Golden Hope announces Additional Gold Assays from its Bellechasse-Timmins Gold Deposit

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MONTREAL, Jan. 17, 2013 /CNW/ - Golden Hope Mines (TSX VENTURE: GNH)(Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to announce the latest results from the 2012 drill campaign on the Bellechasse-Timmins Gold Deposit in southeastern Quebec. The drill holes confirm and improve the confidence of its resource and further extend mineralised zones (88 Zones) at surface.

The company is pleased to present the following table of highlights from eight holes.

Table 1: Highlights from Bellechasse-Timmins holes; length are core lengths and results are not capped.  
 *= previously reported in the November 7, 2012 news release (nr_2012_11_07.pdf).

"We are very pleased with these latest results as they not only confirm the previous results announced on the Bellechasse-Timmins gold deposit but also extend the 88 zones near surface" states Frank Candido, President, Golden Hope Mines Limited.

Of the 21 holes drilled in the fall 2012 drill campaign, eleven (11) were drilled in the Bellechasse-Timmins gold deposit and ten (10) on other targets on the Bellechasse-Timmins claims block which are still pending.

Drilling on the Bellechasse-Timmins gold deposit area aimed at improving confidence in the resource model; to better define the mineralized structures and to extend the 88 zones to the east close to surface. Holes BD2012-137d and BD2012-154d were extensions of the existing holes, BD2012-195 was a new hole, while holes BD2012-196 through 200 were all near surface holes drilled to extend the 88 zones.

• Holes BD2012-137d and 154d both cut mineralized diorites and improved confidence in the resource estimate. Hole BD2012-137d confirmed the previously interpreted mineralized zone with a horizontal true width of 14 meters. Hole BD2012-154d tested the extension of the Ascot mineralization down to 305 meters depth.

• Hole BD2012-195 was drilled two sections to the northwest of the "magic core" in hole BD2011-167 which yielded 6140 g/t gold over 1 meter.  The hole confirmed the mineralized envelope and tested the lateral extent of the "jewellery zone" of the 167 holes (BD2011-167, BD2011-167a and BD2012-167b).  The 90 meter long interval grading 0.59g/t Au confirming the presence of the mineralized envelope.  Its steep and somewhat oblique drilling angle explains the 90 meter long interval; on section and it matches the 55 meter intervals of the 167 holes ( http://www.goldenhopemines.com/_resources/news_releases/nr_2012_03_05.pdf) . The high grade, 144g/t Au, result from 336 to 337 meters is interpreted as the lateral extension of the original "magic core" of BD2011-167.  Further drilling will be required to better define its orientation and extent.

• BD2012-196, 197, 198, 199 and 200 were drilled at the eastern extension of the 88 Zones at shallow depths to extend its mineralized surface to the east and to depth.  BD2012-196 and 197 intersected the mineralized envelope below BD2012-188 and 193 respectively.  Holes BD2012-198 and 199 were drilled on section 70 metres away and encountered the mineralized envelope that extended the 88 Zones eastward. The drill was then moved south along the same section and hole BD2012-200 intersected the same envelope down dip.

• Holes BD2012-201, 202 and 203 were drilled 500 meters southwest of the Bellechasse-Timmins gold deposit to test targets however there were no significant results.

• Samples for Au were prepared and analyzed at Actlabs in Ancaster, Ontario. Analysis for gold was done on one half of core samples following Fire Assay Gravimetric method including a specific sample preparation. For QA-QC purposes, blanks were introduced by GNH prior to shipping and in addition ActLabs introduced standards and blanks in the sequence during sample preparation.

Claude Duplessis, Eng and Claude Bisaillon, Eng. are qualified persons (QP) in compliance with National Instrument 43-101 and have reviewed the technical contents of this press release.

About Golden Hope Mines Limited:

Golden Hope Mines Limited 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 Quebec, Canada. The company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Quebec from near Ste-Lucie-de-Beauregard to about 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 Mines Limited 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