Shoreham initiates Geophysics and drilling

Shoreham Resources Ltd., a Canadian based exploration company dedicated to exploration of polymetallic deposits in South America and Canada, announces the commencement of its winter 2008 program on the Borland Lake Silver target, Favourable Lake Project, Red Lake District, Ontario. Shoreham holds an option to earn an initial 60% interest, and a second stage option to secure an 80% interest, in the Favourable Lake Property through its agreement with Gold Canyon Resources Inc.

The Borland Lake target was subject to exploration programs including airborne and ground geophysics and diamond drilling between 1962 and 1987 by Noranda Exploration Company Limited and Massive Energy Ltd. (note that these sources are not compliant with NI 43-101). These reports concluded that the silver mineralized zone is strata controlled in a deformed/sheared metasedimentary unit, with silver minerals associated with lead and zinc sulphides and anomalous gold values. These drilling programs tested the target along a strike length of 450 metres and to a vertical depth of 192 metres. Noranda’s Hole 65-2 intersected 391.2 grams per tonne silver across 33.3 metres (23 metres true width), and Massive Energy’s programs confirmed the target and outlined three steeply plunging shoots within the mineralized trend, separated by sections with narrow mineralized intercepts. Massive’s hole 86-6 intersected three mineralized zones across 23.1 metres (19 metres true width), including 598.1 grams silver per tonne across 6.2 metres (4.8 metres true width), and Massive’s hole 87-2 intersected 488.2 grams silver per tonne across 4.6 metres (4.0 metres true width).

During September 2007, Shoreham’s field team mapped and collected eleven diamond saw cut one-metre samples to confirm the mineralized material, from a 14 metre wide zone measured across strike. While the sampling covered only 8 metres of this zone all were mineralized and it appears that the mineralization may continue beyond the sampled intervals. Five of the eleven samples exceeded the analytical limits of 300 grams per tonne (these re-assays are pending at this time). Gold values range from 6 ppb to 2,400 ppb (2.4 grams per tonne), lead values from 0.04% to 1.09%, and Zinc from 0.08 to 1.96%. The samples were prepared and analyzed by the SGS Laboratory in Red Lake, Ontario.

Shoreham’s winter 2008 program consists of data compilation, re-interpretation of structure with emphasis on the probability of folding, deep penetrating geophysics and NQ diamond drilling to confirm and define the geometry and evaluate potential plunge and strike extensions to this silver rich polymetallic target.

Shoreham contracted McPhar Geosurveys in 2006 to complete a time domain airborne EM/Mag Survey which defined multiple, deep seated conductive targets in the survey area. Some of these features are related to conductive host rocks, but some may indicate untested deep extensions of the polymetallic silver rich zone. Shoreham has contracted Quantec Geoscience Ltd. to complete a Titan 24 DCIP and MT survey to aid in the evaluation and exploration of the Borland Lake Silver Mineralized Zone. Shoreham has contracted Labine Brothers Drilling Ltd. to complete a diamond-drilling program commencing about Feb 15, 2008.

David Bending, President and CEO of Shoreham Resources Ltd. said that the Borland Lake Silver target was the main attraction for Shoreham in the Favourable Lake option, and we are now prepared to proceed with the exploration work to validate and expand this important target. We await the delayed overlimits silver assays with interest. Our priority is to evaluate the full potential of this mineralized system, down plunge from the known mineralized shoots and new extensions or mineralized bodies at greater depth, during this winter drilling season.