Golden Hope Mines Limited
TSX VENTURE : GNH
PINK SHEETS : GOLHF

Golden Hope Mines Limited

June 17, 2010 08:30 ET

Exploration Update; Golden Hope Mines Limited

TORONTO, ONTARIO--(Marketwire - June 17, 2010) - Golden Hope Mines Limited (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) is pleased to report that the 2010 diamond drill program is proceeding much ahead of schedule with over 5000 metres of core recovered from 27 holes completed as of June 15th, 2010.

The program began April 13 with an initial 2000 metres planned. This was completed by April 23 with very encouraging results that warranted an additional 2000 metre extension of the contract announced April 30. The third 2000-metre phase of the 2010 drilling program is currently in progress and approaching the half-way mark.

The company's technical team are delighted with drilling progress and greatly encouraged by the data gathered in respect to testing extensions of previously known zones, exploring soil gas hydrocarbon anomalies, and locating new zones of quartz-hosting diorite in previously unexplored ground within the immediate area of the Bellechasse-Timmins deposit.

Gold occurs in quartz-filled breccias in diorite. The breccias vary in width from several metres to approximately 50 metres, some have been traced several hundred metres along strike and intersected by diamond drilling to 300m below surface. Mineralized breccias have been intersected by diamond drilling in an area 600 metres wide and about 1000 metres long. The mineralization remains open along strike to the northeast and to the southwest. The width of the belt favourable for development of additional parallel structures is not yet established.

Diamond drill cores give good geological data, but their small size (approximately 5kg/metre) severely limits their ability to provide robust grade estimators for the breccia zones. Assays of diamond drill cores from the Bellechasse-Timmins zones tend to underestimate the true gold concentration. This is illustrated by comparison of assays of drill cores taken a short distance below surface with assays of bulk samples blasted from immediately overlying trenches. Consequently, for exploration purposes, quartz-bearing zones that show values greater than approximately 100ppb are considered mineralized and warrant further attention.

Exploration work is showing geological conditions similar to those observed at the Bellechasse-Timmins deposit both to the northeast and southwest of the original discovery. Additional drilling is planned to test other gold targets in the approximately 20km Bellechasse Belt.

Drilling is also scheduled for other gold and base metals targets in volcanic and ultrabasic terrains elsewhere on the Company's extensive properties in the Beauce-Bellechasse area.

Both detailed and reconnaissance soil gas hydrocarbon geochemical surveys are continuing along with geological mapping and prospecting at selected locations within the 110km extent of the company's Beauce-Bellechasse properties.

Frank Candido, President, Golden Hope Mines Limited states "We are extremely pleased with the progress made this spring at the Bellechasse-Timmins deposit. Drilling has intersected extensions of known mineralized zones, discovered new mineralized zones, and confirmed the usefulness of the soil gas hydrocarbon geochemistry done last fall and winter. Preliminary drill data suggest at least 13 parallel mineralized zones including the previously known Timmins 1, Timmins 2 and 88 zones. Visible gold has been observed in five drill holes, a great encouragement in a deposit having only about 15% to 20% of the contained gold present in grains large enough to be seen with the naked eye. Approximately 1500 samples have been sent to Activation Laboratories in Ancaster, Ontario and we are awaiting results with great anticipation. This high level of activity assures an exciting and eventful field season."

About Golden Hope Mines Limited:

Golden Hope Mines Limited is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of potentially large-scale gold and base metal projects suitable for underground and/or open-pit mining. The company's focus is in Quebec, Canada. The Bellechasse gold project in Quebec includes the Timmins 1, Timmins 2, Ascot and 88 gold zones, the new FSG volcanic environment targets and a number of ultra basic/serpentine bodies. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.

Forward-Looking Information:

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities, the size and use of proceeds of the Offering and events or developments that the company expects are forward-looking statements. Although the company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Factors could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the company, investors should review registered filings at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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