May 5, 2006 – Shane Resources Ltd. (TSX - SEI) wishes to provide the results of the winter 2006 exploration program carried out by Claude Resources Inc. (TSX: CRJ) on its property in Northern Saskatchewan, Canada. The property, which is held as to a 75% interest by Claude and 25% by Shane, is located approximately five kilometres east of Claude’s operating Seabee gold mine. In addition, Cameco Corp. has a 5-per-cent net profits interest on the property.The 2006 winter drill program consisted of 12 diamond drill holes totalling 2,940 metres. The gold mineralization is hosted by quartz veins and sheared metavolcanic rocks of the Pine Lake greenstone belt. The mineralized sections contain between 1 per cent and 10 per cent sulphides (pyrite and pyrrhotite). Drilling to date has outlined several distinct gold-bearing lenses ranging from one metre to several metres in thickness. Notable gold grades include: 6.11 grams per tonne over 3.31 metres (2.87 metres true width) intersected in SHA06-13; 7.91 grams per tonne over 5.08 metres (4.16 metres true width) intersected in SHA06-20; and 8.21 grams per tonne over 3.53 metres (2.99 metres true width) intersected in SHA06-23 (Table 1).
TABLE 1: SIGNIFICANT INTERSECTIONS FROM WINTER 2006 PROGRAM
This recent drilling on the property follows work recommendations from a previous drilling program that was conducted just to the west where the target was gold-bearing, altered, intrusive rock. Intersected zones ranged from one to five metres in width and graded from 0.5 to 6.6 grams per tonne.Exploration is still in the early stages and will be followed up this summer with a program of geochemistry and geophysics to extend the surface mineralization, currently open both to the east and west. A drill program will be defined pending the results of the summer work.
Assaying was completed at the TSL Laboratory in Saskatoon. Vice-president of exploration, Patrick Hannon, MASc, PEng, is Claude Resources’ qualified person.