Lake Shore Gold Announces Adoption of Corporate Governance Measures

Fri Jan 11, 2013 4:35pm EST

* Reuters is not responsible for the content in this press release.

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 announcement. 

    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 determination. 

    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

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