Australian-listed Envirogold to invest up to US$10 million in Novus Gold’s La Yagua and La Paciencia properties in the Dominican Republic

March 2, 2011 – Novus Gold Corp. (TSX-V:NOV, “Novus”) is pleased to announce that it has entered into a letter of intent with Australian-listed EnviroGold Limited (ASX:EVG, “EnviroGold”) pursuant to which EnviroGold will have the option to invest up to US$10 million to acquire up to a 50% interest in Novus’s Dominican Republic subsidiary (the “Dominican Corporation”) that holds its La Paciencia and La Yugua Properties. The transaction is subject to entering into of a formal joint venture shareholders’ agreement between the parties, as well as regulatory approval. The funds will be invested directly into the Dominican Corporation and used for the exploration of the Properties over the next three years under the operatorship of Novus. If EnviroGold exercises its full option and acquires a 50% interest in the Dominican Corporation, it will have the right to purchase an additional 10% interest in the Dominican Corporation from Novus for US$5 million for a one year period. If EnviroGold does not exercise this option, Novus will have a similar option back.

EnviroGold operates the Las Lagunas Gold Tailings Project adjacent to the Pueblo Viejo mine site in the Dominican Republic, and has the right to reprocess historic tailings from the Project under a profit sharing agreement with the Government. It is constructing an Albion/CIL Plant for this purpose and has reported that it will reprocess 5.137 Mt of refractory tailings from the Pueblo Viejo mine grading 3.8 g/t gold and 38.6 g/t silver (JORC Resource of 621,000 oz of gold and 6,400,000 oz of silver) with an estimated production cost of US$313/oz gold. Envirogold has arranged equity and debt financing in the amount of US$81,000,000 for the project. The estimated Project life is seven years from the start of production late this year. The Letter of Intent contains provisions pursuant to which the Dominican Corporation will have the right to buy the Plant and related facilities, after completion of the Project, for a value to be negotiated.

The La Paciencia property (8,600 hectares) is located 10 kilometres west of the Pueblo Viejo gold deposit and is underlain by the same geology. The La Yagua property (9,900 hectares) is located 20 kilometres southwest of La Paciencia.  Both concessions are approximately one hour northwest of the Dominican Republic’s capital city, Santo Domingo.

The La Paciencia Property
The La Paciencia property is underlain by the same geology as the Pueblo Viejo gold deposit and its topographic expression is a large hill, the same as Pueblo Viejo.  It is speculated that a higher silicic content in the local rocks is responsible for both hills.  Work to date has discovered elevated gold values in soils along structural lineaments on the property.

The La Yagua Property
The La Yagua property adjoins the GlobeStar Mining Corp. property hosting the Cerro de Maimon copper-gold-silver mine.  Perilya Ltd. has acquired GlobeStar for $184-million.

Exploration work to date has outlined five new high-priority gold-copper targets on the property. The most significant target is defined by high gold values in stream sediment samples along the Osama River. This target is six kilometres long and is open for expansion. The Osama River is the surface expression of a major lineament.
Work carried out in 2009 on La Yagua property (as reported in Stockwatch press releases dated Aug. 12, 2009, and Oct. 8, 2009) outlined a north-south-trending, one-kilometre-long structure represented by gossans containing copper-gold-silver mineralization. Grab sample values, from oxidized material, ranged as high as 21.33 per cent copper, 13 grams per tonne gold and 173 g/t silver. More than 50 per cent of the samples collected graded more than 1 per cent copper. Two similar parallel mineralized structures were partially exposed. Grab samples from these structures returned values of up to 2.95 per cent copper, 8.4 g/t gold and 17 g/t silver.

Mining in the Dominican Republic
The Dominican Republic is a stable Caribbean country that occupies the eastern two-thirds of the island of Hispaniola, with Haiti occupying the remaining one-third. The largest mining development in the country is the Pueblo Viejo deposit, which is being put into production by Barrick and Goldcorp (60 and 40 per cent, respectively). The project hosts a reserve of 23.7 million ounces of gold, 130 million ounces of silver and 500 million pounds of copper to be mined over a 25-year mine life. The mine is expected to produce one million ounces of gold per year for the first five years.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

For further information visit the company’s website at or contact Ryan Johnson, Investor Relations, at 1-604-688-0335.

