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

Golden Odyssey Mining Inc.

November 19, 2008 09:00 ET

Golden Odyssey to Offer Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE) (PINK SHEETS:GODYF) is pleased to announce that it intends to complete a flow-through private placement (the "FT Private Placement") of up to 10,000,000 common shares issued on a "flow-through" basis under the Income Tax Act (Canada) at a price of $0.10 per share.

The Corporation also announces that it has revised its previously announced private placement (the "Private Placement") of up to 2,000,000 common shares (the "Common Shares") to a unit offering. The Private Placement will consist of up to 3,000,000 units of the Corporation (the "Units") at a price of $0.07 per Unit for gross proceeds of up to $210,000. Each Unit shall consist of one Common Share and one-half of one share purchase warrant (the "Warrant"), with each full Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.12 for a period of 6 months from the date of issuance.

The Corporation may pay a commission to certain introducing parties in respect of the FT Private Placement and Private Placement, subject to compliance with applicable securities legislation and TSX Venture policies. The FT Private Placement and Private Placement are subject to the approval of the TSX Venture Exchange Inc.

Golden Odyssey further announces that, pending regulatory approval, it will issue, 25,000 Common Shares to a director of Golden Odyssey as payment of services from January 1 2008 to September 30 2008 and an additional 54,130 Common Shares to a director for payment of debt at a deemed price of $0.10 per share.

Forward Looking Information

Certain information regarding the Corporation set forth in this press release, including the use of proceeds, and management's assessment of the Corporation's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Corporation's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Corporation's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Corporation.

The TSX Venture Exchange Inc. has neither approved or disapproved the contents of this press release.

Contact Information

  • Andrew Kaplan
    Barry Kaplan Associates
    Investor/Press Contact
    (732) 747-0702
    (732) 758-1837 (FAX)
    Email: smallkap@aol.com
    or
    Golden Odyssey Mining, Inc.
    Tyrone Docherty
    President
    Corporate Contact
    (604) 952-7221
    Email: tyrone.doccap@dccnet.com