Golden Odyssey Mining Confirms Exploration Model with Positive Results of Initial Drilling at Morningstar

Market Wire, August, 2006

Golden Odyssey Mining Inc. ("Golden Odyssey" or the "Corporation") (TSX VENTURE: GOE) (OTCBB: GODYF) announces the results of its initial drilling at its Morningstar property.

Anomalous gold was encountered in several intervals. Furthermore, locally high values of mercury, antimony, zinc and arsenic, all characteristic "pathfinder elements" of world class deposits currently being mined elsewhere in Nevada, were also found in several of the holes. These anomalous "pathfinders" also occur over significant widths often associated with the gold intervals.

"This is the first time disseminated mineralization has been documented at Morningstar", states David R. Shaddrick, President and CEO. "Verification of the potential for disseminated deposits is an essential step in the discovery process on this project and is precisely what was predicted by our modeling work. We are currently working to define the unique controls of this mineralization in order to develop ore targets. To help with this work, a short program of offset and step-out drilling will commence in the next few weeks. This drilling will be designed to provide the additional data necessary for the ore target studies that will be carried out over the next few months."

The initial drill program consisted of nine shallow reverse circulation drill holes for a total of 4,500 feet. The program was designed as an initial test, at depth, of the structural - stratigraphic setting as well as the geochemical and alteration patterns observed at the surface. This work has confirmed the exploration model interpreted from surface work and has also demonstrated that the geochemical signature is considerably more robust at depth. Additionally, the work has verified, for the first time, that mineralization is locally disseminated into structurally prepared and chemically reactive rocks rather than simply being confined to the small, discontinuous quartz veins prominently exposed at the surface.

Anomalous gold occurred in several intervals ranging from 25 to 40 feet in width. The 40 foot zone consisted of eight five-foot samples ranging from a high of .195 g/t to a low of .025 g/t and averaging .081 g/t. In this system the threshold value for anomalous gold is considered to be .025 g/t and only values above this level are geochemically significant. The highest gold value encountered in this phase of the drill program was a single five-foot sample that returned 1.371 g/t. All of the mineralized intervals occurred within structurally prepared, altered and locally silicified carbonate and clastic rocks. Fine quartz veinlets are common but not always present in these zones.

The drill program was supervised by Robert M. Hatch, LG., a qualified person as defined by NI 43-101. David R. Shaddrick, M.Sc., CPG, P.Geo. (B.C.) is the company's designated qualified person and has approved the content of this disclosure.

The Morningstar project consists of 99 unpatented mining claims, covering roughly three square miles, in Esmeralda County, Nevada. It is approximately midway between Las Vegas and Reno in the Walker Lane Structural Belt, one of the most highly 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 actively explored by Barrick Gold/Kinross Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine, and Newcrest at the Redlich project. The Morningstar project exhibits similar geologic characteristics to known world class deposits elsewhere in Nevada. The property includes an old mining district which was actively prospected for quartz veins at the turn of the 20th century. There has been no significant exploration on the property for several decades.

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. 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 southeast of Newmont's Rain and Emigrant Springs mines.

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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.