Golden Odyssey Mining Inc.

Golden Odyssey Mining Inc.

April 04, 2006 08:45 ET

Golden Odyssey Raises $2.4 Million from Fully Subscribed Private Placement

TORONTO, ONTARIO--(CCNMatthews - April 4, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) announces the successful completion of the private placement announced on February 24, 2006. This private placement was fully subscribed and consists of 14,117,647 units of the Corporation ("Units") at a price of $0.17 per Unit for gross proceeds of $2.4 million. Each Unit consists of one common share of the Corporation ("Common Share") and one share purchase warrant, with each warrant entitling the holder to purchase one Common Share at a price of $0.22 per share for a period of two years. This financing is subject to final regulatory approval from the TSX Venture Exchange.

For acting as agents, the Corporation paid Toronto-based Dominick & Dominick Securities Inc. a commission of 8% cash and 10% Broker Warrants on a portion of the financing, which totaled $111,940 and 741,176 Broker Warrants. Each Broker Warrant entitles the holder to purchase one Common Share of the Corporation for a period of two years at a price of $0.17.

The proceeds of the placement will be used to conduct exploration on the Golden Odyssey's gold projects in Nevada and for general working capital purposes. Exploration plans include drilling programs on Golden Odyssey's Morningstar and Palmetto projects on the Walker Lane Belt and continuing programs its other projects in the Cortez and Carlin Trends.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the exploration and acquisition of mineral properties in the State of Nevada. Golden Odyssey currently has four active projects, two of which, the Morningstar and Palmetto, are located on the Walker Lane Belt in Esmeralda County. In addition, the Corporation holds the Anchor project, situated northwest of Barrick Gold Corporation's East Archimedes development project and southeast of US Gold Corporation's Tonkin Springs Mine, on the Cortez Trend and the Mexican Hill project on the Carlin Trend.

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: market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. 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: 30,536,580

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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