Golden Odyssey Mining Inc.
TSX VENTURE : GOE

Golden Odyssey Mining Inc.

October 03, 2005 14:15 ET

Golden Odyssey Mining Inc. Releases July 31, 2005 Financial Statements

CALGARY, ALBERTA--(CCNMatthews - Oct. 3, 2005) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) ("the Company") released today its audited financial statements for its first full year of operations ended July 31, 2005. Highlights for the year include the completion of the Company's Initial Public Offering, the completion of the Company's initial drilling program on the Palmetto property and completion of a geologic mapping program on the Morningstar property.



------------------------------------------------------------------------
Year ended Period ended
July 31 July 31
2005 2004
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$ $
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Summary of Income Statement Information
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Income for Period Nil Nil
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Expenses for Period 751,478 145,669
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Loss for Period (751,478) (145,669)
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Weighted Average Shares issued
(Basic and Diluted) 11,770,581 7,383,333
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Basic and Diluted Loss per share (0.06) (0.02)
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Summary of Cash Flow Information
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Cash from Issuing shares,
net of share issue costs 800,624 329,050
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Cash used in operations (627,627) (140,594)
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Cash spent directly on acquiring
mineral properties (205,458) (46,317)
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Increase (decrease) in Cash (69,575) 142,139
------------------------------------------------------------------------
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------------------------------------------------------------------------
July 31 July 31
Summary of Balance Sheet Information 2005 2004
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$ $
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Assets
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Cash 72,564 142,139
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Mineral properties 276,778 46,317
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Reclamation deposits 28,063 Nil
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Liabilities
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Accounts Payable 62,324 27,915
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Reclamation liability 25,674 Nil
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Shareholders' Equity 666,180 183,381
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Loss for Basic and
Summary Financial Information for the quarter diluted loss
All Quarters since Incorporation ended per share
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$ $
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July 31, 2004 (145,669) 0.02
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October 31, 2004 (amended) (172,648) 0.02
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January 31, 2005 (98,728) 0.01
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April 30, 2005 (208,378) 0.01
------------------------------------------------------------------------
July 31, 2005 (271,724) 0.02
------------------------------------------------------------------------
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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