Golden Odyssey Mining Inc.
Pink Sheets : GODYF

Golden Odyssey Mining Inc.

August 22, 2007 15:10 ET

Golden Odyssey Reports Progress on Washiki Project

RENO, NEVADA--(Marketwire - Aug. 22, 2007) - Golden Odyssey Mining Inc. (TSX VENTURE:GOE) (PINK SHEETS:GODYF) ("Golden Odyssey" or the "Company") is pleased to announce that drilling permits have been received and road and pad construction is completed on its Washiki Project on the southern Getchell Trend in Pershing County, Nevada. The drill rig is scheduled to move to Washiki upon completion of its current work for another client.

The Company will initially drill approximately 5,000 feet in five to nine reverse circulation ("RCR") holes. The program is based on the results the Company's previously completed rock chip and soil sampling coupled with geologic interpretation. These results were reported in earlier press releases (PR 13-07: May 31, 2007 and PR 17-07: July 22, 2007) and are summarized as follows:

Fifteen select rock chip samples taken by the Company returned gold values ranging from 0.005 g/t to 51.6 g/t (1.5 ounces/ton). Six samples returned values greater than 1.0 g/t and the average of all samples is 4.94 g/t. Additionally, all samples were highly anomalous in several pathfinder elements including arsenic (up to 3,020 ppm) and mercury (up to 2.4 ppm). The soil sampling program consisted of 208 samples taken on a 4,400 by 2,200 foot grid. Thirty-seven percent of the samples were anomalous. Eight percent of the samples contained greater than 0.01 g/t gold with a high of 0.261 g/t gold. Additionally, ten percent of the samples contained greater than 20 ppm arsenic.

This work has resulted in the identification of the current drill targets which are considered to have high potential for both bulk mineable stockwork mineralization and high-grade bonanza veins.

"The drilling at Washiki is part of our ongoing aggressive exploration program in Nevada", states David R. Shaddrick, President and CEO. "We believe Washiki has the potential to advance quickly and anticipate that it will continue as one of our most exciting projects."

Richard J. Kehmeier, CPG, is the Company's Vice President of Exploration. He is supervising the Company's program at Washiki. Mr. Kehmeier is a Qualified Person ("QP") as defined by NI 43-101. Permitting and bonding has been handled by Enviroscientists Inc. of Reno, Nevada.

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 eight active projects, most situated on major gold trends. In northeastern Nevada, the Company holds the White Rock project where the Company is currently drilling to verify and expand historic, non 43-101 compliant, reports of significant gold mineralization. In north central Nevada, the Company holds the Washiki Project along the southern end of the Getchell Trend, which hosts such deposits as Twin Creeks, Getchell, Preble, Pinson, and Goldbanks. In addition, the project is surrounded by a number of past and present producing mines and several active development projects including Sleeper, Coeur Rochester, Florida Canyon, Marigold and Midway's Spring Valley deposit. Also in northern Nevada, 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. 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.

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.

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

Contact Information

  • Barry Kaplan Associates - Investor/Press Contact
    Andrew J. Kaplan
    (732) 747-0702
    (732) 758-1837 (FAX)
    Golden Odyssey Mining Inc. - Investor/Press Contact
    Jeffrey R. Wilson
    (604) 837-5440 cellular
    (775) 787-8466 (FAX)
    Golden Odyssey Mining Inc. - Corporate Contact
    David R. Shaddrick
    President & CEO
    (775) 787-8400
    (775) 787-8466 (FAX)