Shoreham Resumes Program at Marudi Mountain Gold Project, Guyana
TORONTO, ONTARIO–(Marketwire – Sept. 4, 2008) – Shoreham Resources Ltd. or (“Shoreham”) (TSX VENTURE:SMH), a Canadian based exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce further developments regarding its Marudi Mountain Gold Project. Shoreham has the right to earn a 75% working interest in the Property by exercising an option to acquire 75% of the shares of Romanex Guyana Exploration Ltd. (holder of 100% of the project) held by Vannessa Ventures Inc. (now Infinito Gold Corp. (TSX VENTURE:IG)) by investing a total of $4,000,000 in qualified exploration and development work within four years.
After a hiatus in work during the rainy season, Shoreham’s field team resumed an active program of trenching and mechanized auger (Trado) drilling in the Marudi Mountain Gold Project, Guyana on August 22, 2008. The initial fieldwork is concentrating on expansion of the Mazoa Hill optimized open pit-area from Vannessa’s preliminary feasibility study. The new expansion targets were identified in the Company’s early 2008 field program of geological mapping, sampling, Trado drilling and follow-up on artisanal mine workings. Field tests (panning of 6kg crushed samples of saprolite) confirm the presence of significant gold concentrations in the new trenches. These trench samples are being expedited to the laboratory for analysis on a priority basis to support timely disclosure and diamond drill program planning.
David Bending, President and CEO of Shoreham Resources Ltd., reports: “The Company is very pleased to be back in the field at Marudi Mountain. The results of our Phase I program produced many new high quality targets, which may rapidly expand the historical (but not NI 43-101 compliant) resources. We are particularly interested in the prospect of rapidly expanding the Mazoa Hill Zones, which have been the subject of most previous drilling and evaluation work. Confirmation and delineation of these ‘headframe’ type targets is priority 1, to be followed by detailed trenching and Trado work to prepare our Marudi North and Toucan prospects for drilling. We consider these to be substantial steps in the growth of the project, and in turn for the growth of our company.”
(c) 2008 Marketwire. Provided by ProQuest LLC. All rights Reserved.