Golden Hope Mines Limited
TSX VENTURE : GNH
OTCQX : GOLHF

Golden Hope Mines Limited

February 15, 2011 09:05 ET

Golden Hope Announces Drill Results From the 88 Zone Including 2.72 g/t Over 3 Metres, 1.54 g/t Au Over 8 Metres and 1.69 g/t Au Over 5 Metres

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - Golden Hope Mines (TSX VENTURE:GNH)(OTCQX:GOLHF) is pleased to report further assay results from its 2010 gold exploration campaign at the Bellechasse-Timmins gold deposit in south eastern Quebec. The results reported are from eleven holes drilled at the 88 gold zone.

Significant intersections include;

  • 3.86 g/t Au over 1 metre in gold zone 88A
  • 3.16 g/t Au over 3 metres in gold zone 88C
    (including 1 metre of 7.81 g/t Au)
  • 2.72 g/t Au over 3 metres in gold zone 88A
    (including 1 metre of 5.69 g/t Au)
  • 2.32 g/t Au over 2 metres in gold zone 88F
  • 1.69 g/t Au over 5 metres in gold zone 88A
  • 1.54 g/t Au over 8 metres in gold zone 88D
    (including 1 metre of 6.05 g/t Au)
  • 1.35 g/t Au over 7 metres in gold zone 88C
  • 1.24 g/t Au over 6 meters in gold zone 88A
  • 1.22 g/t Au over 10 meters in gold zone 88A

Assay results have been received and interpreted for the following holes; BD2010-121, 135, 136, 137, 139, 140, 141, 142, 143, 144, and 145. These holes were completed to further evaluate the anomalous Au mineralization previously intersected at the 88 Zone. Drilling to date has partially defined at least 8 zones that have been designated 88A to 88H.

The 88A Zone currently has a strike length of approximately 100 metres and has been intersected at approximately 260 metres vertically below the surface, is open to depth and has a true thickness up to 24 meters. Zone 88 B has been intersected on sections A and B, and has a true thickness of approximately 25 metres and is open to depth. Zone 88A and Zone 88B have also been referred to by our technical team as the Snow White Zone.

Zone 88 C has been intersected on sections B and C, has a true thickness of up to approximately 15 metres and is open to depth.

The other zones also remain open to depth.

Table 1: Summary of Results of the 88 Zone
 
Hole Zone Comment From
(m)
To
(m)
Length
(m)
Au
(g/t)
True Thickness (m)
BD2010-121     23.0 24.0 1.0 0.84 0.77
  88 C Zone   32.0 40.0 8.0 0.49 6.16
      44.0 45.0 1.0 0.61 0.77
  88 C Zone   49.0 56.0 7.0 0.91 5.39
  88 B Zone   105.0 106.0 1.0 0.21 0.77
      152.0 157.0 5.0 0.35 3.85
      184.0 185.0 1.0 1.18 0.77
  88 A Zone   206.0 211.0 5.0 1.69 3.85
               
BD2010-135 88 A Zone   152.0 157.0 5.0 0.25 3.85
  88 A Zone   160.0 161.0 1.0 0.43 0.77
              0.19
BD2010-136 88 B Zone   118.0 119.0 1.0 2.23 0.77
  88 B Zone   127.0 130.0 3.0 0.79 2.31
  88 B Zone   147.0 155.0 8.0 0.52 6.16
              0.94
  88 A Zone   205.0 208.0 3.0 2.72 2.31
    including 206.0 207.0 1.0 5.69 0.77
               
  88 A Zone   213.0 214.0 1.0 3.86 0.77
              0.81
BD2010-137 88 A Zone   152.0 163.0 11.0 0.84 8.47
              1.57
BD2010-139 88 G Zone   4.0 9.0 5.0 0.56 3.85
  88 E Zone Visible Gold 95.0 96.0 1.0 3.18 0.77
      103.0 105.0 2.0 1.16 1.54
  88 D Zone   116.0 128.0 12.0 0.82 9.24
              0.31
BD2010-140 88 F Zone Visible Gold 63.0 65.0 2.0 2.32 1.54
  88 F Zone Visible Gold 68.0 69.0 1.0 0.74 0.77
  88 C Zone   135.0 136.0 1.0 0.96 0.77
  88 C Zone Visible Gold 139.0 146.0 7.0 1.35 5.39
  88 C Zone   161.0 167.0 6.0 0.81 4.62
  88 B Zone   186.0 187.0 1.0 1.05 0.77
  88 A Zone   284.0 294.0 10.0 1.22 7.7
  88 A Zone   303.0 307.0 4.0 0.61 3.08
               
