Lake Shore Gold Announces Adoption of Corporate Governance Measures

Fri Jan 11, 2013 4:35pm EST

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Lake Shore Gold Corp.

January 11, 2013 - 04:35:14 PM

Lake Shore Gold Announces Adoption of Corporate Governance Measures

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2013) - Lake Shore Gold Corp.
(TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company")
today announced the approval by its Board of Directors of an advance notice
by-law (the "By-law"). The purpose of the By-law is to provide shareholders,
directors and management of the Company with a clear framework for nominating
directors of Lake Shore Gold. Lake Shore Gold is committed to: (i)
facilitating an orderly and efficient annual general or, where the need
arises, special meeting process; (ii) ensuring that all shareholders receive
adequate notice of the director nominations and sufficient information
regarding all director nominees; and (iii) allowing shareholders to register
an informed vote after having been afforded reasonable time for appropriate
deliberation. The By-law is intended to further these objectives. 

The By-law, among other things, includes a provision that requires advance
notice to the Company in certain circumstances where nominations of persons
for election to the Board of Directors are made by shareholders of the
Company. The By-law establishes a deadline by which director nominations must
be submitted to the Company prior to any annual or special meeting of
shareholders and sets forth the information that must be included in the
notice to the Company. No person will be eligible for election as a director
of Lake Shore Gold unless nominated in accordance with the By-law. 

In the case of an annual meeting of shareholders, notice to the Company must
be made not less than 30 days and not more than 65 days prior to the date of
the annual meeting. In the event that the annual meeting is to be held on a
date that is less than 50 days after the date on which the first public
announcement of the date of the annual meeting was made, notice may be made
not later than the close of business on the 10th day following such public

In the case of a special meeting of shareholders called for the purpose of
electing directors (whether or not called for other purposes), notice to the
Company must be made not later than the close of business on the 15th day
following the day on which the first public announcement of the date of the
special meeting was made. 

The full text of the By-law is available at or upon request by
contacting the Company's Corporate Secretary, Alasdair Federico. 

The Company also announces that the Board of Directors has adopted a majority
voting policy for the election of directors in uncontested elections. Under
the new policy, if a nominee does not receive the affirmative vote of at least
the majority of votes cast, the Director shall promptly tender a resignation
for consideration by the Corporate Governance and Nominating Committee and the
Board. The Corporate Governance and Nominating Committee shall consider the
resignation and recommend to the Board the action to be taken with respect to
such offered resignation, which may include: accepting the resignation,
maintaining the Director but addressing what the Corporate Governance and
Nominating Committee believes to be the underlying cause of the withheld
votes, resolving that the Director will not be re-nominated in the future for
election, or rejecting the resignation and explaining the basis for such

The Corporate Governance and Nominating Committee in making its
recommendation, and the Board in making its decision, may consider any factors
or other information that they consider appropriate and relevant. A copy of
the policy is available on the Company's website at 

About Lake Shore Gold  

Lake Shore Gold is a mine development and operating company that is in
production and pursuing rapid growth through the advancement of three wholly
owned, multi-million ounce gold complexes in the Timmins Gold Camp. The
Company is in production at both the Timmins West and Bell Creek mines, with
material being delivered for processing to the Bell Creek Mill. The Company
continues to have an active drilling program aimed at supporting current
operations and evaluating high-priority exploration targets around the Timmins
Camp. The Company's common shares trade on the TSX and NYSE MKT under the
symbol LSG. 

Lake Shore Gold Corp.
Tony Makuch
President & CEO
(416) 703-6298

Lake Shore Gold Corp.
Mark Utting
Vice-President, Investor Relations
(416) 703-6298