Golden Share Consolidates Land Package at Berens River North of Red Lake, Ontario, Canada

Editors' Note: Two maps are associated with this press release

Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX
VENTURE:GSH) is pleased to announce it has entered into an option agreement
dated December 16, 2011 with Favourable Lake Gold ("FLG"), a private Canadian
company, to acquire a 100% interest in 20 unpatented claims, representing 220
units, located in the Setting Net Lake and North Trout Lake areas of
northwestern Ontario, Canada (the "Property").


The optioned claims consist in two discrete blocks and consolidate Golden
Share's Berens River property by providing access to two important areas :




1.  Berens Extension : 15 contiguous claims covering the extensions of the
    Berens River past producing mine and additional sub-parallel veins to
    the south;

2.  Berens South : 5 claims located to the southeast covering some important
    gold occurrences.



Please see the attached two figures or visit : http://www.goldenshare.ca.
Highlights for both areas comprise :


Berens Extension



--  Direct eastern extensions to the Berens River Mine vein system with
    historical drilling intercepts up to 29.79 g/t Au and 30.10 g/t Ag over
    2.50 m (DDH N87-2 - Vein 3 extension).

--  Direct southeastern extension of the Berens River Mine "en echelon" vein
    system (Veins 6, 9, 13, 14, 15, 16, 17 and 18). 

--  Several historical Au, Ag, Pb and Zn mineralized occurrences located
    approximately 2 km to the northeast of the Berens River Mine associated
    with a major northwest trending fault (Oliver, South Trout Lake,
    Patnora, Gold Hill No 1, Lewis and Henderson).



Berens South



--  Several historical Au and Ag mineralized occurrences located about 10 km
    to the southeast of the Berens River Mine and notably the Younge
    occurrence with reported historical channel sampling of up to 135.09 g/t
    Au and 89.14 g/t Ag over 0.50 m.



About the Sandy Lake First Nation

The Berens River project is located on the Sandy Lake First Nation traditional
territory. During the month of November 2011, Golden Share held a second meeting
with the Chief and Council of the Sandy Lake First Nation to advance discussions
for the establishment of a constructive relationship for the future while
preserving heritage, culture and traditions of the Sandy Lake First Nations
Community. It was notably announced that a mining representative appointed to
work with the Community was to be hired shortly. It was moreover announced to
the Company that the Sandy Lake First Nation had almost completed a protocol to
establish harmonious relationships with mining companies wanting to assist with
the development of the area, such as Golden Share.


Golden Share can acquire a 100% interest in the Property from FLG over two years
by meeting the following conditions : 




--  By executing cash payments of a total of $50,000 to FLG, to be completed
    no later than the second anniversary of the date of the option agreement
    and each payment being made upon the achievement of certain milestones;

--  By issuing FLG a first tranche of a total of 500,000 Golden Share Common
    Shares, to be completed no later than February 28, 2013 and each
    issuance being made upon the achievement of certain milestones;

--  By issuing, subject to certain conditions, such further number of Common
    Shares equal to the lesser of 3,000,000 Common Shares or $150,000
    divided by the volume weighted average trading price of the Common
    Shares on the TSXV for the five trading day period ending three trading
    days before the later of (i) the first anniversary of the date of the
    option agreement and (ii) the date on which Golden Share has made all
    cash payments due to FLG and issued the initial 500,000 Common Shares
    mentioned above; Golden Share may elect to, at its sole discretion, to
    make a cash payment of $150,000 in lieu of that issuance;

--  By issuing such further number of Common Shares equal to the lesser of
    3,000,000 Common Shares or $150,000 divided by the volume weighted
    average trading price of the Common Shares on the TSXV for the five
    trading day period ending three trading days before the earlier of (i)
    the second anniversary of the date of the option agreement and (ii) the
    date of the issuance of those Common Shares; Golden Share may elect to,
    at its sole discretion, to make a cash payment of $150,000 in lieu of
    that issuance.



Following exercise of the option and acquisition of the interest, Golden Share
shall issue additional Common Shares to FLG as follows:




--  A further 500,000 Common Shares if measured and indicated resources
    representing a metal content of 250,000 ounces of gold or more are
    defined and validated by a NI 43-101 compliant report prepared by an
    independent geological consulting firm or a total of 250,000 ounces of
    gold (confirmed by official milling documentation) are produced by
    Golden Share during Commercial Production; and

--  A further 1,000,000 Common Shares if measured and indicated resources
    representing a metal content of 500,000 ounces of gold or more are
    defined and validated by a NI 43-101 compliant report prepared by an
    independent geological consulting firm or a total of 500,000 ounces of
    gold (confirmed by official milling documentation) are produced by
    Golden Share during Commercial Production.



Golden Share will be the operator and as such will have the responsibility to
execute the work programs on the Property. Golden Share will shortly provide a
detailed technical update on the consolidated Berens River Mine land package. 


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., a Canadian emerging gold producer, 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
    Resources(iv)), 
    
    
--  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.


FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca 

OR OUR FACEBOOK PAGE AT: http://www.facebook.com/people/Golden-Share/100001472712018

To view the maps associated with this press release, please visit the following
links:


Berens River Land Position: http://media3.marketwire.com/docs/Berens_river_land.pdf

Berens River Geology: http://media3.marketwire.com/docs/Berens_river_Geology.pdf