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

Golden Odyssey Mining Inc.

December 19, 2008 18:50 ET

Golden Odyssey Closes Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) (PINK SHEETS:GODYF) is pleased to announce that it has closed its previously announced flow-through private placement (the "FT Private Placement"). The Corporation sold 2,800,000 common shares issued on a "flow-through" basis under the Income Tax Act (Canada) at a price of $0.05 per share for gross proceeds of $140,000. Proceeds from the FT Private Placement will be used to fund exploration and development programs.

Golden Odyssey also announces that, pending regulatory approval, it has revised the deemed price of shares to be issued for payment of debt from $0.10 per share to $0.05 per share. The Corporation will issue, in aggregate, 1,310,000 Common Shares to directors of Golden Odyssey as payment of services from January 1, 2008 to September 30, 2008; 108,260 Common Shares to a director for payment of debt; and 90,000 Common Shares to a consultant as payment for services.

Forward Looking Information

Certain information regarding the Corporation set forth in this press release, including the use of proceeds, and management's assessment of the Corporation's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Corporation's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Corporation's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Corporation.

The TSX Venture Exchange Inc. has neither approved or disapproved the contents of this press release.

Contact Information

  • Barry Kaplan Associates
    Andrew Kaplan
    Investor/Press Contact
    (732) 747-0702
    (732) 758-1837 (FAX)
    Email: smallkap@aol.com
    or
    Golden Odyssey Mining, Inc.
    Tyrone Docherty
    President
    (604) 952 7221
    Email: tyrone.doccap@dccnet.com