Plexmar Resources Inc V.PLE

csp news out re; PERU investment

[dukeman]

check it out .... Canadian Shield Earns 90% Interest in Peruvian Properties 9/20/2006 TORONTO, ONTARIO, Sep 20, 2006 (MARKET WIRE via COMTEX News Network) -- Canadian Shield Resources Inc. (TSX VENTURE: CSP) ("Canadian Shield" or the "Company"), an emerging mineral exploration company, is pleased to announce that it has increased its interest in Gallant Minerals Peru Ltd., S.A. ("Gallant Peru") from 66% to 90%. "Finalizing the Gallant Peru transaction solidifies Canadian Shield's interests in Peru. Whereas previously, all new land acquisitions in southern Peru were transferred to Gallant Peru as part of the agreement, as of today Canadian Shield can hold 100% of any new properties or business opportunities directly. We will aggressively pursue opportunities and look forward to continued success in Peru", said Lynda Bloom, President & CEO. Canadian Shield has secured the 90% interest in Gallant Peru by achieving the milestones defined in the purchase and sale agreement of August 30, 2004 with Gallant Minerals Limited ("Gallant Minerals"). Over the past 24 months, the Company completed US$1,500,000 of exploration expenditures in Peru, directed primarily at four properties in southern Peru consisting of 13,954 hectares. The Humajala Gold Property was the Company's main focus where programs successfully identified mineralized gold zones. Since the initiation of the August 2004 agreement, Canadian Shield has completed 3,957 m of core and reverse circulation drilling, in addition to geological, mineralogical and geophysical surveys. The significant gold intersections at the CSP Discovery Gold Zone are listed in the following table. ------------------------------------------------------------------------Drill Hole Number Depth- Depth- Gold (g/t) Intersection (m) From (m) To (m)------------------------------------------------------------------------ Trench 2005A 7 63 1.34 56------------------------------------------------------------------------ Trench 2005B 13.5 20.5 1.81 7------------------------------------------------------------------------ HUM-05-020 1 15.7 0.68 14.7------------------------------------------------------------------------ HUM-05-021 26.5 61 0.7 34.5------------------------------------------------------------------------ HUM-05-022 27.4 57.4 0.53 30------------------------------------------------------------------------ HUM-06-031 18 63 1.16 45------------------------------------------------------------------------ including 18 36 2.71 18------------------------------------------------------------------------ HUM-06-032 16.5 52.5 0.93 36------------------------------------------------------------------------ including 16.5 37.5 1.39 21------------------------------------------------------------------------ Technical details regarding sampling, assaying and relative spacing of drill holes are included in press releases of September 28, 2005 and June 9, 2006 with maps available at the Company's website, www.canadianshieldresources.com. As a result of prospecting and mapping at a second Gallant Peru property, the Cerro Cori Copper-Gold Property, a grab sample from an outcrop of altered brecciated monzonite was discovered containing copper oxides, returned 4.63% copper (as reported September 15, 2005). Subsequently, Canadian Shield expanded its land position at Cerro Cori and acquired the licence for an additional 1,000 hectares. The property now covers 3,994 hectares and other mining companies hold most of the surrounding mineral rights. The property has been of interest to potential joint venture partners interested in copper porphyry targets and corporate opportunities are being pursued. Gallant Peru also holds two other projects, the Ccello-Ccello Copper-Gold Property and the Pucarana Gold Property, which consist of concessions covering 7,600 hectares in southern Peru. There is encouraging alteration and geology at each project to warrant geophysical surveys that will define future drill hole targets. Gallant Peru also controls an extensive database of technical data covering southern Peru that was used to generate the existing projects, and will be used in the future to generate additional corporate opportunities. To complete the acquisition of Gallant Peru as of August 30 2006, Canadian Shield also (i) paid US$175,000 to Gallant Minerals; (ii) issued 585,000 common shares of Canadian Shield at a deemed price of CDN$0.40 per share to Gallant Minerals; and (iii) issued 585,000 warrants to purchase one common share of Canadian Shield at CDN$0.40 per share to Gallant Minerals, expiring after August 30, 2007. Gallant Minerals Limited will maintain a 10% interest in Gallant Peru but holds no direct interest in the properties held by Gallant Peru. Gallant Minerals does not have any obligation to fund the exploration program, business or operations of Gallant Peru in order to maintain its 10% interest in Gallant Peru. About Canadian Shield Resources Inc. Canadian Shield is focused on the acquisition, exploration and development of strategically located precious metal and base metal properties in Peru. The Company will continue to explore the "CSP Gold Discovery Zone" at the Humajala Gold Property and the copper porphyry potential at the Cerro Cori Copper-Gold Property. Canadian Shield also holds two other exploration properties, the Ccello Ccello Copper-Gold Property and the Pucarana Gold Property with major resource potential. The Company's shares are listed on the TSX Venture Exchange (Trading Symbol CSP: TSX V). For further information, visit www.canadianshieldresources.com. 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.Lynda BloomPresident & CEODirect Tel: [phone] or [phone] Ext. 30(416) 927-1222 (FAX)[e-mail] www.canadianshieldresources.comRosemont Advisory Inc.David Fletcher or Frank ChenManaging Directors(416) 594-9361 or Toll Free Tel: [phone](905) 672-8630 (FAX)[e-mail] www.rosemontadvisory.com SOURCE: Canadian Shield Resources Inc. mailto:[e-mail] https://www.canadianshieldresources.com mailto:[e-mail] https://www.rosemontadvisory