Golden Odyssey Mining Inc.

Golden Odyssey Mining Inc.

September 22, 2005 17:59 ET

Golden Odyssey Mining Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Sept. 22, 2005) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) is pleased to announce that it has closed its previously announced private placement of 1,700,000 units of the Corporation ("Units") at a price of $0.20 per Unit (the "Private Placement") for gross proceeds of $340,000. Each Unit consisted of one common share of the Corporation ("Common Share") and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one Common Share at a price of $0.25 per share for a period of one year. The Corporation intends to use the proceeds from the Private Placement as general working capital. The total number of Common Shares outstanding is 16,168,933. The Corporation expects to have a second closing in the near future.


The Corporation is a company engaged, through its subsidiary Golden Odyssey Exploration Inc. ("Golden Subsidiary"), in mineral exploration in the State of Nevada. As at August 31, 2004, the Corporation, through Golden Subsidiary, held 81 unpatented mining claims and 43 leased existing patented and unpatented mining claims from Dawes Family Trust (the "Palmetto Property"). The lease from Dawes Family Trust also includes four other properties located in Esmeralda County, Nevada which have not yet been evaluated by Golden Subsidiary and are not considered material. The Palmetto Property covers the majority of the historic Palmetto Mining District located in Esmeralda County, Nevada about 50 miles (80 km) southwest of Goldfield which is 260 miles (418 km) southeast of Reno and 183 miles (295 km) northwest of Las Vegas, Nevada.

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, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. 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 financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Odyssey Mining Inc.

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

Contact Information

  • Golden Odyssey Mining Inc.
    David R. Shaddrick
    President and Chief Executive Officer
    (775) 746-2071
    (775) 746-1863 (FAX)