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

Golden Odyssey Mining Inc.

November 13, 2008 09:00 ET

Golden Odyssey to Option Promising B.C. Gold Copper Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Company") (TSX VENTURE:GOE) (PINK SHEETS:GODYF) is pleased to announce that it has agreed to option Dome South from Guardsmen Resources Inc. ("Guardsmen"), a privately held British Columbia based company (the "Acquisition"). Dome South is a gold copper property consisting of 29 claims totalling approximately 30,000 acres and is located 45 kilometres (28 miles) north east of Smithers, B.C.

Golden Odyssey is responsible for expending $1,000,000 over two years to earn a 50% interest in Dome South. The property is ideally situated approximately two kilometres (1.25 miles) southwest of the former producing Dome Mountain gold mine which was operated from January 1992 through April 1993 by Habsbuig Resources Ltd. The property is accessed by a well maintained gravel road from the town of Smithers.

The Company also announces that it will offer for sale up to 2,000,000 common shares of the Company ("Common Shares") by way of private placement at a price of $0.10 per Common Share for gross proceeds of up to $200,000 for general working capital. The private placement is subject to the approval of the TSX Venture Exchange Inc.

Golden Odyssey further announces that, pending regulatory approval, it will issue, in aggregate, 630,000 Common Shares to directors of Golden Odyssey as payment of services from January 1 2008 to September 30 2008, 45,000 Common Shares to a consultant as payment for services and an additional 100,000 Common Shares as a bonus to a director for providing a guarantee on behalf of the Company at a deemed price of $0.10 per share.

Forward Looking Information

Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company'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 Company'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 Company'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 Company.

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