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

Golden Odyssey Mining Inc.

March 27, 2007 10:00 ET

Golden Odyssey Mining Closes Nonbrokered Private Placement for $311,990

RENO, NEVADA--(CCNMatthews - March 27, 2007) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Company") (TSX VENTURE:GOE) (PINK SHEETS:GODYF) is pleased to announce the closing of the non-brokered private placement announced in its press release #5-07 dated March 12, 2007. The placement was made up of 1,039,966 units (the "Units") at a price of $0.30 per Unit for aggregate gross proceeds of $311,000. Each Unit consists of one common share of the Company (the "Common Shares") and one Common Share purchase warrant (the "warrant"). Each Warrant entitles the holder to purchase one common share at $0.33 for a period of one year from the date of issue. All securities to be issued pursuant to this private placement will be subject to a four-month hold period. The completion of the Private Placement is subject to approval by the TSX Venture Exchange. The proceeds will be used for general corporate purposes.

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 seven 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.

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: 31,864,580

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
    INVESTOR/PRESS CONTACT:
    Golden Odyssey Mining Inc.
    Jeffrey R. Wilson
    (604) 837-5440 cellular
    (775) 787-8466 (FAX)
    Email: jwilson@GOmininginc.com
    or
    CORPORATE CONTACT:
    Golden Odyssey Mining Inc.
    David R. Shaddrick, President & CEO
    (775) 787-8400
    (775) 787-8466 (FAX)
    Email: dshaddrick@gomininginc.com