Recent Updates

NI 43-101 compliant resource calculation based on historical drilling data and recent work from the JF West Zone. The 2010 Mineral Resource Estimate was performed using all available results by Pierre-Luc Richard, B.Sc., P.Geo., and Carl Pelletier, B.Sc., P.Geo., both independent Qualified Persons as defined in National Instrument 43-101.

Based on InnovExplo's recommendation, a cut-off grade of 2.00 g/t Au was used, which results in an Inferred Resource of 851,000 metric tonnes grading 2.62 g/t Au for a total of 71,700 ounces of gold on the JF West zone. When a cut-off of 1.00 g/t Au is used, an Inferred Resource of 2,857,200 metric tonnes grading 1.64 g/t Au containing a total of 150,700 ounces of gold is obtained.

The geological model and current resource estimate demonstrate that the JF West contains at least seven (7) continuous mineralized lenses having a minimum width of 1.5 m and a length between 360 and 1,250 m.

The observations during the resource calculation led InnovExplo to believe that the mineral potential of the property has not yet been fully evaluated by diamond drilling. Given the spatial distribution of the known mineralized lenses, it is very likely that additional zones could be present, particularly at depth. The Inferred Resources are contained in seven (7) main lenses in close proximity (5 to 25 m), which is a positive factor for future potential mining operations. Additional in-fill and extension drilling will therefore rapidly increase the resource base as well as move some of the resources in the indicated category.


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.