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

Golden Odyssey Mining Inc.

January 23, 2006 08:30 ET

Golden Odyssey Mining Inc. Exercises Option to Lease Anchor Property Located on the Battle Mountain-Eureka Trend in Nevada

TORONTO, ONTARIO--(CCNMatthews - Jan. 23, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) (PINK SHEETS:GODYF) is pleased to announce that it has exercised its option to lease 100% of the Anchor property located on the Battle Mountain - Eureka Trend in Eureka County, Nevada. This evolving mineral trend extends for more than 150 miles through northeastern Nevada. It has a currently defined mineral legacy (past production and current reserves) in excess of 35 million ounces of gold. Existing multi-million ounce mines include Pipeline (Placer Dome U.S./Rio Tinto), Lone Tree (Newmont) and Archimedes (Barrick Gold). The recent Cortez Hills discovery (Placer Dome U.S./Rio Tinto) is reported to have in excess of seven million ounces of proven and probable reserves.

The Anchor property consists of 56 unpatented mining claims (1,120 acres) owned by Nevada Eagle Resources LLC. It is situated six miles northwest of Barrick's Archimedes deposit and 21 miles southeast of the past producing Gold Bar Mine. The property is also 41 miles on trend from the new Cortez Hills discovery. The geologic setting at Anchor is similar to that of Newmont's multi-million ounce Rain deposit as well as other significant deposits in the region. The current database indicates an excellent potential for the occurrence of similar deposits at Anchor.

The agreement calls for an initial minimum advanced royalty payment of US $10,000 and 25,000 Golden Odyssey shares. The owner retains a 3% Net Smelter Return royalty of which two percentage points may be purchased by Golden Odyssey for US $1,000,000 per percentage point. The lease is for an initial period of ten years and is renewable for additional ten year periods.

The Anchor property has one currently identified drill target and Golden Odyssey's initial data review indicates a high potential for additional targets. David R. Shaddrick, President and CEO states: "This area is currently one of the most active exploration areas in the world and the acquisition of the Anchor property is an important addition to our dynamic portfolio of high potential properties. It fits well into our strategic plan for the growth of Golden Odyssey through the aggressive acquisition and development of high quality projects with potential for multi-million ounce deposits. We expect to be ready to drill the initial target at Anchor this year."

ABOUT GOLDEN ODYSSEY

Golden Odyssey, through a wholly-owned subsidiary, is engaged in mineral exploration in the State of Nevada. The Company has four active projects at this time. Two projects, Palmetto and Morningstar, are located on the Walker Lane Belt in Esmeralda County. In addition the Company has the Anchor project on the Battle Mountain/Eureka Trend in Eureka County and the Mexican Hill project on the Carlin Trend in Elko County.

This press release has been read and approved by David R. Shaddrick, CPG, P.Geo., the company's designated qualified person.

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

  • Press Contact:
    Barry Kaplan Associates
    Andrew J. Kaplan
    (732) 747-0702
    or
    Company Contact:
    Golden Odyssey Mining Inc.
    David R. Shaddrick
    President and Chief Executive Officer
    (775) 787-8400
    Fax: (775) 787-8466
    or
    Golden Odyssey Mining Inc.
    324 8th Avenue S.W., Suite 3100
    Calgary, Alberta, Canada T2P 2Z2