Recent Updates

In October 2009 a total of 9 holes for 537 m were drilled principally on the Martin Bay Zone. The core is being split and will be shipped to the laboratory by early next week.

Golden Share's recent compilation has highlighted important auriferous occurrences over a 1km2 area within the SFIC. See "Martin Bay Zone" figure.

The Martin Bay Zone consists in a highly altered regional deformation zone estimated to be 250 m in width where surface sampling of a quartz vein and stringer zone historic occurrence, as well as rock float material in its immediate vicinity, returned gold and silver values up to 107.45 g/t Au and 826.00 g/t Ag respectively. One preliminary trench was executed in 2004 and eighteen grab samples taken from the trench returned assays varying between 0.01 and 21.56 g/t Au with 7 samples yielding grades above 1.00 g/t Au.

The Trench 2 Zone, possibly northeast trending, is located one kilometre south-east of the Martin Bay zone, also within the SFIC. Preliminary sampling of rock float material returned gold values of up to 18.60 g/t Au. A second trench executed by RJK over 65 m exposed quartz monzonite with northeast trending joints and fractures and a three m wide zone exhibiting quartz veining sub parallel to the lineament. Four grab samples taken from the trench returned assays varying between 0.04 and 0.14 g/t Au.

Outside the two aforementioned previous trenches, an important number of outcrop grab samples returned values between 0.01 and 2.65 g/t Au in association with sheared and altered quartz monzonite within the 1km2 Martin Bay - Trench 2 area.

Given its potential for gold mineralization, the SFIC has been extremely underexplored and Golden Share's recent compilation provides excellent exploration targets.

A stripping program was initiated by Golden Share in the third week of October 2008 on the Calchris zone and has now exposed the mineralization over a surface area of 50 m by 40 m.

Four holes totaling 420 m were drilled on the Contact Zone and JF West Zone in November 2008.

This was the first ever drilling to be performed on the Contact zone over the Pistol Lake property. Hole PL-08-03 targeted a massive quartz vein identified on surface and located near the northern contact of the Shebandowan intrusive stock. It intersected sheared volcanics and monzonite with a 12.50 m zone of quartz veining containing locally up to 2% pyrite in the lower part of the hole. Hole PL-08-04 was drilled approximately 100 m north of PL-08-03 and targeted a trench were sheared and sulphide bearing volcanics had been identified. It intersected 140 m of strongly schistose mafic and felsic volcanics containing several zones of quartz veining and brecciation with associated sulfides, locally up to 5-7% chalcopyrite, pyrite and pyrrhotite. A 5.60 m massive quartz vein was intersected towards the middle of the hole.

Two holes were drilled in the eastern part of the JF West zone. Both holes collared in quartz feldspar porphyry, the key unit of the JF West zone. Hole PL-08-01A intersected 55.25 m of porphyry while a 44.60 m section is reported in hole PL-08-02A. The porphyry is consistently altered, hosts networks of quartz veins and contains fine grained disseminated pyrite and chalcopyrite locally up to 2%.


Property Status

The Pistol Lake property consists in 29 mining claims (122 claim units) for a total property surface area of 2690 hectares. As of October 2008, Golden Share holds an option to acquire a 100% interest over 4 years by paying the Vendors a total of $150,000; issuing a 300, 000 of shares and by incurring a total of $400,000 in exploration expenditures. Following the acquisition of a 100% interest by Golden Share, the Vendor will retain a 3% Royalty (the "Royalty").

Laurence Huss, P.Geo., Vice-president Exploration of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of Pistol Lake informations.

Access

The Pistol Lake property is located 90 km west of the city of Thunder Bay, Ontario, Canada. It is situated in Hagey and Haines townships. The property is situated directly on the Trans-Canada highway 11 and can be accessed by gravel roads. A part of the property can be accessed by forestry roads to the south of Shebandowan Lake.

Geology

The Pistol Lake property is 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. The property is underlain by Archean supracrustal rocks of the Shebandowan-Abitibi subprovince. Older volcanic-dominated stratigraphy and the Haines Gabbro Complex (>2733Ma) occur with Timiskaming-age stratigraphy (<2700Ma).

The geology of the property is divided into three main units. The northern part of the property is underlain by mafic volcanics and felsic intrusions. The central portion is a large band of felsic volcanics. The southern part of the property is the large Shebandowan Stock. Gold-bearing deformation zones (Timiskaming Breaks) occur along the contact of the Shebandowan Stock, within the contact aureole of the Shebandowan Stock and as cross cutting features within the Stock and supracrustal units. These deformation zones are commonly occupied by intrusive units including syenite, quartz feldspar porphyries, gabbro and lamprophyre.


Mineralization

Over 30 gold occurrences with assays up to 124.80 g/t Au are recorded on the Pistol Lake Property over a great variety of geological settings. These gold occurrences are at various stages of development and offer great exploration potential for additional discoveries. Four principal zones highlight this potential.

The J.F. West Zone : A 10 to 50 m wide deformation zone located at the contact between a feldspar porphyry and a mafic volcanic unit and characterized by intense quartz veining and breccia zones. It has so far been defined by 23 diamond drill holes over a 900 m strike length and to a vertical depth of approximately 250 m. All drill holes have intersected the mineralization and previous drill intercepts range from 12.91 g/t Au over 1.50 m to 2.14 g/t Au over 16.70 m. An internal preliminary resource estimate has been executed over the J.F. West Zone which remains open in all directions.

The Contact Zone : A gold-bearing deformation zone occurring along the northern contact of the Shebandowan Stock. This contact zone hosts the Band Ore gold deposit located 8 km east of the property which contains historical resources of 251,271 ounces of gold within two principal zones (706,000 tonnes at a grade of 6.86 g/t Au and 616,000 tonnes at a grade of 4.83 g/tonne Au) These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon). The first zone was the object of a 1980 resource estimate by Watts, Griffis and McOuat. The Pistol Lake property covers an 8 km strike length of the favourable contact over which deformation and quartz veining has already been identified.

The Calchris Zone : A gold-bearing deformation zone exposed in outcrop and 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 surface channel sampling.

The Martin Bay Zone : A highly altered regional deformation zone estimated to be 250 m in width where surface sampling of a quartz vein and stringer zone historic occurrence, as well as float material in its immediate vicinity, returned gold and silver values up to 107.45 g/t Au (3.13 oz/t Au) and 826.00 g/t Ag (25.10 oz/t Ag) respectively. Sampling of the deformation zone, where possible, returned gold values from 5 ppb to 5.18 g/t Au and silver values up to 36.0 g/t Ag.

The property also offers good potential for VMS mineralization, magmatic Ni-Cu mineralization and possibly diamond mineralization.