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

Golden Odyssey Mining Inc.

July 19, 2005 09:01 ET

Golden Odyssey Mining Announces Positive Initial Drill Results

TORONTO--(CCNMatthews - Jul 19, 2005) -

Golden Odyssey Mining Inc. (Toronto Venture Exchange: GOE; Pink Sheets: GODYF) is pleased to report the results of the initial drill campaign at its Palmetto Project located on the Walker Lane Belt in Esmeralda County, Nevada. The project is located approximately 180 miles southeast of Reno and 180 miles northwest of Las Vegas. Based on the positive results, reported below, management is preparing an immediate follow up plan for further exploration of this large, highly prospective land package.

This work represents the first drilling ever done in the area and has confirmed the geologic and mineralization models inferred from surface mapping and sampling. The initial drilling of the Phase One program has explored two geologically distinct target areas in differing, fault bounded, structural/stratigraphic domains: the Kentucky Mine target in the "Northern Domain" and the Camp Zone target in the "Southern Domain". Additional target zones are expected in both domains.

The Kentucky Mine Target occurs in the Northern Domain which is characterized by multiple, subparallel, vein systems hosted by structural zones cutting brittle, siliceous siltstones and cherts. Surface mapping and sampling indicated that the vein at the historic Kentucky Mine was approximately 12 feet wide and selective sampling of stockpiles at the shaft collar yielded highly anomalous gold values with a high of 2.6 ounces per ton as well as very strong base metal and pathfinder element signatures.

Four shallow core holes (194', 264', 160' and 169') were drilled in two fences as an initial test of the target model. Three of the holes intersected the vein and/or the structural zone. Hole #4 was lost due to bad ground before reaching the target depth.

The goals of the drilling were twofold. First, to confirm the down dip and strike projections of the vein and the host structural zone and second, to confirm that the geochemical signature developed from the surface sampling persists at depth.

This work has confirmed the strike and dip projections of the vein and the host structural zone. Vein intercepts vary from 15 feet to 5 feet confirming the "pinch and swell" nature common in vein systems. Additional work is required to determine the geometry and trend of the thicker mineralized zones. The host structural zone is considerably wider than the vein intercepts and consists of multiple anastamosing fractures and shears.

Analyses of visually mineralized intervals are summarized in the following table.



Hole No. Gold Silver Arsenic Copper Lead Antimony Zinc
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(PPB) (PPM) (PPM) (PPM) (PPM) (PPM) (PPM)
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PKC-1 (27 total samples)
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Anomaly Threshold 25 1.0 50 100 100 15 100
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Total Anomalous Samples 7 14 3 21 7 3 22
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Mean Value 208 14.2 79 423 1350 21 365
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High Value 1017 43.8 109 1284 4135 26 907
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PKC-2 (67 total samples)
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Anomaly Threshold 25 1.0 50 100 100 15 100
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Total Anomalous Samples 18 42 9 30 5 1 41
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Mean Value 70 6.2 252 259 928 NA 311
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High Value 636 166 693 1030 2225 115 1786
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PKC-3 (30 total samples)
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Anomaly Threshold 25 1.0 50 100 100 15 100
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Total Anomalous Samples 1 5 1 7 1 0 24
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Mean Value 210 1.2 NA 171 NA NA 283
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High Value 210 1.8 145 349 150 NA 853
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PKC-4 (33 total samples)
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Anomaly Threshold 25 1.0 50 100 100 15 100
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Total Anomalous Samples 0 8 1 9 1 0 27
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Mean Value NA 4.5 NA 274 NA NA 289
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High Value NA 27.1 1018 930 1546 NA 563
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From this data it is clear that the geochemical signature persists at depth. Additionally, visible mineralization and anomalous geochemistry occur both in veined material and in the host structural zone with no veining present. These observations and analytical results confirm the presence of a strong, structurally controlled hydrothermal system capable of producing wide mineralized veins.

