Golden Odyssey Mining Inc.
TSX VENTURE : GOE
Pink Sheets : GODYF

Golden Odyssey Mining Inc.

October 23, 2007 10:00 ET

Golden Odyssey Announces Positive Results for the First Twin Hole at Its White Rock Project, Elko County, Nevada

Overall Grades of Gold May be Higher than Previous Amax Data Indicated

RENO, NEVADA--(Marketwire - Oct. 23, 2007) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Company") (TSX VENTURE:GOE)(PINK SHEETS:GODYF) is pleased to announce initial assay results for core drill hole WRC-13. WRC-13 was drilled at -45 degrees on a bearing of N60E to a depth of 243 feet. The purpose of the hole was to twin hole RR-41, an existing reverse circulation rotary ("RCR") hole, to verify the reported historical results of a previous operator (Amax Gold). The results show a strong correlation between Golden Odyssey's core hole and the existing RCR hole. The grades of the Golden Odyssey core hole from 32 feet to 143 feet are approximately 22% higher than those from the twinned RCR hole, indicating potential may exist to upgrade the existing resource. A summary of the assay results for WRC-13 and a comparison of the two holes are presented in the tables below:



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WRC-13: Sample Interval in ft. Grade
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From-To Thickness g/t
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32-143 111.0 0.736
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Includes
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(32-51) 19.0 1.087
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(82.6-114.8) 32.2 0.866
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189.5-208 18.5 0.904
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White Rock is an advanced project with four known mineralized zones defined by Amax Gold in the 1980s. The Central Zone, where the first twin hole was drilled, has an historic, non NI 43-101 compliant resource of approximately 100,000 ounces of gold at an average grade of approximately 0.5 g/t at a cut-off of 0.1 g/t. The Company has not yet verified this work, and therefore investors are cautioned that this historic figure should not be relied upon. The company's initial program is designed to provide verification of the historic data through twinning of several of the Amax RCR holes and to provide both infill and offset data within the known mineralized zones.

In detail there are some significant differences between assay results which likely reflect the better definition of discrete higher grade zones provided by core drilling compared with RCR, which tends to give a broader interval due to smearing of values downhole and the use of 5 foot sample intervals throughout. From 8 feet to 230 feet gold in the core hole is approximately 5% higher than in the RCR hole; this could reflect natural variability in the mineralization but more likely results from the fact the RCR hole smears out the higher grade intervals and likely has some contamination from higher grade zones in the upper part of the hole. A comparison of the assay results from WRC-13 and RR-41 is shown below.



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WRC-13 RR-41
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From-To Thickness Grade From-To Thickness Grade
(ft) (ft) (g/t) (ft) (ft) (g/t)
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8.0-230 222 0.557 5-230 225 0.533
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32-143 111 0.736 30-145 115 0.596
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Although these results are based on data from only one twin hole, they suggest that the grade of the historic resource (refer to PR16-07, July 16, 2007) may be understated. The current program when completed should provide sufficient data to determine the validity of the historic data and allow the Company to complete a NI 43-101 compliant resource estimate.

Mitch Casteel, CPG, supervised the Company's work on the property. Mr. Casteel is a Qualified Person (QP) as defined by NI 43-101. The data was analyzed by Richard J Kehmeier, CPG. Mr. Kehmeier is a Qualified Person (QP) as defined by NI 43-101. All analytical work for the Company was done by ALS Chemex labs in Reno, Nevada. The drilling was done by Axis Drilling Inc. of Belgrade, Montana.

Details of each of Golden Odyssey's projects can be found on the Company's web site at www.GOmininginc.com and on SEDAR at www.sedar.com.

About Golden Odyssey

The Company, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey now has eight active projects, most situated on major gold trends. On the Walker Lane Belt in Esmeralda County, the Company has the Golden Shirene, Morningstar and Palmetto projects. The Walker Lane Belt is one of the most prospective areas of Nevada. This highly mineralized trend has hosted some of the most important mining districts in North America including the famous Comstock, Tonopah, Goldfield, Bullfrog and Aurora districts. The region is currently being explored by Kinross Gold/ Barrick Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest Mining at the Redlich project. On the Cortez Trend in Eureka County, the Company holds the Anchor and JDS projects, situated on trend with Barrick Gold Corporation's East Archimedes mine and 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. Also in northeastern Nevada, the Company holds the White Rock project where the Company is currently working to verify historic, non 43-101 compliant reports of significant drilling and gold mineralization. In north central Nevada, the Company holds the Washiki Project along the southern end of the Getchell Trend, which hosts such deposits as Twin Creeks, Getchell, Preble, Pinson, and Goldbanks. In addition, the project is surrounded by a number of past and present producing mines and several active development projects including Sleeper, Coeur Rochester, Florida Canyon, Marigold and Midway's Spring Valley deposit.

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: 34,215,429

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

Contact Information

  • Barry Kaplan Associates - Investor/Press Contact
    Andrew J. Kaplan
    (732) 747-0702
    (732) 758-1837 (FAX)
    Email: smallkap@aol.com
    or
    Golden Odyssey Mining Inc. - Investor/Press Contact
    Jeffrey R. Wilson
    (604) 837-5440 cellular
    (775) 787-8466 (FAX)
    Email: jwilson@GOmininginc.com
    or
    Golden Odyssey Mining Inc. - Corporate Contact
    David R. Shaddrick
    President & CEO
    (775) 787-8400
    (775) 787-8466 (FAX)
    Email: dshaddrick@gomininginc.com
    Website: www.GOmininginc.com