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MONTREAL, QUEBEC--(Marketwire - Nov. 10, 2010) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to announce the results of a recent surface work program on the Lutetium Property, located in central Quebec, Canada.
The property, located in the Maniwaki area, consists in 23 claims for a total surface area of 13.7 km² and is directly accessible by road. Historical Rare Earth Elements ("REE") mineralization is reported over an area of 1,000 m by 300 m with grades of up to 1.32% Total Rare Earth Elements ("TREE") obtained from historical surface sampling.
The recent work campaign consisted in geological mapping and outcrop radiometric measurements targeting the REE anomaly. A total of 112 km of field traverses were executed and 53 surface rock samples were collected on outcrops reporting anomalous radiometric measurements.
A total of 7 samples reported grades above 0.50% TREE with 3 of these samples reporting grades above 1% TREE and peaking at 2.53% TREE. While the sample reporting 2.53 % TREE confirmed the historical REE mineralization, the other two samples reporting grades above 1% TREE were sampled in new areas, respectively 1 km to the east and 1,5 km to the south-east of this historical area along the contact between metasediments and migmatites (see figure: http://media3.marketwire.com/docs/Lutetium_Surface_results_2010.pdf or visit: http://www.goldenshare.ca.). A value of 505 ppm Samarium (Sa - HREE) and of 12,200 ppm Cerium (Ce - LREE) was obtained from the sample reporting 2.53 % TREE.
Philippe Giaro, President and CEO, stated "We are satisfied to see that our sampling program has allowed us to nearly double the highest TREE historical grade on the property while significantly increasing the size of the mineralized area. Moreover, these positive results could not come at a better time as recent quotas on REE by China, the world's number one producer, have strongly influenced prices which have soared over the last six months."
Bloomberg recently reported that "rare-earth prices have jumped as Chinese export quotas crimped worldwide supplies for the elements used in the manufacture of disk drives, wind turbines and smart bombs. Prices have climbed sevenfold in the last six months for cerium oxide, which is used for polishing semiconductors, and other elements have more than doubled."
Philippe Giaro, P.Geo., President and CEO of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of this release.