Golden Odyssey Mining Inc.
TSX VENTURE : GOE
OTC Bulletin Board : GODYF

Golden Odyssey Mining Inc.

November 10, 2006 20:00 ET

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

RENO, NEVADA--(CCNMatthews - Nov. 10, 2006) - Golden Odyssey Mining Inc. ("the Company") (TSX VENTURE:GOE) (OTCBB:GODYF) released its audited consolidated financial statements for the year ended July 31, 2006. Highlights for the year include:

- Expansion of the Company's land interests with the acquisition of the Anchor and Mexican Hill properties

- Completion of early stage interpretive work on Palmetto, Anchor and Mexican Hill, and commencement of phase-one drilling program at Morningstar

- Completion of a private placement generating net proceeds of $2.2 million.



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Year ended Year ended
July 31 July 31
2006 2005
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$ $
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Summary of Income Statement Information
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Income for the year Nil Nil
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Expenses for the year 1,068,519 739,726
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Loss for the year 1,056,856 751,478
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Weighted Average Shares issued
(Basic and Diluted) 20,960,522 11,770,581
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Basic and Diluted Loss per share 0.05 0.06
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Summary of Cash Flow Information
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Cash from Issuing shares,
net of share issue costs 2,739,806 800,624
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Cash used in operations (846,936) (627,627)
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Cash spent directly on acquiring mineral
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properties (176,044) (205,458)
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Increase (decrease) in Cash 196,213 (69,575)
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Summary of Balance Sheet Information
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Assets
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Cash and temporary investments 1,768,777 72,564
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Reclamation deposits 34,079 28,063
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Liabilities
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Accounts Payable 59,344 62,324
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Environmental liabilities 34,687 25,674
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Shareholders' Equity 2,230,078 304,994
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Loss for Basic and
the quarter diluted loss
Selected Quarterly Financial Information ended per share
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$ $
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October 31, 2004 (amended) 87,216 0.01
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January 31, 2005 (amended) 90,721 0.01
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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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Golden Odyssey's audited consolidated financial statements for the year ended July 31, 2006 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