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

Golden Odyssey Mining Inc.

May 03, 2007 13:00 ET

Golden Odyssey Reports Drilling Progress on Cortez Trend, Nevada

RENO, NEVADA--(CCNMatthews - May 3, 2007) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) (PINK SHEETS:GODYF) ("Golden Odyssey" or the "Company") is pleased to provide an update on its drilling program on the Cortez Trend in Eureka County, Nevada.

The Company has completed the first of six planned reverse circulation ("RCR") drill holes at its Anchor Project located approximately six miles northwest of Barrick Gold's Ruby Hill Mine. The hole was drilled to a depth of 970 feet. Initial logging at the site indicates that the hole penetrated the following rock types/structures: black shales, siltstones, chert, felsic intrusive rock (one thick section greater than 200' and several thinner intervals) and several strongly broken, possibly faulted, zones. Detailed logging, analyses and synthesis into the project database are in progress and will be completed prior to locating and drilling the next hole in the program.

The rig has been mobilized to the JDS project, approximately 50 highway miles northwest of Anchor, which is a joint venture with Lincoln Gold Corp. Golden Odyssey may ultimately earn up to a 75% interest in the property from Lincoln Gold by conducting 6,000 ft of reverse-circulation drilling for an initial 51% interest and by spending an additional US$3.5 million.

An initial hole to a depth of approximately 1000 to 1200 feet is planned to test the thickness of cover, the character of bedrock and the geochemical signature at depth. This data will be used to plan additional holes in the program.

Lincoln Gold Corp reports: "The JDS property consists of 2.4 sq. miles in the Cortez trend, Eureka County, Nevada. The target is a gravel-covered pediment play on the southern flank of the northernmost Simpson Park Mountains. Geological, geophysical, and geochemical data suggest a buried fault block of favorable "lower plate" carbonate rocks cut by faults with an associated mercury soil gas anomaly. Recent drilling by Barrick Gold Exploration Inc., approximately 3 miles to the northwest of the JDS target, encountered 45 ft grading 0.237 opt gold between 1,920 ft and 1,965 ft. The concealed JDS target offers potential similar to other Carlin-type deposits discovered within the Cortez trend."

Mitch Casteel, L.Geo. (Utah), a qualified person as defined by NI 43-101, is supervising the Cortez Trend drilling program for the Company.

About Golden Odyssey

The Company, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey now has seven active projects, most situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Company has the Golden Shirene, 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 Company 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 project which is southeast of Newmont's Rain and Emigrant Springs mines. Also in northeastern Nevada, the company holds the White Rock project where the company is currently working to verify historic, non 43-101 compliant reports of significant drilling and gold mineralization.

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.

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: 32,849,546

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

Contact Information