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Golden Odyssey Mining Reports Analytical Results From Mexican Hill Drilling, Carlin Trend, Nevada15 February 2007
Golden Odyssey Mining Inc. (TSX VENTURE: GOE) (PINK SHEETS: GODYF) ("Golden Odyssey" or the "Company") has received analytical results from the first phase of drilling at its Mexican Hill project located on the southern Carlin Trend in Elko County, Nevada. Mexican Hill is an early stage exploration project where the Company is testing model based target concepts developed from surface mapping and sampling. Positive results of the phase one program warrant additional work and a second phase of drilling is planned for the spring or early summer of 2007.
The first phase of exploration included six (6) holes totaling 3,610 feet of reverse circulation ("RCR") drilling (Press Release December 14, 2007). Two separate target areas were tested. The eastern area is comprised of three north-northeast trending fault zones and the western area contains an extensive north-trending fault zone. Alteration along the surface of these zones includes strong iron-oxidation, massive, barite-bearing limestones, brecciated jasperoids, and barite veins. Similar alteration was encountered in all drill holes and geochemically anomalous intervals of arsenic, antimony, zinc and gold have been intersected in two of the drill holes.
Analytical results for Hole MH-2, in the eastern area, include intervals of arsenic up to 306 ppm, antimony to 49 ppm, and zinc up to 2,900 ppm. These values appear focused around a fault and fracture zone within the Devonian Devils Gate Limestone.
Hole MH-6 tested the north-trending fault zone of the western target area. Analytical results included two zones of anomalous trace element geochemistry associated with strong faulting and alteration. In the upper zone the drilling encountered 90 feet (250 to 340 feet) of anomalous arsenic (up to 259 ppm at a100 ppm cutoff), including a 15 foot interval (315' to 330 ft) of weakly anomalous gold (17 ppb or 0.017 g/t Au). In the lower zone the drilling encountered a 105 foot zone (485 to 590 feet, the bottom of the hole) averaging 453 ppm arsenic (high of 742 ppm) and zinc averaging 168 ppm (high of 517 ppm). The bottom 15 feet of the hole is completely oxidized Webb (Pilot?) siltstones.
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. Newmont Mining and Barrick Gold are the major producing companies in this region. The Mexican Hill Project consists of 79 unpatented mining claims and is approximately 210 miles east of Reno and 50 miles south of Elko, Nevada. The project is approximately 22 miles south of Newmont's Rain Mine and the company has modeled its targeting concepts on that multi-million ounce gold deposit.
Mr. E.L. "Buster" Hunsaker III, CPG, states, "These results are indicative of a potentially economic, 'Carlin Type' gold deposit. Two Phase 2 target areas have been outlined which have a very similar structural and geologic setting to that found near economic 'Carlin-Type' gold deposits elsewhere on the Carlin Trend. Additional drilling is warranted within these two areas to test the Pilot (Webb?)/Devils Gate contact along the length of the target structural zones." The field work at Mexican Hill is being supervised by Mr. Hunsaker who is a Qualified Person, as defined by NI 43-101.
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 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.
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: 30,686,580
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: INVESTOR/PRESS CONTACT: Barry Kaplan Associates Andrew J. Kaplan (732) 747-0702 (732) 758-1837 (FAX) Email: smallkap@aol.com
INVESTOR/PRESS CONTACT: Golden Odyssey Mining Inc. Jeffrey R. Wilson (604) 837-5440 cellular (775) 787-8466 fax (FAX) Email: jwilson@GOmininginc.com
CORPORATE CONTACT: Golden Odyssey Mining Inc. David R. Shaddrick, President & CEO (775) 787-8400 (775) 787-8466 (FAX) Email: dshaddrick@gomininginc.com
SOURCE: Golden Odyssey Mining Inc.
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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