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

Golden Odyssey Mining Inc.

July 16, 2007 10:00 ET

Golden Odyssey Announces Commencement of Drilling at White Rock Project, Elko County, Nevada

RENO, NEVADA--(Marketwire - July 16, 2007) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Company") (TSX VENTURE:GOE)(PINK SHEETS:GODYF) is pleased to announce that a core drilling rig and experienced crew has arrived on site at the Company's White Rock Project in Elko County, Nevada. Drilling on the first hole of a planned ten hole (5,000 feet) initial program has commenced. Further drilling is scheduled and will be guided by the results of this initial work.

White Rock is an advanced project with four known mineralized zones developed by previous operators (Amax Gold) in the 1980s. The Central Zone has an historic, non NI 43-101 compliant resource of approximately 100,000 ounces of gold at an average grade of approximately 0.5 grams per ton (g/t) at a cut-off of 0.1 g/t. The Company has not verified this work, and therefore investors are cautioned that this historic figure should not be relied upon, however, the initial program is designed to verify the historic data through twinning of existing drill holes and to provide both infill and offset data within the known mineralized zones. This work is expected to allow the calculation of a NI 43-101 compliant resource. Concurrently, geologic work will be focused on developing additional targets within this large 92 claim (1,840 acres) land package.

The Company believes there is potential to expand the mineralization and to increase the average grade in the known zones by using better drill techniques and equipment which will greatly improve recoveries of the mineralized material. Additionally, there is potential to discover new zones similar to the four already identified as well as potential for disseminated mineralization in a permissive carbonate unit which has not been tested in the area of the known mineralized zones.

"The White Rock Project represents a significant step forward in the planned evolution of Golden Odyssey," states David R. Shaddrick, President and CEO. "We expect this work to result in the Company becoming an explorer with a significant resource asset and further upside potential from exploration."

The epithermal system at White Rock has similarities to other epithermal deposits such as Sleeper, Midas Paradise Peak and Aurora/Borealis. Mineralization is hosted in fractures, breccias and shears in silicified calcareous siltstone of the Permian Phosphoria formation and brittle chert of the Permian Rex chert. The structural zones appear to be high angle northerly trending normal faults that have broken and brecciated the host units for widths of up to 30 meters. Gold mineralization, commonly associated with iron oxides occurs within the structural zones as well as in both the hangingwalls and footwalls of these zones.

The drilling is being done by Axis Drilling Inc. of Belgrade, Montana. Mitch Casteel, CPG, will supervise the Company's work on the property. Mr. Casteel is a Qualified Person (QP) as defined by NI 43-101.

Details of each of Golden Odyssey's projects can be found on the Company's web site at www.GoMiningInc.com and on SEDAR at www.sedar.com.

About Golden Odyssey

The Company, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey now has eight active projects, most situated on major gold trends. On the Walker Lane Belt in Esmeralda County, the Company 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 Company 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. Also in northeastern Nevada, the Company holds the White Rock project where the Company is currently working to verify historic, non 43-101 compliant reports of significant drilling and gold mineralization. In north central Nevada, the Company holds the Washiki Project along the southern end of the Getchell Trend, which hosts such deposits as Twin Creeks, Getchell, Preble, Pinson, and Goldbanks. In addition, the project is surrounded by a number of past and present producing mines and several active development projects including Sleeper, Coeur Rochester, Florida Canyon, Marigold and Midway's Spring Valley deposit.

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: 33,690,429

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

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