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

Golden Odyssey Mining Inc.

April 02, 2007 19:53 ET

Golden Odyssey Mining Inc. Releases January 31, 2007 Financial Statements

RENO, NEVADA--(CCNMatthews - April 2, 2007) - Golden Odyssey Mining Inc. ("the Company")(TSX VENTURE:GOE) (PINK SHEETS:GODYF) released its consolidated financial statements for the six months ended January 31, 2007. Highlights for the period include:

- Expansion of the Company's land interests with the acquisition of the Metallic Goldfield, Golden Shirene, and White Rock properties in Nevada

- Completion of drilling programs at Palmetto, Morningstar and Mexican Hill



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Six months ended Six months ended
January 31 2007 January 31 2006
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$ $
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Summary of Income Statement Information
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Loss for the period (1,200,230) (374,945)
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Weighted Average Shares issued (Basic
and Diluted) 31,609,591 15,892,846
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Basic and Diluted Loss per share (0.04) (0.02)
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Summary of Cash Flow Information
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Cash from Issuing shares, net of share
issue costs 35,100 382,046
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Cash used in operations (1,005,179) (328,757)
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Cash spent directly on maintaining
mineral property interests (156,382) (75,415)
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Increase (decrease) in Cash (325,592) (23,711)
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Summary of Balance Sheet Information January 31, 2007 July 31, 2006
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$ $
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Assets
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Cash and temporary investments 593,185 1,768,777
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Reclamation deposits 81,074 34,079
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Liabilities
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Accounts Payable 71,687 59,344
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Environmental liabilities 73,989 34,687
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Shareholders' Equity 1,269,536 2,230,078
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Basic and
Loss for the diluted loss
Selected Quarterly Financial Information quarter per share
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$ $
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April 30, 2005 (amended) 212,926 0.01
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July 31, 2005 (amended) 360,885 0.02
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October 31, 2005 171,342 0.01
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January 31, 2006 203,603 0.01
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April 30, 2006 278,962 0.01
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July 31, 2006 402,949 0.01
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October 31, 2006 (amended) 692,688 0.02
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January 31, 2007 507,542 0.02
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Golden Odyssey's unaudited consolidated financial statements for the period ended January 31, 2007 may be viewed on SEDAR at www.sedar.com.

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: 32,904,546

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