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

Golden Odyssey Mining Inc.

October 04, 2007 10:01 ET

Golden Odyssey Reports Drilling Progress on Two Key Properties

RENO, NEVADA--(Marketwire - Oct. 4, 2007) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Company") (TSX VENTURE:GOE)(PINK SHEETS:GODYF) is pleased to announce that drilling is progressing on two key properties: the White Rock Property in Elko County, Nevada, where the Company is working to verify an historic, non 43-101 compliant resource of approximately 100,000 ounces of contained gold and the Washiki Property in Pershing County, Nevada, where the Company has identified a high-grade gold system as reported in previous press releases.

At White Rock, the Company's first phase of diamond drilling is ongoing. This program will test the validity and accuracy of data derived from reverse circulation rotary ("RCR") drilling performed by a prior operator in the 1980's and will provide geologic information unavailable from RCR drilling. Golden Odyssey's first hole in this program (WRC-13) was drilled at minus sixty degrees and completed to a depth of 243 feet to twin an historic RCR hole. The core from the hole has been logged, split and submitted for assay to ALS Chemex. The drill rig is currently being moved to a second drill location where the Company will twin another historic RCR hole. Drilling on the second hole will commence later this week. Assay results from the initial hole may be available by the end of October.

Mitch Casteel, CPG, is supervising the Golden Odyssey Mining Inc.'s program at White Rock. Mr. Casteel is a Qualified Person ("QP") as defined by NI 43-101. All analytical work will be done by ALS Chemex.

At Washiki, a four-hole program totaling approximately 1,625 feet of RCR drilling was completed October 2, 2007. This drilling is the first phase of a planned nine hole drilling program based on the results of the Company's rock chip and soil sampling. The program will test the hanging wall and down-dip extension of a high grade vein target. The drill samples have been submitted for analysis to ALS Chemex.

Richard J. Kehmeier, CPG, is supervising Golden Odyssey Mining Inc.'s program at Washiki. Mr. Kehmeier is a Qualified Person ("QP") as defined by NI 43-101. All analytical work will be done by ALS Chemex.

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. 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. Also in northern Nevada, 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. 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.

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