed according to the original plan,
subject to those delays. REXMA and Shoreham have been working diligently
through this process since January 2010 and are pleased to see this
important transition at hand.
David Bending, M.Sc., P. Geo., President and CEO of Shoreham
Resources Ltd. reports that: �we are busy with advancing the core projects
of the company, with active programs in Canada and Guyana including
drilling and other exploration in Canada, trenching and preparation for
surface mining in Guyana, and plans for systematic drill tests of the gold
targets in the Whana/ Five Star Area of Guyana. We have confidence based on
the quality of our projects and strong precious metals prices.�
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.
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.
FORWARD LOOKING STATEMENTS
This release contains
�forward-looking statements� within the meaning of applicable Canadian
securities legislation, including predictions, projections and forecasts. Forward-looking
statements include, but are not limited to, statements that address
activities, events or developments that the Company expects or anticipates
will or may occur in the future, including such things as future business
strategy, competitive strengths, goals, expansion, growth of the Company�s
businesses, operations, plans and with respect to exploration results, the
timing and success of exploration activities generally, permitting time
lines, government regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage, timing
and possible outcome of any pending litigation and timing and results of
future resource estimates or future economic studies.
Often, but not always,
forward-looking statements can be identified by the use of words such as
�plans�, �planning�, �planned�, �expects� or �looking forward�, �does not
expect�, �continues�, �scheduled�, �estimates�, �forecasts�, �intends�,
�potential�, �anticipates�, �does not anticipate�, or �belief�, or
describes a �goal�, or variation of such words and phrases or state that
certain actions, events or results �may�, �could�, �would�, �might� or
�will� be taken, occur or be achieved.
Forward-looking statements are based
on a number of material factors and assumptions, including, the result of
drilling and exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary for
exploration is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred, that plant and
equipment function as specified, that no unusual geological or technical
problems occur, and that laboratory and other related services are
available and perform as contracted. Forward-looking statements involve
known and unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or achievements to
be materially different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration activities;
changes in project parameters as plans continue to be refined; future
prices of gold and other minerals; possible variations in grade or recovery
rates; failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those factors
disclosed in the company's publicly filed documents. Although both
companies have attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described
in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
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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