TORONTO, ONTARIO, Dec. 7, 2009 (Marketwire) -- Canadian Shield Resources Ltd. (TSX VENTURE:EXP) ("Canadian Shield" or the "Company") is pleased to announce the initiation of the Regional Andean Gold Exploration Program ("RAGE") in Peru. The program seeks to identify new gold and silver discoveries through generative exploration and acquisition, based on the Company's extensive regional database. Canadian Shield acquired a strategic gold exploration database with its acquisition of a 90% interest in Gallant Minerals Peru Ltd S.A.. The database contains extensive mineral occurrence information, structural, geological, geochemical and remote sensing data which have been integrated to identify favourable areas for identification of epithermal alteration, and precious metal mineralization. The Company will hold a 100% interest in all new properties.
Canadian Shield also announces it has withdrawn from the non-binding Letter of Intent agreement with Kinross Gold Corporation to conduct regional exploration, as announced in a press release dated June 23, 2009.
Keith Laskowski, the recently appointed President of Canadian Shield stated, "We have a great deal of respect and appreciation for Kinross, and their successful exploration and development capabilities, Under the current market conditions, we believe Canadian Shield can provide greater shareholder value by completing the first phase of the RAGE program on our own. Canadian Shield will consider strategic partnerships with larger companies as we advance the program.
About Canadian Shield Resources Ltd. (TSX VENTURE:EXP)
Canadian Shield is a precious metals exploration and development company focused on strategically-located properties in Peru and Chile. Canadian Shield has seven precious metal exploration projects in Peru and one in Chile. The Company's shares are listed on the TSX Venture Exchange (Trading Symbol TSX VENTURE:EXP). 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.
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