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 |   December 07, 2009
Canadian Shield Updates Regional Andean Gold Exploration Program In Peru
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| | Toronto, Canada, December 7, 2009 -- Canadian Shield Resources Ltd. (TSX-V: 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 Perú 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Canadian Shield also announces it has withdrawn from the non-binding Letter of Intent agreement with Kinross Gold Corporation to conduct regional exploration, as announced in a press release dated June 23,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-V: EXP)
Canadian Shield is a precious metals exploration and development company. The Company acquires and explores strategically-located precious metals properties in Peru and Chile. Canadian Shield has eight exploration projects and is finalizing an Exploration Alliance to explore for gold in Peru. The Company's shares are listed on the TSX Venture Exchange (Trading Symbol TSX-V: EXP). Further information is available at Canadian Shield's website: www.canadianshieldresources.com
For further information, contact:
Canadian Shield Resources Ltd.
Keith Laskowski
President
Direct Tel: (720) 272-6224
Fax: (416) 927-1222
klaskowski@canadianshieldresources.com
To learn more visit: www.canadianshieldresources.com
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NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 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 FOLLOWING ARE IMPORTANT FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS: RISKS INHERENT IN EXPLORATION; RISKS ASSOCIATED WITH DEVELOPMENT, CONSTRUCTION AND MINING OPERATIONS; CHANGES IN THE WORLD WIDE PRICE OF COMMODITIES; THE UNCERTAINTY OF FUTURE PROFITABILITY AND THE UNCERTAINTY OF ACCESS TO ADDITIONAL CAPITAL.
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