BD2010-141 88 F Zone   23.0 29.0 6.0 1.01 4.62
               
  88 D Zone   110.0 118.0 8.0 1.54 6.16
    including, Visible Gold 117.0 118.0 1.0 6.05 0.77
              1.16
  88 C Zone   144.0 147.0 3.0 3.16 2.31
    including 146.0 147.0 1.0 7.81 0.77
              0.75
  88 A Zone   268.0 269.0 1.0 0.66 0.77
  88 A Zone   275.0 276.0 1.0 0.67 0.77
              0.84
BD2010-142 88 D Zone   74.0 88.0 14.0 0.44 10.78
  88 D Zone   91.0 92.0 2.0 1.67 1.54
               
BD2010-143 88 D Zone Visible Gold 9.0 10.0 1.0 0.08 0.77
  88 D Zone   14.0 16.0 2.0 0.88 1.54
               
BD2010-144 88 A Zone   189.0 195.0 6.0 1.24 4.62
               
BD2010-145     112.0 113.0 1.0 1.99 0.77
  88 A Zone   140.0 147.0 7.0 1.00 5.39
               

Golden Hope Mines is also waiting for the results of a 1700 tonne bulk sampling program that it completed on January 27, 2011. The bulk samples were taken at surface throughout the Bellechasse-Timmins Gold Deposit including the surface exposure of mineralized structures drilled in the 88 Zone area.

Approximately 55% of the holes completed in the 88 Zone show visible gold in the core. This suggests that the primary gold distribution is similar to that of the T1 Zone. The 2010 720 tonne bulk sample campaign at Timmins 1 showed a 50% increase of grade from approximatley 2 g/t Au indicated by diamond drilling to 3 g/t Au from bulk sampling.

A map showing where the bulk samples were taken in relation to the drill holes can be viewed on the company's web site at http://goldenhopemines.com/_resources/maps/88_zone_trenching_feb_14.pdf.

The 88 Zone is showing large potential to significantly increase the overall tonnage of mineralization in the Bellechasse-Timmins area. Additional drilling will be necessary to further define the zones and explore their true potential.

On January 20, 2011, Golden Hope Mines announced exciting results from the Bellechase-Timmins deposit. These results were from the T1 and T2A and T2B zones. Highlights from these results included;

  BD2010-124 4.98 g/t Au over 13 metres in gold zone T1
  BD2010-125 7.57 g/t Au over 10 metres in gold zone T2B
  BD2010-132 2.03 g/t Au over 4 metres in gold zone T1
  BD2010-132 4.63 g/t Au over 3 metres in gold zone T2B
  BD2010-133 9.05 g/t Au over 9 meters in gold zone T2A

Cross sections can be viewed on the company's website at: http://goldenhopemines.com/exploration/bellechase_timmins_gold/results/.

The results from the 2010 drill campaign to date confirm widespread mineralization at the Bellechasse-Timmins Gold Deposit.

The company uses Activation Laboratories Limited in Ancaster Ontario for all assays. Actlabs is accredited to the international standard of ISO 17025 for gold analysis. All of the drill core samples sent to the Actlabs undergo initial Fire Assay treatment. Due to the presence of visible gold, any initial results over a selected threshold Au are re-assayed using total pulp metallic treatment. The Golden Hope procedure requires crushing, pulverizing and sieving the entire sample of approximately two kilograms. This company protocol can lead to delays in both receiving and reporting assay results.

There are currently a total of 20 holes from the 2010 Exploration program for which results have not been reported on; 14 holes from Bellechasse-Timmins (including the 88 zones) and 6 holes from Laval's Mountain, approximatley 9.2 kms north of Bellechasse-Timmins. The company expects to report the results of these holes when they are received and interpreted.

James E. Tilsley, P.Eng is acting as the qualified person (QP) for Golden Hope in compliance with National Instrument 43-101 and has reviewed the technical contents of this release.

About Golden Hope Mines Limited:

Golden Hope 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 Southeastern Quebec includes the Timmins 1, Timmins 2 and Ascot gold zones, the new FSG volcanic environment targets and a number of recently claimed 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 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. Various factors could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, 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 Golden Hope's 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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