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SHOREHAM OPTIONS GUYANA GOLD PROPERTIES TO GMV MINERALS INC.
SHOREHAM OPTIONS GUYANA GOLD PROPERTIES TO GMV MINERALS INC.
About this update from Gmv Minerals Inc
[{"type":"text","content":"\nSHOREHAM OPTIONS GUYANA GOLD PROPERTIES TO GMV MINERALS INC.\n\n\n Apr. 9, 2010 (TheNewswire.ca) -- LANGLEY, CANADA, April 9, 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, is providing updates on assorted pending matters.The Company, through its 100% owned Guyana subsidiary RPM Exploration Inc. and a contractual arrangement with a Guyana National, has participated in auction and permit filing proceedings in Guyana to secure priority rights to a selection of Large Scale Prospecting Licenses and Medium Scale Prospecting Permits. The Company is currently engaged in screening of these properties to establish priorities and evaluate the opportunities they represent. Some of the Medium Scale Prospecting Permit filings are subject to an ongoing bidding process, (the \"Ongoing Auction Permits\") which is open only to the parties who submitted applications in the initial round of bidding in November and December of 2009. Some of the permits have already been secured through the auction procedures to date. A closed auction, open only to the prior applicants for specific permit areas (the \"Closed Auction\"), was scheduled for April 7, 2010 but has been delayed.As part of the management of the new lands involved with this procedure, the company has entered into an initial property acquisition letter agreement (the \"Letter Agreement\") with GMV Minerals Inc. (TSXV:GMV) (\"GMV\")(TSX-V:GMV) whereby Shoreham, has granted to GMV the option (the \"Option\") to acquire a 100% interest in the mineral rights to 41 medium scale prospecting permits and one large scale prospecting permit in the Upper Puruni and the Otomung East areas of Guyana (the \"Properties\"). GMV has advanced US$100,000 to Shoreham in order to work toward securing the Ongoing Auction Permits. The area of interest of this agreement includes 71 Permit areas which are subject to the Closed Auction. Shoreham and GMV are screening the lands in question with the intent to select and secure (on a best efforts basis) the most prospective land through competitive bidding. Those lands which are thereby secured will be deemed to be part of the Properties and will be subject to the Option.Pursuant to the terms of the L...