Silver Shield AGM concluded new directors and shares for debt unanimously approved

BURLINGTON, ON, Sept. 29, 2011 /CNW/ - Silver Shield Resources (SSR-TSXV) is pleased to announce the results of its 2011 AGM held at its corporate headquarters in Burlington, Ontario. In addition to the confirmation of N. R . McLeod of North Bay, Ontario to continue as the company auditor, the new slate of directors and approval for shares for debt were on the agenda.

Adding to returning "founders" - directors  Tim D. Towers (President and CEO), Stephen Mlot (VP Engineering) and Raymond Lashbrook (VP Exploration) the board has been strengthened by the addition of Gregory Boone a noted business executive in the GTA and Venture Capitalist Brent Purin of New York USA . The new board additions gives the company a greater business scope and enhanced presence in the US to aid in additional financings and market awareness for the company moving forward.

Shareholders, realizing the strength of Silver Shield's corporate plan of developing and acquiring properties in these difficult times, readily approved the proposal of offering shares for debt in the amount of 6,746,695 common shares @ $0.10 to extinguish $ 674,693.54 of debt. The shares for debt will be with debtor and TSX-V approval which will be pursued in the next short term as neither has been acquired at this time.

Tim D. Towers commented "We are again thankful for this vote of confidence by our shareholders. It has been a difficult struggle and with markets in somewhat of a turmoil we are buoyed by the fact that we have, among our properties, two former producers in the Welsh Mine and La Cumbre Mine.  The recent excellent news from both properties and our continuing successful efforts to bring both along the development trail sets SSR apart from many small companies. With the shares for debt approved, and hopefully completed in the next short while ,the balance sheet will be strengthened allowing us to  move forward  more easily.  The fact that the shares for debt is expected to be completed at a market price more than twice our share price underlies my belief in the severe undervaluation  of Silver Shield in the market."

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.