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

Golden Odyssey Mining Inc.

December 14, 2006 15:21 ET

Golden Odyssey Mining Reports Significant Drill Results on Mexican Hill, Carlin Trend, Nevada

RENO, NEVADA--(CCNMatthews - Dec. 14, 2006) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) (PINK SHEETS:GODYF) ("Golden Odyssey" or the "Corporation") has received preliminary results from the first phase of drilling at its Mexican Hill project located on the southern Carlin Trend in Elko County, Nevada with significant alteration encountered in potential host rocks.

The Carlin Trend is one of the largest gold districts in the world with past production in excess of 50 million ounces of gold and announced proven and probable reserves of over 100 million ounces. Newmont Mining and Barrick Gold are the major producing companies in this region. Mexican Hill consists of 79 unpatented mining claims and is approximately 210 miles east of Reno and 50 miles south of Elko, Nevada. The project is approximately 22 miles south of Newmont's Rain Mine.

Mr. David R. Shaddrick, President and CEO reports: "our drilling has encountered significant hydrothermal alteration in a geologic setting similar to Newmont's Rain Mine. These results are extremely encouraging given that Mexican hill is located in one of the most prospective areas in the world. We are anxiously waiting for our analytical results which are expected within a couple of weeks."

This first phase of exploration consisted of six (6) holes for 3,610 feet of reverse circulation drilling ("RCR"). Two separate target areas were drill tested. The eastern zone is comprised of three north-northeast trending fault zones and the west zone contains an extensive north-trending fault zone. Alteration along the surface of these zones includes strong iron-oxidation, massive barite-bearing, brecciated jasperoids, and barite veins.

Drill holes MH-2, 3, and 4 tested the highly altered northeastern-trending fault zone that cross-cuts the Devils Gate/Denay Formation contact. Alteration similar to that on the surface was encountered in the drill holes and MH-2 intersected very strongly iron oxidized, decalcified and sanded, dolomitic limestone with barite-bearing jasperoid. Drill holes MH- 1 and 5 tested the northeastern-trending fault zone that cross-cuts the Devonian Devils Gate Formation/Mississippian Pilot Formation contact and they encountered extensive iron-oxidation and dolomite veined limestone.

MH-6 tested the north-trending fault zone and intersected strongly decalcified thin-bedded silty limestone which became increasingly carbonaceous with depth. The hole also encountered several jasperoid zones which contained sooty sulfides and commonly occurred near clay-filled faults.

The field work at Mexican Hill is being supervised by E.L. "Buster" Hunsaker III, CPG, a Qualified Person ("QP") as defined by NI 43-101. David R. Shaddrick, CPG, P.Geo.B.C., is the company's designated QP and is responsible for the technical content of this release.

Details of this and other Company projects can be viewed on the Company's web site at www.GOmininginc.com and on SEDAR at www.sedar.com.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey currently has five active projects all situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the 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 Corporation 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 as discussed above.

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: 30,686,580

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
    Email: jwilson@GOmininginc.com
    or
    CORPORATE CONTACT:
    Golden Odyssey Mining Inc.
    David R. Shaddrick, President and CEO
    (775) 787-8400
    (775) 787-8466 (FAX)
    Email: dshaddrick@gomininginc.com
    Website: www.GOmininginc.com