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Golden Share Provides Update on the Elwood Property

Posted on: Thursday, 22 May 2008, 09:00 CDT

Golden Share Mining Corporation (TSX VENTURE: GSH) is pleased to provide an update on its Elwood property.

The Elwood property is located 70 km west of the city of Thunder Bay, Ontario, Canada. It consists in 21 mining titles covering 2,208 hectares. Golden Share holds an option to acquire a 100% interest over 4 years by paying the Vendors a total of $230,000; issuing a number of shares representing an equivalent value of $210,000 according to market price at the time of each of the three installments and by incurring a total of $150,000 in exploration expenditures before December 31st 2008. A first payment of $110,000 has already been executed. In addition, Golden Share has issued 1,440,000 shares to a private company that initially secured the Elwood option.

The Elwood property is located in the Shebandowan greenstone belt, a classic sequence comprising mafic volcanics and granodioritic intrusions flanked by Temiskaming sediments towards the south. The Shebandowan belt is recognized as a favourable geological environment for gold deposits and Golden Share's Elwood property remains underdeveloped in the light of the belt's potential.

The past producing Ardeen Mine, which was the first gold mine in Ontario (1870), is located 47 km west of Golden Share's Elwood property and produced 30,000 ounces of gold. Remaining reserves of 45,000 ounces of gold (90,650 tonnes at a grade of 15.3 g/t Au(i)) and inferred resources of 500,000 ounces of gold (1,082,939 tonnes at a grade of 14.4 g/tonne(i)) are present at the Ardeen Mine. The Moss Lake deposit, a bulk tonnage type gold deposit, is located 42 km west of Elwood and a 43-101 compliant 2006 technical report by independent consultants Watts, Griffis, McOuat Ltd. outlined an inferred resource 1,510,000 ounces of gold (56,100,000 tonnes at a grade of 0.84 g/t Au). The Shebandowan deposit is located 8 km north of Elwood and in 1980 Watts, Griffis and McOuat estimated a resource of 150,000 ounces of gold (705,000 tonnes at a grade of 6.86 g/t Au(i)) above the 500 foot level.

See attached "Regional Geology" figure : http://media3.marketwire.com/docs/Reg_Elwood.pdf

Golden Share's Elwood property shows numerous important, undeveloped surface gold showings with locally spectacular grades of up to 759.0 g/t Au.

See attached "Property Geology" figure : http://media3.marketwire.com/docs/Elwood.pdf

The most comprehensive work was executed by INCO in the early 1990's. INCO mainly followed-up on previous discoveries (U-Af-Ah zones or Penziwol area) and executed detailed mapping, outcrop sampling, preliminary channel sampling and limited exploratory drilling. The Penziwol area is a 200 m long, east-west trending mineralized zone, where numerous 1-2 kg surface rock samples reported grades in excess of 30.0 g/t Au with a peak at 759.0 g/t Au. One channel sample executed on part of the U zone by INCO reported 14.8 g/t Au over 1.5 m.

The mineralization consists in quartz veins and stockworks containing up to 8% pyrite with associated chalcopyrite and galena. Visible gold was reported on surface in 8 veins by INCO. Stacked veins can form individual zones in excess of 5 m in width that are hosted in silicified, sericitized and hematized granodiorite.

Out of 23 previous diamond drill holes recorded on the property, a total of 19 holes were executed by INCO to test various targets and all holes reported anomalous gold values in the granodiorite. In four instances, mineralized intervals over significant widths were intersected in the Penziwol area as outlined in the following table.