On behalf of the board of directors of
“Mike Magrum”
Mike Magrum, President
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 news release.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Novus Gold Corp
1750-999 West Hastings
Vancouver, BC V6C 2W2

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David Hall, CEO of Aurizon Mines interviewed on BNN at The Association for Mineral Exploration BC (Roundup) in Vancouver

January 28, 2011

Please find below a link to a BNN interview with David Hall, CEO of Aurizon Mines. The interview is seven minutes long and the focus is on NioGold’s Marban block which is part of NioGold’s 120 sq km Malartic project near Val d’Or Quebec.

The NioGold/Aurizon agreement is summarized below:

As of January 2010 indicated resources for the Marban block property, located in the Malartic gold camp in the Abitibi region, Quebec totaled 598,000 ounces, while inferred resources totaled 361,000 ounces. The gold resources are defined along a three-kilometre segment of the Norbenite-Marbanite fault zone, in and around the former Marban, Norlartic and Kierens gold mines, which collectively produced 600,000 ounces of gold.

Aurizon Mines Ltd. has signed an option and joint venture agreement with Niogold Mining Corp. on the Marban block property, pursuant to which:

Aurizon can earn a 50-per-cent interest in the Marban block, subject to underlying royalties, by:
Incurring expenditures of $20-million over three years, of which $5-million is a firm commitment to be spent in the first year;

Completing an updated NI 43-101-compliant mineral resource estimate;

Making a resource payment equal to the sum of $30 (or $40 if the price of gold is then above $1,560 (U.S.)) multiplied by 50 per cent of the number of total gold ounces in the measured and indicated resource categories plus $20 (or $30 if the price of gold is then above $1,560 (U.S.)) multiplied by 50 per cent of the number of total gold ounces in the inferred resource category, based on the updated resource estimate.

Aurizon can earn an additional 10-per-cent interest, for a total 60-per-cent interest, by delivering a feasibility study.

Aurizon can earn an additional 5 per cent, for a toal 65-per-cent interest, by arranging project financing for capital expenditures estimated by the feasibility study to place the project into commercial production.

NioGold will be operator during the initial earn-in period, and Aurizon will provide input on exploration programs and will become operator after the initial 50-per-cent interest has been earned.

For further information please contact:
Dale Paruk
NioGold Mining
Tel: 604-662-4505
Toll-free 1-877-642-6200


Val-d’Or, Quebec – January 13, 2011 – NioGold Mining Corporation (TSX-V:NOX) (“NioGold” or the “Company”) is stepping up its exploration activity in the Malartic gold camp, Abitibi region of Quebec.  The Company plans to drill in excess of 55,000 metres on its land holdings during 2011.  Two drill rigs are currently in operation and two more will be added by the end January.

Marban Block property

Two drill rigs are in operation at the Marban gold deposit since late August under the terms of the Aurizon Mines Ltd. (“Aurizon”) option agreement.  To date, 47 holes and two (2) extensions of previous holes were completed for a total of 13,000 metres.  Results for 15 holes were reported and more results are expected to be released shortly.  The initial phase of the program is confirming the geological and structural model and the continuity to the gold mineralised zones at Marban.  

A third drill rig will be added by month’s end to complete 5,000 metres of shallow definition drilling on the Norlartic gold deposit, more specifically within upper 200 metres from surface.

Aurizon can earn up to a 65% interest in the Marban Block property under the terms of an option and joint venture agreement signed last July (see news release dated July 6, 2010).  The initial 50% interest can be earned by incurring expenditures of C$20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate.  NioGold is the project operator during the initial earn-in period.

The first year program of Aurizon’s earn-in includes 50,000 metres of diamond drilling mainly directed at better defining and increasing the near surface mineral resources at the Marban and Norlartic gold deposits. 

Malartic camp exploration

Following the closing of a C$7.5 million financing in December (see news release dated December 23, 2010), the Company has budgeted for a minimum of 20,000 metres of exploration drilling for 2011.
Several targets have been identified on the Company’s extensive Malartic camp land holdings with a priority given to investigate under-explored sectors where favourable geological and structural settings were identified from comprehensive compilation work. 

