Shoreham Farms Out Five Star Property In
LANGLEY, CANADA - Shoreham Resources Ltd. that, subject to acceptance by the TSX Venture Exchange, the Company has signed a Letter of Intent ("LOI") with Mulgravian Ventures Corporation, a privately held company, dated October 22, 2009 whereby Mulgravian may acquire a 51% working interest in the Five Star Property in Guyana 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.
Mulgravian will be required to invest US $500,000 in qualified exploration expenditures within one year of Exchange approval of the LOI and an additional US $500,000 per year in qualified exploration expenditures prior to the second, third and fourth anniversaries of Exchange approval for a cumulative total of US $2,000,000 in qualified exploration expenditures. Upon completion of this program, Mulgravian will become the beneficial owner of 51% of the capitalized shares of the specific Guyanese holding company with Shoreham holding the remaining 49% of the shares. Upon exercise of the option, Mulgravian and Shoreham, as shareholders of the Guyanese holding company, shall form a management group and appoint a board of directors to operate and supervise the ongoing management of the Guyanese holding company.
The Five Star Property lies to the north of Mulgravian and Shoreham's Guiana Shield Option properties and the Black Banana property. As part of the Joint Venture's integrated programs in the region, the team plans road rehabilitation, TRADO profiles and trenching to refine target development in preparation for systematic drilling. The work is planned with emphasis on development of large tonnage low grade gold targets.
The company’s address is 105 A/B -