Golden Odyssey Mining Inc.
TSX VENTURE : GOE

Golden Odyssey Mining Inc.

August 12, 2005 18:55 ET

Golden Odyssey Mining Inc. Announces Private Placement

CALGARY, ALBERTA--(CCNMatthews - Aug. 12, 2005) -

(Not for dissemination in the United States of America)

Golden Odyssey Mining Inc. (TSX VENTURE:GOE) ("Golden Odyssey" or the "Corporation") is pleased to announce that it will offer for sale up to 2,500,000 units of the Corporation ("Units") by way of private placement at a price of $0.20 per Unit (the "Private Placement") for gross proceeds of up to $500,000. Each Unit will consist 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 "Warrants"). The Corporation intends to use the proceeds from the Private Placement as general working capital. The Private Placement is subject to the approval of the TSX Venture Exchange Inc.

ABOUT GOLDEN ODYSSEY

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.

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)