Prospera Energy Inc. press release
SHOREHAM RECEIVES TSX-V APPROVAL OF FIVE STAR OPTION
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
Apr. 12, 2010 (TheNewswire.ca) --
LANGLEY, CANADA, April 12, 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 pleased to announce that the Company has received TSX Venture Exchange ("TSX-V") approval of the Five Star Property Option Agreement (the "Option Agreement") between the Company and Case Development Company Ltd. (the "Vendor"), originally announced in the Company's news release dated August 18, 2009. Pursuant to the Option Agreement, Shoreham has an option (the "Option") to acquire a 100% interest in the Five Star Gold (OTCBB:SRGZ) property (the "Property"), which consists of fourteen Medium Scale Prospecting Permits and encompasses an area of approximately 13,000 acres near Matthew's Ridge in northwestern Guyana, by making aggregate cash payments to the Vendor of US$85,000, issuing the Vendor 400,000 common shares of the Company ("Shares"), and paying US$20,000 of permit renewal fees in respect of the Property. A net smelter returns royalty (the "Royalty") of 3% will be payable to the Vendor, which can be repurchased by the Company in whole or in part at a price of US$1,000,000 for each 1% of the Royalty.
Shoreham has agreed to pay a finder's fee to an arm's length third party (the "Finder"), whose role was instrumental to this transaction. Shoreham will issue an aggregate of 40,000 Shares and make a payment of US$5,000 to the Finder. The first 20,000 Shares will be issued on the second anniversary of the TSX-V approval of the Option Agreement and the remaining 20,000 Shares and the cash payment of US$5,000 will be made on or before the exercise of the Option.
On November 4, 2009, the Company announced it had signed a Letter of Intent ("LOI") with Mulgravian Ventures Corporation ("Mulgravian"), a privately held company, whereby Mulgravian may acquire a 51% working interest in the Five Star Property by investing US $2,000,000 in exploring and advancing the Property within four years of Exchange approval and completing a CDN $210,000 private placement in Shoreham at an above market price.
David Bending, M.Sc., P. Geo., President and CEO of Shoreham Resources Ltd. reports that: "Five Star is a very important opportunity for Shoreham and partner Mulgravian Ventures Ltd., and we are pleased to provide proper consideration for the referral that called it to our attention at the right time. This is all part of the teamwork that will keep us growing."
For further information please visit our website at www.shoreham.ca or contact our President and CEO Mr. David A. Bending at 604-533-9288.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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