Golden Odyssey Mining Inc.
TSX VENTURE : GOE

Golden Odyssey Mining Inc.

March 31, 2006 18:45 ET

Golden Odyssey Mining Inc. Releases January 31, 2006 Financial Statements

CALGARY, ALBERTA--(CCNMatthews - March 31, 2006) - Golden Odyssey Mining Inc. ("the Company") (TSX VENTURE:GOE) released today its unaudited financial statements for the six months ended January 31, 2006. Highlights for the period include finalizing an option over the acquisition of a 100% interest in the Anchor Property in Nevada.



------------------------------------------------------------------------
Six months Six months
ended ended
January 31 January 31
2006 2005
------------------------------------------------------------------------
$ $
------------------------------------------------------------------------
Summary of Income Statement Information
------------------------------------------------------------------------
Income for Period Nil Nil
------------------------------------------------------------------------
Expenses for Period 371,304 271,897
------------------------------------------------------------------------
Loss for Period (374,945) (271,376)
------------------------------------------------------------------------
Weighted Average Shares issued
(Basic and Diluted) 15,892,846 9,116,224
------------------------------------------------------------------------
Basic and Diluted Loss per share (0.02) (0.04)
------------------------------------------------------------------------
Summary of Cash Flow Information
------------------------------------------------------------------------
Cash from Issuing shares, net
of share issue costs 382,046 835,393
------------------------------------------------------------------------
Cash used in operations (328,757) (146,763)
------------------------------------------------------------------------
Cash spent directly on acquiring
mineral properties (75,415) (137,852)
------------------------------------------------------------------------
Increase (decrease) in Cash (23,711) 550,778
------------------------------------------------------------------------


------------------------------------------------------------------------
January 31 July 31
Summary of Balance Sheet Information 2006 2005
------------------------------------------------------------------------
$ $
------------------------------------------------------------------------
Assets
Cash 48,853 72,564
------------------------------------------------------------------------
Reclamation deposits 25,399 28,063
------------------------------------------------------------------------
Liabilities
------------------------------------------------------------------------
Accounts Payable 26,538 62,324
------------------------------------------------------------------------
Environmental liabilities 24,465 25,674
------------------------------------------------------------------------
Shareholders' Equity 397,200 304,994
------------------------------------------------------------------------


------------------------------------------------------------------------
Basic and
Loss for diluted
Summary Financial Information for the quarter loss per
All Quarters since Incorporation ended share
------------------------------------------------------------------------
$ $
------------------------------------------------------------------------
July 31, 2004 (145,669) 0.02
------------------------------------------------------------------------
October 31, 2004 (amended) (172,648) 0.02
------------------------------------------------------------------------
January 31, 2005 (98,728) 0.01
------------------------------------------------------------------------
April 30, 2005 (208,378) 0.01
------------------------------------------------------------------------
July 31, 2005 (271,724) 0.02
------------------------------------------------------------------------
October 31, 2005 (171,342) 0.01
------------------------------------------------------------------------
January 31, 2006 (203,603) 0.01
------------------------------------------------------------------------


The Golden Odyssey's audited consolidated financial statements for the year ended July 31, 2005 may be viewed on SEDAR at www.sedar.com.

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

Contact Information

  • Golden Odyssey Mining Inc.
    David R. Shaddrick
    President
    (775) 787-8400