Golden Odyssey Mining Inc.
TSX VENTURE : GOE
Pink Sheets : GODYF

Golden Odyssey Mining Inc.

January 04, 2007 10:00 ET

Golden Odyssey Acquires White Rock Project in Northeastern Nevada

Advanced Project with Significant Gold Intercepts and Potential for Expansion

RENO, NEVADA--(CCNMatthews - Jan. 4, 2007) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) (PINK SHEETS:GODYF) ("Golden Odyssey" or the "Corporation") is pleased to announce that it has signed an agreement to lease 100% of the White Rock property in Elko County, Nevada. The property is approximately 110 miles northeast of Elko, Nevada and consists of 94 unpatented mining claims.

The property was discovered in 1982 by Amax Exploration. Based on wide spaced drilling, Amax developed a low grade gold resource of approximately 100,000 ounces at grades averaging approximately 0.5 g/t. The acquired data indicates that within this historic, non 43-101 compliant resource, assay values range from 0.1 to 5.7 g/T (0.1 g/T cutoff) with a significant number in the 1.0 to 1.5 g/T range. The Corporation has not done the work necessary to verify the classification of the resource and is not treating it as a NI 43-101 defined resource verified by a Qualified Person ("QP"). The historical estimate should not be relied upon.

The initial priority of the Corporation will be to verify this historic data and evaluate various geological concepts with potential to expand and upgrade the gold resource. This work is expected to result in a 43-101 compliant report and resource estimate. Two additional areas of mineralization have been identified but no historic resources are mentioned in the data. All zones appear open at depth and in one or more directions horizontally. No work has been carried out on the property since the dramatic increase in gold price over the past few years. The Corporation feels previous work done by reputable companies such as Amax, Mount Isa Mines and Kennecott as well as analyses carried out by labs selected by these companies, lends credence to the historical data. In addition to the current gold resource, significant potential for substantially larger and higher grade deposits exists laterally and at depth in more favorable host rocks projected to occur beyond the limits of the current drilling.

"The White Rock property is a very intriguing exploration opportunity with several excellent possibilities to extend, upgrade and in-fill the currently known gold resource," states David R. Shaddrick, President and CEO. "Additionally, the presence of potentially more favorable host rocks at depth combined with what appears to be a strong mineral system opens the very real possibility for large deposits beyond the currently known resource."

The agreement grants a 100% leasehold interest in the property for 10 years and is renewable for additional 10 year terms. The owner retains a three percent (3%) Net Smelter Return ("NSR") Royalty on gold sales up to a price of $700/ounce and four percent (4%) on gold sales at or above $700/ounce. The retained royalty may be reduced to a minimum of one percent (1%) at a cost of $1,000,000 per percentage point purchased by the Corporation.

The technical content of this news release has been reviewed by David R. Shaddrick, CPG, P.Geo(BC) who is a Qualified Person as defined in NI 43-101.

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 now has seven active projects, most situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the Golden Shirene, Morningstar and Palmetto projects. The Walker Lane Belt is one of the most 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 explored by Kinross Gold/ Barrick Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest Mining 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 Corporation is exploring the Mexican Hill project which is southeast of Newmont's Rain and Emigrant Springs mines. Also in northeastern Nevada, the company holds the White Rock project as discussed above.

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.

Shares Outstanding: 31,684,580

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