Golden Share Recovers Visible Gold And Intersects U Zone Over a 15 m Width in Elwood Drilling Program

Golden Share Mining Corporation (TSX VENTURE: GSH) is pleased to provide an update on its 2008 drilling programs in Ontario, Canada.

Diamond drilling is now completed on the Elwood property. Seven holes totaling 485 m were drilled on the U Zone, a massive quartz vein structure hosted in sheared and altered granodiorite.

Drilling was aimed at testing the geometry and gold distribution in the U zone and six scissors holes were drilled on three sub parallel sections, each section being investigated by two holes with dips of 45 degrees and 60 degrees. A 25 m spacing was used for the sections and a seventh hole was drilled towards the south west to test the extension of the mineralization outside the main outcrop area.

Visible gold was encountered in hole EL-08-01 at 18.50 m in the heart of the U zone quartz veining. To see the drill core, click the following web links:

http://media3.marketwire.com/docs/ImageVG1.JPG

http://media3.marketwire.com/docs/ImageVG2.JPG

The zone is described as a strong to intense, white, milky, weakly brecciated quartz vein structure with granodiorite xenoliths. It contains trace to 1% disseminated fine grained pyrite and galena and locally up to 3 to 5% over 10 to 20 cm sections. Moreover, in hole EL-08-04, the U Zone was intersected over a 15 m down hole width.

A preliminary description of the drilling program is as follows:

-----------------------------------------------------------------------
----
Hole No.  Easting  Northing      Azimut        Dip    Depth  Preliminary
                                   h                   (m)   Geology
---------------------------------------------------------------------------
EL-08-01   712286   5382511  330 degrees -45 degrees   62    U-Zone from
                                                             18.07 to 25.30
                                                             m
---------------------------------------------------------------------------
EL-08-02   712286   5382511  330 degrees -60 degrees   86    U-Zone from
                                                             32.86 to 43.35
                                                             m
---------------------------------------------------------------------------
EL-08-03   712303   5382521  330 degrees  -45 degrees  56    U-Zone from
                                                             37.40 to 45.45
                                                             m
---------------------------------------------------------------------------
EL-08-04   712303   5382521  330 degrees  -60 degrees  77    U-Zone from
                                                             41.00 to 56.50
                                                             m
---------------------------------------------------------------------------
EL-08-05   712329   5382534  330 degrees  -45 degrees  58    Weak veining
---------------------------------------------------------------------------
EL-08-06   712329   5382534  330 degrees  -60 degrees  80    Weak veining
---------------------------------------------------------------------------
EL-08-07   712226   5382497  330 degrees  -45 degrees  59    Lean Zone from
                                                             37.60 to 40.80
                                                             m
---------------------------------------------------------------------------

Philippe Giaro, President and CEO, stated "We are very pleased with the initial results of this first drilling program which demonstrates the continuity of the mineralization at depth. We now have to wait for the assays to fully assess the importance of this discovery".

Clarke Exploration Consulting, a Thunder Bay, Ontario, Canada, based geological consulting group, is responsible for the geological management of the on-going work on the Elwood and Pistol Lake properties under the supervision of Mr. Desmond Cullen, P. Geo. who is a " Qualified Person " and is independent as defined in National Instrument 43-101.

Core logging and sampling are presently in progress. Individual samples weighting 3kg on average are 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 850 to 1000g 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.

Golden Share's exploration programs are under the supervision of Mrs. Laurence Huss, P Geo., and Vice-President Exploration.

Golden Share intends to report on a regular basis on the advancement of its work programs. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
Golden Share Mining Corporation
Philippe Giaro
President & CEO
32-473-5229
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Golden Share Mining Corporation
Denis Tremblay
Vice-President
514-866-4224
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www.goldenshare.ca

MI3 Communications Inc.
Mario Drolet
President
514-904-1333
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SOURCE: Golden Share Mining Corporation

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