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TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, Oct. 22, 2012 /CNW/ - Golden Hope Mines
Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH)
(Pink Sheets: GOLHF) - Golden Hope Mines Limited is
pleased to announce that it intends to complete a non-brokered
private placement financing of up to 6,400,000 Flow-Through Common
Shares at a price of $0.125 per
Flow-Through Common Share for gross proceeds in the amount of up to
$800,000. In addition, the Company
also intends to complete a non-brokered private placement financing
of up to 2,222,222 Common Shares at a price of $0.09 per Common Share for gross proceeds in the
amount of up to $200,000.
The proceeds of the financing will be used to continue the
exploration and drill campaign announced on August 20, 2012 on the Bellechasse Belt of
southeastern Quebec as well as for
general working capital purposes.
On August 2, 2012, Golden Hope released its first NI 43-101
Technical Report entitled 'Bellechasse-Timmins Property Resource
Estimate, Southeastern Quebec'
with a yielded in situ indicated and inferred resource of 415,900
ounces gold (http://cnw.ca/mrxgW). The report also suggests
exceptional total gold recovery rates of up to 99.6%. Lastly, SGS,
the author of the report, concluded that there is a reasonable
prospect of economic extraction by open pit and underground
mining.
Golden Hope will continue to
drill at Bellechasse-Timmins with the objective of expanding the
resource estimate both at surface and at depth. The company has
also identified a number of high priority drill targets throughout
the belt. These other targets are hosted in two distinct
environments; the Bellechasse-Timmins quartz hosted diorite type
and a number of Volcanogenic Massive Sulphide ("VMS") type
targets.
The Company may pay finder's fees in connection with the
financing. The Flow-Through Common Shares and the Common Shares are
subject to resale restrictions. Closing of the financing is subject
to receipt of regulatory approval, including the approval of the
TSX Venture Exchange.
About Golden
Hope:
Golden Hope is a mineral
exploration company that seeks to grow shareholder value through
the acquisition, exploration and development of potentially
large-scale gold and base metal projects suitable for underground
and/or open-pit mining. The Company's focus is in southeastern
Québec, Canada. The Company's
claim blocks lie within an area that extends approximately 100
kilometres along the Appalachians of southern Québec from near
Ste-Lucie-de-Beauregard to
approximately 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold
deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt, an
approximately 18 kilometre long mineralized area. The
Bellechasse-Timmins gold deposit includes the T1, T2A, T2B,
Ascot/Road gold zones, and the 88 Diorite. The Company is also
looking to develop the Champagne zone, a partially explored base
metal and gold deposit that lies within the Company's Bellechasse
Belt claims. A recently completed VTEM survey may identify other
similar targets along the horizon. The Company is also working to
develop other targets within its claim blocks including the FSG
gold and base metal target, Chute du Bras, the LG showing, Moose
Cliff, and Talon. For further information on Golden Hope please
visit www.goldenhopemines.com.
Statements Regarding Forward-Looking
Information: Information set forth in this news release
by Golden Hope Mines Ltd. may contain forward-looking
information within the meaning of Canadian securities laws.
Forward-looking information includes statements that relate to
future, not past, events. In this context, forward-looking
information often addresses the Company's expected future business
and financial performance, and often contains words such as
"anticipate", "believe", "plan", "estimate", "expect" and "intend",
statements that an action or event "may", "might", "could",
"should" or "will" be taken or occur, or other similar expressions
(including negative and grammatical variations). Such information
includes plans, timing and expectations for updates of the
Company's resource estimate; expectations regarding the Company's
planned exploration activities and budget; the timing for receipt
of drilling and assay results; and plans for further exploration
and drilling at Bellechasse-Timmins and Champagne/VMS and other
targets along the Bellechasse Belt. By their nature,
forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the Company's
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
the following risks: the risks associated with any outstanding
litigation; risks associated with exploration activities and
project development; timing of and unexpected events regarding the
receipt and interpretation of drilling and assay results; delays in
the preparation of resource estimate updates; the need for
additional financing; operational risks associated with mineral
exploration; fluctuations in gold and other commodity prices; title
matters; technical and permitting issues; environmental liability
claims; insurance matters; reliance on key personnel; the potential
for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends;
competition; dilution; the volatility of our common share price and
volume; the impact of taxation; and general economic conditions.
Forward-looking information is based on management's beliefs,
estimates and opinions on the date hereof and the Company
undertakes no obligation to update any forward-looking information
if these beliefs, estimates and opinions or other circumstances
should change. Investors are cautioned against attributing undue
certainty to forward-looking information.
Any historical mineral quantities set forth
herein are, unless otherwise indicated, not compliant with National
Instrument 43-101.
SOURCE Golden Hope Mines Limited