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Shoreham to acquire Guyana gold and PGM prospects portfolio

Published: 04:42 07 Apr 2009 AEST

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Shoreham Resources Ltd (TSX VENTURE: SMH) signed an agreement with Guiana Shield Resources Inc of Guyana which will give Shoreham the right to earn 100 percent of 13 prospecting licenses in the country.

The lands controlled in this agreement cover significant exploration targets with indications of potential for gold and platinum group metals. The portfolio consists of four project areas: Whana Creek, Aunama, Arawini and Masawaki.

Shoreham will issue 5 million shares in four payments, and will make scheduled cash payments and milestone payments to earn the 100 percent interest.

The Whana Creek project area is contiguous with Shoreham's Black Banana property and covers 60,000 acres.  

The Aunama and Arawini project areas consist of a total of seven prospecting licenses with a cumulative area of 84,000 acres and cover geophysical and geochemical targets indicating the presence of gold prospects along a regional trend which includes the Aurora and Upper Puruni gold prospects in Guyana and the KM 88 gold district in Venezuela.

The Masawaki project area consists of one prospecting license with an area of 12,000 acres with palladium and platinum prospects.

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