Golden Odyssey Mining Inc.
Pink Sheets : GODYF

Golden Odyssey Mining Inc.

November 02, 2006 10:00 ET

Golden Odyssey Begins Drilling on Mexican Hill Project, Carlin Trend, Nevada

RENO, NEVADA--(CCNMatthews - Nov. 2, 2006) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) (PINK SHEETS:GODYF) ("Golden Odyssey" or the "Corporation") has started the first phase of drilling at its Mexican Hill project located on the southern Carlin Trend in Elko County, Nevada. The Carlin Trend is one of the largest gold districts in the world with past production in excess of 50 million ounces of gold and announced proven and probable reserves of over 100 million ounces. Newmont Mining and Barrick Gold are the major producing companies in this region. Mexican Hill consists of 49 unpatented mining claims and is approximately 210 air miles east of Reno and 50 air miles south of Elko, Nevada.

The drill has been moved from the company's Morningstar project on the Walker Lane Belt where the second round of an 8,696 foot reverse circulation rotary ("RCR") drilling program has just been completed. Analyses from this latest work are expected in the coming weeks and the results will be used to plan the next phase of exploration scheduled for early 2007.

At Mexican Hill, recently completed mapping and sampling has identified two initial target zones interpreted to have potential for the occurrence of mineralization geologically similar to Newmont's Rain and Emigrant Springs deposits which are on trend approximately 30 miles to the north. These similarities include the occurrence of Mississippian and Devonian carbonate rocks cut by high angle structures, subtle alteration including bleaching, argillization and silicification focused on the structures as well as low but significant levels of arsenic, barium, zinc, antimony and locally gold.

The initial drilling at Mexican Hill is planned to be a two round program totaling approximately 9,100 feet of RCR drilling. The first round is intended as an initial verification of the stratigraphic sequence, alteration assemblage and geochemical signature at depth. This work should be completed by Mid November. The second round will be based on the results of this initial drilling and is expected to begin in early December, if warranted.

"We are very encouraged by the results of the surface exploration work at Mexican Hill and are tracking the progress of the drilling closely," states David R. Shaddrick, President and CEO. "Mexican Hill is Golden Odyssey's third drilling project for the year and with the commencement of this work, our aggressive exploration program for 2006 is on schedule and on budget."

The field work at Mexican Hill is being supervised by E.L. "Buster" Hunsaker III, CPG, a Qualified Person ("QP") as defined by NI 43-101. David R. Shaddrick, CPG, P.Geo.B.C., is the company's designated QP and is responsible for the content of this release.

Details of this and other Company projects can be viewed on the Company's web site at and on Sedar at

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 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: 30,536,580

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

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