MONTREAL, QUEBEC--(Marketwire - June 10, 2009) - Golden Share Mining Corporation ("Golden Share") (TSX VENTURE:GSH) announced today that following discussions with the owners (the "Vendor") of the Elwood Property ("Elwood") the original option agreement (see news release dated May 22nd 2008 on
http://www.goldenshare.ca) has been modified to better reflect the current difficult economic climate.
According to the modified option agreement ("Amended Option") Golden Share can acquire a 100% interest over two years by meeting the following conditions :
- By paying the Vendor a total of $30,000; $10,000 upon signature of the Amended Option, $10,000 on the first anniversary date of signature of the Amended Option and $10,000 on the second anniversary date of signature of the Amended Option;
- By issuing the Vendor a total of 450,000 Golden Share common shares; 150,000 shares upon signature of the Amended Option, 150,000 shares on the first anniversary date of the Amended Option and 150,000 shares on the second anniversary date of the Amended Option.
In addition, Golden Share has granted the Vendor a 2% NSR on its Elwood West property (see news release dated October 2nd 2008 on
http://www.goldenshare.ca). Moreover, an additional 300,000 shares can be issued to the Vendor at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined on the Elwood or Elwood West Property; a first tranche of 150,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved.
Golden Share will pursue the development of the property and a technical update will be provided shortly.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
