Golden Odyssey Mining Inc.
TSX VENTURE : GOE

Golden Odyssey Mining Inc.

April 04, 2006 11:45 ET

Golden Odyssey Releases Second Quarter Financial Results

TORONTO, ONTARIO--(CCNMatthews - April 4, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) released its unaudited financial statements for the six months ended January 31, 2006. Highlights for the period include finalizing an option over the acquisition of a 100% interest in the Anchor Property in Nevada.



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Six months Six months
ended ended
January 31 January 31
2006 2005
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$ $
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Summary of Income Statement Summary
Information
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Income for period Nil Nil
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Expenses for period 371,304 271,897
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Loss for period (374,945) (271,376)
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Weighted average shares
issued (basic and diluted) 15,892,846 9,116,224
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Basic and diluted loss
per share (0.02) (0.04)
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Summary of Cash Flow
Information
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Cash from issuing shares,
net of share issue costs 382,046 835,393
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Cash used in operations (328,757) (146,763)
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Cash spent directly on
acquiring mineral properties (75,415) (137,852)
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Increase (decrease) in cash (23,711) 550,778
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Summary of Balance Sheet January 31 July 31
Information 2006 2005
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$ $
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Assets
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Cash 48,853 72,564
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Reclamation deposits 25,399 28,063
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Liabilities
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Accounts payable 26,538 62,324
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Environmental liabilities 24,465 25,674
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Shareholders' Equity 397,200 304,994
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Summary of Financial Information Loss for
for All Quarters since the quarter Basic and diluted
Incorporation ended loss 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
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July 31, 2005 (271,724) 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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Golden Odyssey's audited consolidated financial statements for the year ended July 31, 2005 may be viewed on SEDAR at www.sedar.com.

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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