Market Overview

Golden Share Starts Drilling at Shebandowan and Hits 32 m of Mineralization in First Hole on Pistol Lake


MONTREAL, QUEBEC--(Marketwire - Oct. 12, 2011) - Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to provide an update on its Shebandowan Gold Project ("SGP") located in Northwestern Ontario, Canada.

The diamond drilling program has started and the first diamond drill hole targeted the newly discovered extension of the JF West Zone exposed in trench GSH-11-14 which returned 0.90 g/t over 28 m (see news release dated September 19th 2011).

The first hole collared in mineralization and a 32 m mineralized zone has been intercepted from the top of the hole to a down hole depth of 42 m. The mineralization consists in very strongly sheared volcanics displaying strong hematite and carbonate alteration intruded by equally altered felsic intrusive dykes or sills. Abundant quartz-carbonate veinlets are observed parallel to and cross cutting schistosity. Pyrite percentages of up to 5% where noted with locally semi-massive veinlets of pyrite-chalcopyrite. Magnetite was also observed.

The core was logged and samples are currently in the laboratory for assaying. Pictures from the mineralized zone will be available on Golden Share's web site at

President and Chief Executive Officer Philippe Giaro commented:

"We are very pleased with this first drill hole which entered directly into the mineralization. The mineralized zone is consistent with its geological surface expression. Its entire width will remain unknown until we step back with the drill. We're off to a good start and we can now clearly see the surface work of the summer paying off as we lost absolutely no time in drilling directly into the mineralization. The drill program will test the extensions of the current mineralized zones with a view to increase our resource base. Additionally, some blue sky targets and recent surface discoveries of this summer will also be target by diamond drilling. We will provide additional details on the program as we progress".

About the Shebandowan Gold Project (SGP)

The SGP is located 90 km west of Thunder Bay, north-western Ontario, in the Rainy River - Atikokan - Shebandowan emerging gold province where Osisko Mining Corporation is currently developing the 6.7 M oz Au Hammond Reef gold deposit 100 km to the West of the Company's project. The SGP is serviced by a railroad line, a high tension power line and the Trans-Canada highway all providing excellent infrastructure to the project.

Following completion of the recent transaction with Lake Shore Gold Corp. for the acquisition of the Band Ore property, Golden Share controls 25 km of strike length along the northern part of the Shebandowan belt highlighted by two advanced gold targets :

-- Pistol Lake JF's West zone : 150,699 oz Au Inferred Resource (2,857,200
MT @ 1.64 g/t Au at 1.00 g/t Au cut off / NI 43-101 compliant).

-- Band Ore deposit : 251,271 oz Au in historical resources within two
principal zones (706,000 tonnes at a grade of 6.86 g/t Au(ii) in the
Main Zone and 616,000 tonnes at a grade of 4.83 g/t Au(ii) in the # 4

The Pistol Lake - Band Ore trend ("PLBO") represents a 10 km segment of the belt on which Golden Share is executing advanced work with a view to increase the current known resources.

About Golden Share Mining Corporation

Golden Share Mining Corporation is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada. Golden Share is developing a promising portfolio of properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas. The Company is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle. Golden Share's development strategy involves advancing a well balanced portfolio of gold properties in a politically stable environment with a history of gold endowment through systematic exploration, resource definition and acquisitions. Highlights of the current portfolio include:

-- NI 43-101 and historical resources on Shebandowan Gold Play (150,699 oz
Au Inferred(i) and 251,271 oz historical(ii)),
-- Past producing high grade Au-Ag Berens River Mine to be redeveloped,
-- NI 43-101 compliant resources on Forsan (35,000 oz Au Inferred
-- New discoveries in the Cadillac break environment.

(i) 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off

(ii)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.

(iii) 536,500 MT @ 2.03 g/t Au at 1.00 g/t Au cut off

Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a "Qualified Person" as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.


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