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Golden Share Starts Drilling on Elwood Property and Initiates Stripping Program
on Pistol Lake Property



Golden Share Starts Drilling on Elwood Property and Initiates Stripping Program on Pistol Lake Property

Marketwire

 
 
Golden Share Mining Corporation
TSX VENTURE:GSH
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November 5, 2008
Golden Share Starts Drilling on Elwood Property and Initiates Stripping Program on Pistol Lake Property
MONTREAL, QUEBEC--(Marketwire - Nov.

5, 2008) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to provide an update on the recent developments of its 2008 exploration program in Ontario, Canada.

Elwood property

Diamond drilling was initiated on November 2nd on the Elwood property.

This first drilling program targets the U Zone, a massive quartz vein structure hosted in sheared and altered granodiorite.

The U zone is located at the eastern extremity of the Penziwol area, a 500 m long, east-west trending mineralized zone, where numerous 1-2 kg surface rock samples reported grades in excess of 30.00 g/t Au with a peak at 759.00 g/t Au.

Specifically on the U zone, INCO reported a channel sampling result of 14.80 g/t Au over 1.50 m.

Golden Shares recent systematic channel sampling program confirmed these grades with channel sampling returning grades up to 10.20 g/t Au over 1.00 m included in a broader interval of 1.98 g/t Au over 7.80 m.

Pistol Lake property

A stripping program was initiated in the third week of October on the Calchris zone and has now exposed the mineralization over a surface area of 50 m by 40 m.

Washing and channel sampling is now underway.

The Calchris zone is a gold-bearing deformation zone exposed in outcrop and preliminary trenches over a 600 m strike length.

Gold occurs with quartz veining and strong alteration and deformation.

Historic assays of up to 96.00 g/t Au over 0.50 m have been obtained in previous surface channel sampling.

Golden Shares recent stripping on Pistol Lake exposed two east-west trending mineralized zones containing quartz veins up to 1 m in thickness associated with quartz stringers in heavily altered rocks.

The entire observed width of the altered package is over 30 m and lithologies include altered versions of intermediate volcanics (ankerite-chlorite-hematite-feldspar-pyrite bearing unit), ultramafic volcanics (chlorite-talc-ankerite schist) and felsic intrusive (fuschite-ankerite-feldspar-pyrite bearing unit).

This package is flanked on both ends by a mafic volcanic/sediment unit containing heavy to semi-massive sulphides and graphitic pods with associated ankerite.

Philippe Giaro, President and CEO, stated "This phase is extremely exciting as we are testing prime exploration targets with advanced work that will yield valuable information for the next phase of development.

This further demonstrates Golden Shares ability to focus on accessible, high quality targets in Canada.

In this context, the Shebandowan belt has seen relatively little exploration as opposed to other established greenstone belts and, as of today, its potential remains very important.

Golden Shares entire team looks forward to unlocking the potential of the Elwood and Pistol Lake properties".

Clarke Exploration Consulting, a Thunder Bay, Ontario, Canada, based geological consulting group, is responsible for the geological management of the on-going work on the Elwood and Pistol Lake properties under the supervision of Mr.

Desmond Cullen, P.

Geo.

Golden Shares exploration programs are under the supervision of Mrs Laurence Huss, P Geo., and Vice-President Exploration.

Golden Share intends to report on a regular basis on the advancement of its work programs.

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

Golden Share is also simultaneously working towards increasing its visibility in Europe and road shows in Zurich and Geneva are planned for the month of November.

Moreover, Golden Share will be present at the Munich Gold Show on November 7th and 8th where management will be holding an information session on the Company.

About Golden Share Mining Corporation

Golden Share Mining Corporation (TSX VENTURE: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 SearchGolds Canadian gold assets and is lead by an experienced management team at the technical and corporate level.

The Companys projects straddle three greenstone belts of Eastern Canada, are accessible by road and are all located close to the established mining centers of Val dOr and Rouyn-Noranda in Quebec and Shebandowan, west of Thunder Bay, in Ontario.

Golden Share completed its initial public offering in December 2007 and finalised a $2,666,025 financing with Canaccord Capital Corporation who acted as the agent.

The Companys common shares started trading on the TSX Venture Exchange under the symbol " GSH " on January 14th 2008.

Golden Share financed and additional $1,075,000 in early July 2008 including a $500,000 flow-through financing to be allocated to the developments of its activities in Ontario and particularly for the Elwood property located near Thunder Bay.

The Company has 25 055 193 common shares issued and outstanding and with a current cash position of $2.0 million, Golden Share is fully funded and able to accomplish all of its major exploration programs for 2008 as well as proceed with additional strategic acquisitions.


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

CONTACT INFORMATION:

Golden Share Mining Corporation
Philippe Giaro, President & CEO
32-473-52-30-29


or

Golden Share Mining Corporation
Denis Tremblay
Vice-President
514-866-4224


or

MI3 Communications Inc.
Daniel Vine
Consultant
514-904-1333
daniel@mi3.ca

INDUSTRY: Manufacturing and Production - Mining and Metals

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