Golden Share Mining Corp. Intersects Major Deformation Zone in Fall 2009 Drill Campaign and Initiates by 24hgold

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Golden Share Mining Corporation
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January 12, 2010
Golden Share Intersects Major Deformation Zone in Fall 2009 Drill Campaign and Initiates Resource Calculation on Pistol Lake, Ontario, Canada
MONTREAL, QUEBEC--(Marketwire - Jan. 12, 2010) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to provide a follow-up on its Pistol Lake project ("Pistol Lake") located in Northwestern Ontario, Canada. Late 2008 surface reconnaissance uncovered a major deformation zone, the North Porphyry Zone, where a quartz bearing, brecciated, silicified and hematized shear with up to 9% pyrite and 12% chalcopyrite reported anomalous grades of up to 0.20 g/t Au from surface rock samples. Hole PL-09-13, drilled during the fall 2009 campaign, targeted the North Porphyry Zone and intersected a 52 m interval of altered intrusive and sheared material as follows : - 7.15 - 45.60 m : intensely altered red intrusive (silica, sericite, ankerite, and hematite) hosting 2 to 5% quartz stockwork veins thoroughly mineralized with up to 5% pyrite and 1% chalcopyrite which returned an anomalous interval of 0.70 g/t Au over 0.60 m. - 45.60 - 59.30 m : intense shear zone with up to 5% quartz veins with local concentrations of up to 7% pyrite and trace chalcopyrite returning an anomalous interval of 0.22 g/t Au over 2.00 m. Hole PL-09-13 confirms the presence of a major structural feature underlying the northern limb of Pistol Lake and opens up potential mineralization to the north of the JF West Zone, an intense quartz veining and breccia zone varying between 10 to 50 m in width. The JF West Zone has so far been defined over a 900 m strike length by about 30 historical diamond drill holes that outline a very significant gold target with the presence of both higher grade sections and mineralization over broad intervals as demonstrated by the following mineralized intercepts. See attached figure: http://media3.marketwire.com/docs/PistolLake1.pdf - 82-06 : 11.31 g/t Au over 3.05 m from 76.20 to 79.30 m - 88-02 : 2.50 g/t Au over 16.60 m from 72.00 to 88.60 m - 88-03 : 1.10 g/t Au over 13.10 m from 94.50 to 107.60 m - 88-06 : 0.60 g/t Au over 16.30 m from 78.40 to 94.70 m - 88-10 : 0.50 g/t Au over 13.70 m from 55.80 to 69.50 m - 90-01 : 2.10 g/t Au over 10.70 m from 98.80 to 109.50 m - 90-02 : 2.30 g/t Au over 13.80 m from 83.10 to 96.90 m - 90-06 : 18.80 g/t Au over 0.60 m from 179.70 to 180.30 m - 94-01 : 14.70 g/t Au over 1.50 m from 123.00 to 124.50 m - 94-02 : 0.70 g/t Au over 43.50 m from 97.60 to 141.10 m Drilling was performed at high angle to the mineralized structures but true widths are unknown. In the light of this recent discovery Golden Share will now focus its exploration efforts on the JF West Zone and has initiated a NI 43-101 compliant resource calculation which is expected to be finalized by March 2010. This updated resource will serve as basis for a full scale follow-up 2010 summer exploration program comprising surface geology, geophysics, in-fill and extension drilling. The Pistol Lake property is accessible by road and located in the Shebandowan greenstone belt, a classic Archean sequence exhibiting strong similarities to the Hemlo, Timmins, Kirkland Lake and Val d'Or gold camps both in geological and tectonic evolution. Golden Share considers that the Shebandowan greenstone belt represents an overlooked gold belt which is starting to get recognition. See attached figure: http://media3.marketwire.com/docs/Elwood1.pdf - Pele Mountain Resources is developing the past producing Ardeen Mine with Coventry Resources and announced in December 2009 an intercept of 27 g/t Au over 11.6 m from its fall 2009 drilling program. The Ardeen Mine was Ontario's first gold mine (1870) and is located in the Shebandowan belt 30 km south-west of Pistol Lake. It has produced 30,000 ounces of gold and, in addition to remaining reserves and resources, the property hosts numerous high potential targets which have remained dormant. - The Moss Lake deposit, a bulk tonnage type gold deposit, is located 25 km south-west of Pistol Lake and a 2006 NI 43-101 compliant technical report by independent consultants Watts, Griffis, McOuat Ltd. outlined an inferred resource 1,510,000 ounces of gold (56,100,000 tonnes at a grade of 0.84 g/t Au). - The Shebandowan deposit is located 8 km east of Pistol Lake and in 1980 Watts, Griffis and McOuat estimated a resource of 150,000 ounces of gold (705,000 tonnes at a grade of 6.86 g/t Au(i)) above the 500 foot level. (i)This estimate was executed prior to the introduction of National Instrument 43-101 and the calculation methods and categorization of the resource could not be verified; hence it should be treated as historical data and therefore not be relied upon. The Pistol Lake exploration program was supervised by Mrs Laurence Huss, M.Sc., P. Geo. and Vice-president Exploration of Golden Share. Laurence Huss is a " Qualified Person " as defined in National Instrument 43-101. 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. FOR MORE INFORMATION, CONSULT http://www.goldenshare.ca OR CONTACT : Neither 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.

CONTACT INFORMATION:

Golden Share Mining Corporation
Philippe Giaro
President & CEO
32-473-52-30-29
phgiaro@skynet.be

or

Golden Share Mining Corporation
Denis Tremblay
Vice-President
1-514-866-4224
info@goldenshare.ca

or

CHF Investor Relations
Cathy Hume, CEO
1-416-868-1079 x231
cathy@chfir.com
http://www.goldenshare.ca

INDUSTRY: Manufacturing and Production - Mining and Metals

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