Golden Odyssey Mining Inc.
OTC Bulletin Board : GODYF

Golden Odyssey Mining Inc.

May 16, 2006 10:00 ET

Golden Odyssey Announces Joint Venture on the JDS Property, Cortez Trend, Nevada

RENO, NEVADA--(CCNMatthews - May 16, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) (OTCBB:GODYF) is pleased to announce that it has signed a letter agreement with Lincoln Gold Corp. (OTCBB: LGCP) ("Lincoln") for a joint venture exploration program on Lincoln's JDS property. The JDS property is located on the Cortez Trend in Eureka County, Nevada approximately 17 miles southeast of Barrick Gold's Cortez Hills discovery and 8 miles northeast of US Gold's Tonkin Springs Mine. Together with the Anchor project, 32 miles to the southeast, Golden Odyssey now has two active Cortez Trend projects.

Mr. David R. Shaddrick, President and CEO states, "The JDS property is an excellent addition to our dynamic project portfolio. The property gives us additional exposure in this highly prospective area and fits well with our exploration philosophy of exploring for world class deposits in elephant country."

The JDS property consists of 77 unpatented mining claims totaling 1,540 acres. Barrick Gold Corporation controls the adjacent ground to the west and north of the JDS claim block. The property is a "pediment play" where the gold target is covered by alluvial gravels. Initial drill targets, which have been defined by regional and detailed gravity surveys coupled with mercury soil gas geochemistry, are interpreted to be structurally controlled mineralized zones within favorable carbonate horizons adjacent to a large intrusive body. The company plans to drill these targets as soon as possible as well as to carry out additional geophysical and geochemical work to further define the geologic setting of the project area.

Under the terms of the Letter Agreement, Golden Odyssey may earn a 51% interest in the JDS property by drilling 6,000 ft of reverse-circulation drill hole within 18 months of signing a definitive agreement. Initial plans are to drill in late 2006. Golden Odyssey will have the option to increase its ownership by 14% by funding US$1.5 million in additional work and may increase its ownership by an additional 10% by funding an additional US$2.0 million in work for a total of US$3.5 million. Under these terms, Golden Odyssey may ultimately earn 75% and Lincoln hold 25% in the Joint Venture.

Lincoln is a US-based gold-silver exploration company located in Carson City, Nevada with five projects located in Nevada and Mexico.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey currently has four active projects all situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the Morningstar and Palmetto projects. Other companies with active exploration and development projects on this strongly mineralized structural zone include Metallic Ventures, Gryphon Gold and Barrick/Kinross. On the Cortez Trend in Eureka County, the Corporation holds the Anchor project, situated northwest of Barrick Gold Corporation's East Archimedes mine and southeast of US Gold Corporation's Tonkin Springs Mine. On the Carlin Trend in Elko County the company is exploring the Mexican Hill project which is southeast of Newmont's Rain and Emigrant Springs mines.

Forward-looking Statements:

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Golden Odyssey Mining Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect the financial results is included in documents filed from time to time with Canadian securities regulatory authorities by Golden Odyssey Mining Inc.

Shares Outstanding: 30,536,580

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

Contact Information

  • PRESS CONTACT: Barry Kaplan Associates
    Andrew J. Kaplan
    (732) 747-0702
    (732) 758-1837 (FAX)
    COMPANY CONTACT: Golden Odyssey Mining Inc.
    David R. Shaddrick
    President and CEO
    (775) 787-8400
    (775) 787-8466 (FAX)