Golden Odyssey Mining Inc.
TSX VENTURE : GOE

Golden Odyssey Mining Inc.

December 22, 2006 16:01 ET

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

RENO, NEVADA--(CCNMatthews - Dec. 22, 2006) - Golden Odyssey Mining Inc. ("the Company") (TSX VENTURE:GOE) released its audited consolidated financial statements for the three months ended October 31, 2006. Highlights for the period include:

- Expansion of the Company's land interests with the acquisition of the Metallic Goldfield property

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



Three months Three months
ended ended
July 31, 2006 July 31, 2005
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$ $
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Summary of Income Statement Information
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Income for the period Nil Nil
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Expenses for the period 683,497 168,340
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Loss for the period 675,329 171,342
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Weighted Average Shares issued
(Basic and Diluted) 31,535,276 15,366,759
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Basic and Diluted Loss per share 0.02 0.01
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Summary of Cash Flow Information
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Cash from Issuing shares, net
of share issue costs 17,000 382,046
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Cash used in operations (556,902) (192,451)
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Cash spent directly on maintaining
mineral property interests (81,024) (49,974)
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Increase (decrease) in Cash (150,521) 139,423
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Summary of Balance Sheet Information
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Assets
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Cash and temporary investments 1,118,256 1,768,777
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Reclamation deposits 62,514 34,079
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Liabilities
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Accounts Payable 70,089 59,344
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Environmental liabilities 55,590 34,687
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Shareholders' Equity 1,700,458 2,230,078
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Selected Quarterly Loss for Basic and diluted
Financial Information the quarter loss 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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October 31, 2006 675,329 0.02
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Golden Odyssey's unaudited consolidated financial statements for the period 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