Golden Hope Mines Limited Closes C$3.7 million Financing

TSX VENTURE: GNH PINK SHEETS: GOLHF
December 17, 2010

Golden Hope Mines Limited Closes C$3.7 million Financing
TORONTO, ONTARIO – (Marketwire – December 17, 2010) – – Golden Hope Mines Limited (“Golden Hope” or the “Company”) (TSX VENTURE:GNH)(OTCQX: GOLHF) is pleased to announce the closing of a non-brokered private placement financing of C$3,700,000.

The private placement consisted of 6,037,735 flow-through common shares (“Flow-Through Common Shares”) at a price of C$0.53 per Flow-Through Common Share and 1,250,000 units (“Units”) at a price of C$0.40 per Unit for gross proceeds of C$3,700,000 (the “Offering”). Each Unit consists of one non-flow-through common share (“Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) entitling the holder thereof to purchase an additional Common Share at C$0.53 per Common Share for a period of up to 24 months following the closing of the Offering.

Frank Candido, President of Golden Hope Mines, states “The funds raised will be used primarily to advance exploration work at the Company’ s Bellechasse gold project, with the principal objective of developing a preliminary resource estimate during 2011. In addition, the Company will continue to develop and test drill targets along the approximate 18 kilometres of strike length between the Beland geochemical anomaly and the Bellechasse-Timmins and Laval’s Mountain gold zones. Funds will also be used to test other high priority gold and base metal targets on the Company’s claim blocks in South Eastern Quebec. ”

In connection with the private placement, the Company paid a finder’s fee of C$219,000 representing approximately 6% of the gross proceeds raised in the private placement. The Company also issued non-transferable broker warrants entitling a finder to purchase 416,037 Common Shares of the Company at an exercise price of C$0.53 per Common Share for a period of 24 months from the date of closing. In addition, Company issued non-transferable broker warrants entitling a finder to purchase 87,500 Common Shares of the Company at an exercise price of C$0.40 per Common Share for a period of 24 months from the date of closing.

Under applicable securities legislation and policies of the TSX Venture Exchange, the securities issued or issuable in the private placement are subject to a hold period expiring on April 15, 2011

This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sales of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Golden Hope Mines Limited:
Golden Hope Mines Limited is a junior exploration company focused on growing shareholder value through the acquisition, exploration and development of potentially large-scale gold and base metal projects. The Company’s main project consists of the Bellechasse gold belt in Southern Quebec, Canada. The property is located on a mineralized belt that is mostly owned by Golden Hope and which includes the Bellechasse-Timmins gold deposit. The Company aims to explore and develop this flagship project into a world-class gold asset in an under explored region of one of the friendliest mining jurisdictions with excellent access to low cost infrastructure. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.

Forward-Looking Information:
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this press release, other than statements of historical facts, that address future events, the size and use of proceeds of the Offering and events or developments that the company expects are forward-looking statements. Although the company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Factors could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the company, investors should review registered filings at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Golden Hope Mines Limited
Frank Candido
President, Director
514-750-8218
416-864-0175 (FAX)
fcandido@goldenhopemines.com or info@goldenhopemines.com
www.goldenhopemines.com
Public Relations Canada:
Paradox Public Relations
Corporate Communications
1-866-460-0408

Investor Relations USA:
American Capital Ventures
Richard Hull
305-918-7000