Golden Odyssey Mining Inc.
TSX VENTURE : GOE
OTC Bulletin Board : GODYF

Golden Odyssey Mining Inc.

November 14, 2006 10:00 ET

Golden Odyssey Acquires Golden Shirene Project on the Walker Lane Belt, Nevada

RENO, NEVADA--(CCNMatthews - Nov. 14, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) (OTCBB:GODYF) is pleased to announce that it has reached an agreement to lease 100% of the Golden Shirene ("GS") property in Esmeralda County Nevada. The lease term is for 10 years and is renewable for additional 10 year terms. The terms of the agreement include a $25,000 advance minimum royalty payment on signing of a letter agreement, $10,000 on the first through third anniversaries, $15.000 on the fourth and fifth anniversaries, $20,000 on the sixth through ninth anniversaries and $30,000 on the tenth anniversary and every anniversary thereafter (all sums are in US dollars.) The owner retains a 3% Net Smelter Return ("NSR") royalty two percentage points of which can be purchased by the company for $1,000,000 per percentage point.

The property, located approximately 150 miles southeast of Reno and 30 miles west of the town of Tonopah, consists of 35 unpatented mining claims.

The GS property is owned by William Walker, an individual, of Reno, Nevada. Initial evaluation work has identified a large area of strong hydrothermal alteration which has affected a structurally complex body of Paleozoic sedimentary rocks and felsic to mafic igneous rocks. Alteration consists of widespread silicification as well as local argillization and bleaching. There is evidence of limited prior work including trenching and drilling on the property but no data concerning this work is available. Additionally, there is anecdotal evidence of anomalous gold being sampled from the surface but no factual data is in hand. The Company has initiated a detailed mapping and sampling program and he work is expected to be completed in early December depending on the severity of the winter.

"The GS property is a very intriguing exploration opportunity in a highly prospective area of Nevada," states David R. Shaddrick, President and CEO. "The project is amenable to a relatively quick and inexpensive initial evaluation. It has both the size and exposed hydrothermal system to indicate the potential for a very large deposit."

Details of this and other Company projects can be viewed on the Company's web site at www.GOmininginc.com and on Sedar at www.sedar.com.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey currently has five active projects all situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the Morningstar and Palmetto projects. The Walker Lane Belt is one of the most highly 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 actively explored by Barrick Gold/Kinross Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest at the Redlich project. On the Cortez Trend in Eureka County, the Corporation 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.
.
Shares Outstanding: 30,536,580

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.

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

Contact Information

  • INVESTOR/PRESS CONTACT:
    Barry Kaplan Associates
    Andrew J. Kaplan
    (732) 747-0702
    (732) 758-1837 (FAX)
    Email: smallkap@aol.com
    or
    Golden Odyssey Mining Inc.
    Jeffrey R. Wilson
    (604) 837-5440 cellular
    Email: jwilson@GOmininginc.com
    or
    CORPORATE CONTACT:
    Golden Odyssey Mining Inc.
    David R. Shaddrick, President and CEO
    (775) 787-8400
    (775) 787-8466 (FAX)
    Email: dshaddrick@gomininginc.com