Young-Shannon Gold Mines, Limited Announces Grant of Options

TORONTO, ONTARIO (the "Corporation") announced today that on May 1, 2008 the Board of Directors approved a grant of 1,600,000 stock options to directors and officers of the Corporation in accordance with the Corporation's Employee Stock Option Plan. The options have a strike price of $0.10 and expire on May 1, 2013.

Young-Shannon Gold Mines, Limited is a precious metals exploration company which holds a group of 11 patented and 18 unpatented claims within Chester Township located west of Highway 144 midway between Sudbury and Timmins, Ontario. It has an option to earn a 60 % interest in the McMillan Gold Mine property, located 75 kilometres southwest of the Greater City of Sudbury, and it also has an option to earn a 70% interest in the M-18 gold property in Argentina. The Company has 53,803,828 common shares outstanding and is listed on the TSX Venture Exchange under the symbol GYS.

Further details may be obtained from our website: www.youngshannon.com.

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgment, they are subject to a variety of risks and uncertainties that are beyond the company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

No stock exchange, securities commission or other regulatory authority have approved or disapproved the information contained herein.

Contacts: Young-Shannon Gold Mines, Limited Greg Lipton President [phone] [phone] (FAX) Email: [e-mail] Website: www.youngshannon.com