Synthesis and interpretation of this data is currently in progress. Additional mapping, sampling and drilling are planned at the Kentucky Mine Target and other identified vein targets within the Northern Domain.

The Camp Zone Target is a disseminated gold target which occurs in a structural/stratigraphic domain (the Southern Domain) characterized by strataform alteration and mineralization hosted by a previously unmapped sequence of calcareous rocks. This sequence has been interpreted to be several hundred feet in thickness and dipping gently to the southwest. This setting is consistent with that of bulk-mineable, disseminated gold deposits elsewhere in Nevada. Surface geochemistry from soil and rock chip sampling is strongly supportive of this model.

Six widely spaced reverse circulation rotary holes (320' to 740 foot depths) have been completed to test the stratigraphic section, the alteration assemblage and geochemical signature at depth. Hole PCR 2 was lost due to caving before reaching target depth.

The drilling has confirmed the presence of significant thickness' (260 feet to 555 feet) of interbedded calcareous rocks including shales, siltstones and limestones which would make ideal host rocks for disseminated mineralization. Alteration, consisting of localized bleaching, argillization and silicification was encountered in most of the holes. In addition, the rocks are locally sulfidized with oxidation as deep as 570 feet.

The reverse circulation holes were sampled in 5 foot intervals from the collar to the T.D. The following table summarizes the results of this sampling.



Hole No. Gold Silver Arsenic Copper Lead Antimony Zinc
----------------------------------------------------------------------
(PPB) (PPM) (PPM) (PPM) (PPM) (PPM) (PPM)
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PCR-1 (149 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 10 46 9 10 0 8 48
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Mean Value 54 3.2 67 1492 NA 68 483
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High Value 217 38.6 114 7648 NA 183 815
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PCR-2 (63 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 12 0 3 0 1 8 6
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Mean Value 20 NA 76 NA NA 29 236
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High Value 28 NA 102 NA 137 51 725
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PCR-3 (120 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 14 23 3 4 0 0 6
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Mean Value 22 1.2 56 261 NA NA 141
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High Value 36 1.6 60 483 NA NA 221
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PCR-4 (120 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 10 11 7 13 2 7 6
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Mean Value 21 2.3 158 555 177 61 146
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High Value 27 7.5 318 3113 240 173 184
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PCR-5 (140 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 8 11 13 7 0 4 7
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Mean Value 29 1.2 74 170 NA 27 154
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High Value 48 1.5 123 326 NA 36 246
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PCR-6 (100 total samples)
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Anomaly Threshold 15 1.0 50 100 100 15 100
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Total Anomalous Samples 10 2 2 2 0 0 4
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Mean Value 48 5.3 53 108 NA NA 131
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High Value 195 9.3 53 108 NA NA 149
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From this data it is clear that the model developed from the initial surface work is valid and that the hydrothermal system is wide spread. Additionally, the base metal and pathfinder element signatures persist at depth and are more robust than the original surface data.

Following synthesis and interpretation of the drill data, detailed mapping, sampling and additional drilling are planned over much of the Southern Domain.

The planned work in both domains will complete the Phase One program at Palmetto and will result in a 43-101 compliant report detailing the results and recommending further work if warranted.

ABOUT GOLDEN ODYSSEY

The Corporation is engaged, through its subsidiary, Golden Odyssey Exploration Inc., in gold exploration in the State of Nevada. The Corporation currently has two active exploration projects, Palmetto and Morningstar, both located in the Walker Lane Belt, Esmeralda County, Nevada. At Palmetto, the Company holds 114 unpatented mining claims and leases 43 existing patented and unpatented mining claims. At Morningstar, the Company holds 77 unpatented mining claims and leases 22 existing unpatented mining claims. The Palmetto Project includes the majority of the historic Palmetto Mining District and is located about 50 miles southwest of Goldfield, Nevada. The Morningstar Project includes the historic Morningstar District and is located about 30 miles southwest of Goldfield, Nevada. Goldfield is located 260 miles southeast of Reno and 183 miles northwest of Las Vegas, Nevada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

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

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