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

Golden Hope Mines Limited

August 17, 2006 14:43 ET

Golden Hope Mines-Additional Financing

TORONTO, ONTARIO--(CCNMatthews - Aug. 17, 2006) - Golden Hope Mines Limited (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) -

The Company is pleased to announce that it has reached an agreement in principal to raise a total of $115,000.00 by way of an arm's length private placement with accredited investors. The proposed placement will consist of the purchase of 821,429 common shares of the Company at a price of $0.14 per share, with warrants attached to purchase up to a further 821,429 shares, at a price of $0.20 per share, for a period of one year. A finder's fee of ten percent will be paid to an arm's length third party.

The proceeds from the placement will be added to the Company's working capital.

The closing price of the Company's shares as traded on the TSX Venture Exchange on August 16, 2006 was $0.18.

The proposed private placement is subject to acceptance by regulatory authorities.



ON BEHALF OF THE BOARD

"Debra Chapman"

DEBRA CHAPMAN
Assistant Corporate Secretary

S.E.C. Exemption: 12(g)3-2(b)



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

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