Market Overview

Golden Share Intersects 0.54 g/t Au Over 32.59 m at Pistol Lake in Shebandowan Belt


MONTREAL, QUEBEC--(Marketwire - Dec. 15, 2011) - Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to provide the results from the first four holes drilled on the Pistol Lake target of its Shebandowan Gold Project ("SGP") located in Northwestern Ontario, Canada.

As previously announced, eight holes totaling 1,358 m have been drilled on Pistol Lake with four holes targeting the Trench 14 discovery (0.68 g/t Au over 36 m in the immediate eastern extension of the JF West Zone), three holes in a north-south geological cross section 150 m east of the edge of the resource area while one hole was drilled within the inferred resource to fill an information gap.

Three of the four holes targeting the Trench 14 discovery yielded the following results :

-- PL-11-18 : 0.54 g/t Au over 32.59 m from 14.61 to 47.20 m

-- PL-11-14 : 1.28 g/t Au over 6.45 m from 14.45 to 20.90 m

-- PL-11-16 : 0.59 g/t Au over 8.00 m from 53.00 to 61.00 m

-- PL-11-16 : 2.67 g/t Au over 1.00 m from 71.00 to 72.00 m

Hole PL-11-15 drilled in the inferred resource yielded 0.64 g/t Au over 2.00 m from 124.91 to 126.91 m and 0.53 g/t over 3.93 m from 152.72 to 156.65 m.

Results for the remaining four holes drilled on Pistol Lake are pending.

President and Chief Executive Officer Philippe Giaro commented:

"The mineralized zone observed on surface is well developed in all holes drilled so far and displays very strongly sheared volcanics showing strong hematite and carbonate alteration with abundant quartz-carbonate veinlets and locally semi-massive veinlets of pyrite-chalcopyrite. This first set of results confirms the depth extension of the gold mineralization and the strength of the mineralized system. We have so far drilled targets over which we have visual control and look forward to keep expanding the zone towards the east with the added definition obtained from the recently completed ground geophysics".

Drilling is on-going and new geological concepts regarding the Band Ore Main Zone and Band Ore Zone # 4 are currently being tested.

The drilling is performed at high angle to the mineralized structures and the above intersections represent near true widths. Individual samples weighting 3kg on average have been taken from sawn half core at +/- 1 meter intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of mineralized standards, duplicates and blanks at the sample collection and preparation stage. The samples are shipped to the ALS laboratory in Thunder Bay, Ontario, for analysis by fire assay on 50g pulp samples. The sample preparation procedure involves the crushing of the entire 3kg sample followed by quartering to obtain a representative 250g sample which is entirely pulverized and out of which a 50g sample is isolated for analysis by fire assay. Samples suspected to contain visible gold or higher grade mineralization are assayed using the metallic sieve technique on a 1000g sample.

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 10.52 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.

About Golden Share Mining Corporation

Golden Share Mining Corporation is a Canadian-based mining exploration company 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.

Lake Shore Gold Corp. holds a strategic 27.2%(i) interest in Golden Share which 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(ii) and 251,271 oz Au historical(iii)),

-- 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) Lake Shore Gold Corp. acquired direct ownership of a total of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of 20 cents per common share

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

(iii) 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.

(iv) 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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