Shoreham Resources Ltd. announced that the company has received approval for the issuance of the three Masawaki Prospecting Licenses in the Northwest District of Guyana. The Masawaki Project Area is part of the Guiana Shield Option, granting Shoreham the right to acquire 100% of four (4) Project Areas, composed of a total of 17 Prospecting License areas, through a series of cash and share payments and exploration milestones. The Masawaki PL areas cover gold, platinum and palladium geochemical targets originally identified during regional surveys by Golden Star Resources and further defined by a limited program of soil geochemical sampling by Valgold Resources in 2007. This Project area is included in the previously announced agreement granting Mulgravian Ventures the right to earn a 51% working interest in the lands in the Guiana Shield Resources Option by investing CAD 2.1 million in Shoreham Resources Ltd. by purchasing shares of the Company in four (4) stages and providing USD 5,000,000 in funds for use in the evaluation and development of the properties.

Shoreham Resources Ltd. and Frederick Obermuller executed a Definitive Property Option Agreement, whereby Shoreham Resources will acquire 100% of the Black Banana Property superseding and replacing the original Letter Agreement dated September 6, 2008. Exploration commitments remained unchanged, and security considerations are still not applicable. However, the cash consideration has increased from $150,000 to $157,500 payable over 4 years, with this increase of $7,500 coming in the first year. The additional cash consideration was paid to the vendor as compensation for removing the perimeter provisions which existed in the Letter Agreement and defining the anniversary date of the Agreement as December 6th to coincide with the date of the termination of Shoreham’s due diligence process contained in the Letter Agreement.

Shoreham Resources Ltd. reported unaudited consolidated earnings results for the first quarter ended July 31, 2009. For the quarter, the company reported loss before recovery of mineral property and interest income of CAD 355,869, loss before income taxes of CAD 350,203 and net loss of CAD 464,703 or CAD 0.009 per basic and diluted share compared loss before recovery of mineral property and interest income of CAD 240,945, loss before income taxes of CAD 240,055 and net loss of CAD 194,255 or CAD 0.005 per basic and diluted share for the same period a year ago. Net cash flows used in operating activities were CAD 361,760 compared to CAD 40,674 reported a year ago. The company reported purchase of equipment of CAD 58,198.