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SHOREHAM ACQUIRES FIVE STAR GOLD PROPERTY
SHOREHAM ACQUIRES FIVE STAR GOLD PROPERTY
About this update from Lithium South Development Corporation
[{"type":"text","content":"\nSHOREHAM ACQUIRES FIVE STAR GOLD PROPERTY\n\n\n Aug. 17, 2009 (TheNewswire.ca) -- LANGLEY, CANADA, August 18, 2009 - 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 pleased to announce that the Company has signed an Agreement with Case Development Company Ltd., a company incorporated in Guyana and at arm's length to Shoreham, pursuant to which Shoreham has been granted an option to acquire a 100% interest in the Five Star Gold (OTCBB:SRGO) property (the \"Property\"), located on Map Sheet 4SW \"AMAKURA\" in Guyana, which consists of fourteen Medium Scale Prospecting Permits and encompasses an area of approximately 13,000 acres near Matthew's Ridge in northwestern Guyana. Subject to the acceptance of the TSX Venture Exchange, in order to acquire a 100% interest in the Property, the Company is required to pay to Case Development an aggregate of US$ 85,000 and issue to Case Development an aggregate of 400,000 common shares of Shoreham Resources Ltd. over a period of four years. The Property is subject to a 3% net smelter return (\"NSR\") royalty payable to Case Development. The Company will have the option, at any time prior to commencement of commercial production on the Property, to reduce the NSR royalty to 1% upon paying to Case Development the aggregate amount of US$ 3,000,000. There are no work commitments other than to maintain the Property in good standing. A finders fee in shares, subject to Exchange approval, is payable to an arm's length individual for providing the Company with the opportunity to acquire this property.The Property has been held and evaluated by Golden Star Resources (OTCBB:GLNS) Ltd. (AMEX:GSS) (TSX:GSC) and HGB Ventures Ltd. The Property was recently held for three years by Gold Port Resources Ltd. (TSXV:GPO) without documented sampling or other work. Three phases of soil and Mobile Metal Ions (MMI) geochemistry previously conducted by HGB Ventures show gold bearing zones with similar stratigraphic and structural controls as the adjoining targets on Shoreham's Whana Packages. Combined with the Whana Licenses, this package represents a strong assemblage of drill targets (to be refined with deep auger profiles and mapping) with a reasonable...