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

Golden Hope Mines Limited

July 03, 2009 16:50 ET

Golden Hope Closes First Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - July 3, 2009) -

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Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) announces that it has completed the first tranche of a non-brokered private placement of up to $300,000 by issuing 600,000 common shares of the Company on a flow-through basis ("FT Shares") at a price of $0.06 per FT Share and 1,016,666 units of the Company ("Units") at a price of $0.06 per Unit, for gross proceeds of $97,000.

Each Unit is comprised of one common share of the Company and one-half (1/2) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share of the Company at a price of $0.12 per share for a period of 24 months.

Under applicable securities legislation and policies of the TSX Venture Exchange, the Units issued in the private placement are subject to a hold period expiring on November 4, 2009.

Golden Hope will use the proceeds from the Offering to advance the exploration on its Bellechasse project in Quebec.

About Golden Hope: 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, silver and base metal projects suitable for underground and/or open-pit mining. The Company's two areas of interest are located in Quebec, Canada and Maine, U.S.A. The Bellechasse gold project in Quebec includes the Timmins and Ascot gold zones, the Coucou volcanic target and a number of newly claimed serpentinite geological formations. For further information on Golden Hope, visit www.goldenhopemines.com.

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

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