Canadian Shield Closes Private Placement Financing

TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased to announce it has completed a non-brokered expedited private placement of 1,007,002 Units at a price of $0.15 per Unit for gross proceeds of $151,050.

Each Unit is comprised of one common share and one-half non-transferable Series O Warrant. Each whole Series O Warrant ("Warrant") entitles the holder to purchase one common share at an exercise price of $0.25 for a period of 18 months from the date of closing. The Warrant is callable, at the option of Canadian Shield, four months after the date of closing in the event its common shares trade at or over $0.50 per share for 10 consecutive trading days.

The net proceeds from this private placement will be used for working capital and general corporate purposes.

The selling agent will be paid a finder's fee of 10% of the gross proceeds from the Units placed.

The 1,007,002 common shares issued under the private placement and any shares issuable upon the exercise of the Warrants are subject to a four month regulatory hold period. The closing of the private placement is subject to the acceptance of the TSX Venture Exchange.

Investors are invited to visit the Canadian Shield IR Hub at http://www.agoracom.com/IR/CanadianShield where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [e-mail] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

About Canadian Shield Resources Inc. (TSX VENTURE: CSP)

Canadian Shield acquires and explores strategically-located precious and base metal properties in South America. The Company currently controls a portfolio of nine exploration properties located in Peru and Chile. Canadian Shield will continue to focus on project generation and joint venture opportunities to provide shareholders with interests in a broad portfolio of South American mineral properties. The Company's shares are listed on the TSX Venture Exchange (Trading Symbol TSX VENTURE:CSP). Further information is available at Canadian Shield's website: www.canadianshieldresources.com.

STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman & CEO [phone] Ext. 30 or Toll Free 1-888-927-0025 [phone] (FAX) Email: [e-mail] Website: www.canadianshieldresources.com Investor Relations AGORACOM Investor Relations Email: [e-mail] Website: www.agoracom.com/IR/CanadianShield MI3 Mario Drolet President [phone] [phone] (FAX)