 ----------------------------------------------------------------------- ---                            Drill hole                 Mineralization -------------------------------------------------------------------------- number         azimut         dip   length   from     to interval    grade                                         (m)    (m)    (m)      (m) (g/t Au) -------------------------------------------------------------------------- 78441     155 degrees  45 degrees    37.80  17.80  29.00    11.20     0.44  including                                  18.30  19.10     0.80     3.27 -------------------------------------------------------------------------- 78443      70 degrees  55 degrees    50.60   1.10  18.70    17.60     0.45  including                                   1.10   1.80     0.70     1.30  including                                   6.00   6.50     0.50     1.08  including                                   7.50   8.00     0.50     1.69  including                                  10.00  10.50     0.50     8.06 -------------------------------------------------------------------------- 78446     155 degrees  70 degrees    59.10  22.60  57.60    35.00     0.30  including                                  26.50  27.50     1.00     4.55 -------------------------------------------------------------------------- 78447     135 degrees  45 degrees    47.60  15.80  28.00    12.20     0.51  including                                  24.00  25.00     1.00     2.30 -------------------------------------------------------------------------- 

Visible gold was reported in two instances in the following mineralized intervals :

- DDH 78441 : 3.27 g/t Au over 0.80 m from 18.30 to 19.10 m

- DDH 78443 : 1.30 g/t Au over 0.70 m from 1.10 to 1.80 m

Philippe Giaro, President and CEO, stated "The mineralization of the Penziwol area is near surface and previous surface exploration work demonstrates the high grade mineralization potential of the property while the preliminary drilling by INCO shows the bulk tonnage potential of the granodiorite. The Elwood property has virtually been unexplored for the past 15 years and very little systematic follow-up work has been executed given the encouraging preliminary results obtained so far. Moreover, the western part of the property which is underlain by the bulk of the granodiorite intrusion has been left untouched. We are very excited with our upcoming field campaign and plan on rapidly advancing the development of the Elwood property".

The following observations will guide Golden Share's upcoming exploration work on Elwood :

- The granodiorite represents a prime target as rock competency contrasts resulted in brittle behavior and the development of important mineralized quartz stockworks and vein networks.

- Visible gold was observed in the INCO diamond drill holes but given the coarse nature of the gold, it is believed that the values reported underestimate the real grades as surface samples yielded significantly higher values. INCO reported that one spectacular 1 cm wide veinlet on the Af zone contained abundant visible gold.

- The gold mineralization also pervasively impregnates the granodiorite and the bulk tonnage potential of the entire property has to be properly assessed.

- Iron formations within the volcanic sequence have locally returned gold values.

Muroc Inc., a geological consulting firm based in St-Adolphe d'Howard, Quebec, has appointed Mr. Pierre Poisson to the position of senior geologist for the Elwood project. A first phase of work to be executed during the summer of 2008 will consist in thorough prospecting and additional geological mapping with the foremost objectives being to :

1. Fully delineate the existing high grade gold zones,

2. Identify additional mineralized zones,

3. Assess the bulk tonnage potential of the granodiorite.

Golden Share intends to report on a regular basis on the advancement of its work programs. The Company is also simultaneously working towards increasing its visibility in Canada and Europe.

Philippe Giaro, P.Geol., President and CEO of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of this release.

(i) These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon.

About Golden Share Mining Corporation

Golden Share Mining Corporation (TSXV: GSH) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada. Golden Share was created through the reorganization of SearchGold's Canadian gold assets and is lead by an experienced management team at the technical and corporate level. The Company's projects straddle three greenstone belts of Eastern Canada, are accessible by road and are all located close to the established mining centers of Val d'Or and Rouyn-Noranda in Quebec and Shebandowan, west of Thunder Bay, in Ontario.

Golden Share recently completed its initial public offering and finalised a $2,666,025 financing with Canaccord Capital Corporation who acted as the agent. The Company has 19,605,193 common shares issued and outstanding and Golden Share's common shares have started trading on the TSX Venture Exchange under the symbol "GSH" on January 14th 2008. The net proceeds from the initial public offering will be used by Golden Share mostly for exploration work on its Forsan and Malartic Lakeshore properties, and for working capital and general corporate purposes.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 Contacts: Golden Share Mining Corporation Philippe Giaro President & CEO 32-473-52-30-29 phgiaro@skynet.be  MI3 Communications Inc. Daniel Vine Vice-President 514-904-1333 daniel@mi3.ca  Golden Share Mining Corporation Denis Tremblay Vice-President 514-866-4224 info@goldenshare.cahttp://www.goldenshare.ca

SOURCE: Golden Share Mining Corporation

Source: MARKET WIRE

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