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

Golden Odyssey Mining Inc.

December 21, 2006 10:00 ET

Golden Odyssey's GS Project on Nevada's Walker Lane Belt Returns Significant Geochemical Values

Alteration Patterns, Intrusive Rocks and Structural Setting Indicate Large Mineral System

RENO, NEVADA--(CCNMatthews - Dec. 21, 2006) - Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE:GOE)(PINK SHEETS:GODYF) has received preliminary results from the initial mapping and sampling program at the Golden Shirene ("GS") project which consists of 35 unpatented mining claims covering in excess of one square mile. It is located on the Walker Lane Belt, approximately 30 miles west of Tonopah in Esmeralda County, Nevada.

Rock chip sampling results (43 samples) on the GS project have returned numerous anomalous gold values to a high of 0.99 g/T (990 ppb). Gold indicator trace elements are also strongly anomalous with peak mercury values in excess of 20 ppm, arsenic values exceeding 10,000 ppm, and antimony values exceeding 1000 ppm.

Preliminary geologic mapping on the property indicates that most of the strongly anomalous gold and trace element values are concentrated in a north-northwest trending structural zone (graben) that is cross-faulted and intruded by rhyolite plugs and dikes. Potential host rocks in the area are strongly altered and frequently brecciated with jasperoid development being common.

The Walker Lane Structural Belt hosts 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 actively explored by Kinross Gold/Barrick Gold at the producing Round Mountain Mine, Gryphon Gold at the Borealis Mine, and Newcrest at the Redlich project.

"The geologic and geochemical setting at Golden Shirene is similar to that found at major gold deposits in many districts of the world including Nevada," states Mr. David R. Shaddrick, President and CEO. "Golden Odyssey conducts 'model based' exploration which relies on the extensive experience base of our management and consultants to recognize and seek out geologic and geochemical settings which are similar to those of known very large deposits elsewhere. The GS project is an excellent example of this type of exploration in the early stage."

As soon as weather conditions permit, the Company will carry out detailed geologic mapping and extensive surface rock chip and soil sampling. The goal is to identify initial drill targets in the spring or early summer of 2007.

The field work at GS is being supervised by William Walker P.Geo. (Wyoming), a Qualified Person ("QP") as defined by NI 43-101. David R. Shaddrick, CPG, P.Geo. (B.C.), is the Company's designated QP and is responsible for the technical content of this release.

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.

About Golden Odyssey

The Corporation, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey currently has five active projects all situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Corporation has the Morningstar and Palmetto projects as well as the GS project discussed above. On the Cortez Trend in Eureka County, the Corporation 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 22 miles south, on trend, of the Rain District of Newmont Mining Corporation. The Carlin Trend is one of the largest gold districts in the world with past production in excess of 50 million ounces of gold and announced proven and probable reserves of over 100 million ounces.

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: 31,684,580

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

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