The 2011 campaign is scheduled to start in late January with an initial 4,000 metres of drilling planned to investigate sedimentary formations in the southern portion of the Malartic Block claims.  The targets lie immediately to the north of the famous Cadillac fault and the Canadian Malartic, Barnat and Jeffrey Zone gold deposits being developed by Osisko Mining Corporation. 

“The Company is very pleased with the initial drilling results on the Marban Block under the partnership with Aurizon and there will be a lot more developments to come in 2011.  The successful closing of a $7.5 million financing in December will allow the Company to be aggressive on pure exploration drilling in 2011 and probe areas in the heart of the mining camp that have been overlooked in the past” commented Rock Lefrançois, NioGold President & COO.
NioGold Mining Corporation – « On Canada’s Golden Highway »

NioGold Mining Corporation is a mineral exploration company focused on GOLD.  The Company’s flagship projects are located in the Cadillac – Malartic – Val-d’Or stretch of the prolific Abitibi gold mining district, Province of Quebec, Canada.  The Cadillac, Malartic and Val-d’Or mining camps have produced over 45 million ounces of gold since the 1930’s and presently encompasses seven producing gold mines and a major mine development project (Canadian Malartic, Osisko Mining).  NioGold’s land holdings within the Abitibi presently cover 125 km2 and encompass three former gold producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that collectively produced 600,000 ounces of gold.  NioGold has outlined Indicated resources of 598,000 ounces gold and Inferred resources of 361,000 ounces gold in and around these deposits.  

NioGold’s experienced and qualified technical team will ensure the successful advancement of the Company’s projects towards the highest quality mineral resources.  NioGold invites you to visit the company website at  For information on NioGold Mining Corporation contact:

Michael A. Iverson, Chairman & CEO                               Dale Paruk, Vice-President                                              
Tel: (604) 856-9887                                                                Tel: (604) 662-4505
Toll-free: (877) 642-6200

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The TSX Venture Exchange or the Frankfurt Stock Exchange did not approve nor do not accept responsibility for the adequacy or accuracy of this news release.

The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as ‘measured resources’, ‘indicated resources’  and  ‘inferred resources’, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F. The news release contains information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.

For further information please contact:
Dale Paruk
NioGold Mining
Tel: 604-662-4505
Toll-free 1-877-642-6200

Great Panther Reports Fourth Quarter And Record 2010 Production

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report record 2010 production of 2,255,802 silver equivalent ounces (“Ag eq oz”), a 2% increase over 2009. New records were established for the output of all metals, comprising 1,534,957 ounces silver, 7,216 ounces gold, 1,092 tonnes lead, and 1,358 tonnes zinc.

These records come as the Company completes its first full year of a 3-year organic growth strategy, whereby 2010 saw a strong focus on exploration and development, new equipment purchases and plant upgrades. While these are continuing in 2011, the investments made to date will allow the Company to gradually increase production to meet its stated goal of 3.8 million Ag eq oz by 2012. Guanajuato silver and gold production was virtually unchanged year-on-year, with 1,019,856 oz silver and 6,619 oz gold, for 1,433,555 Ag eq oz, while Topia metal production was up by 24%, with 515,101 oz silver, 597 oz gold, 1,092 tonnes lead and 1,358 tonnes zinc for 822,247 Ag eq oz.

2010 Year-end highlights include records for:
Total metal production of 2,255,802 Ag eq oz, up 2% from 2009;
Silver production of 1,534,957 oz, up 5% from 2009;
Gold production of 7,216 oz, up 1% from 2009;
Lead production of 1,092 tonnes, up 25% from 2009;
Zinc production of 1,358 tonnes, up 29% from 2009;
Metallurgical recoveries of gold and silver at Guanajuato and silver, lead and zinc at Topia.
(Silver equivalents for 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn. These will be revised for 2011.)

Fourth quarter (“Q4”) metal production totaled 565,660 Ag eq oz including 385,022 ounces silver, 1,943 ounces gold, 234 tonnes lead and 304 tonnes zinc. Compared to results from Q4 2009, silver production was down by 1%, lead and zinc production was up by 14% and 23% respectively, while gold production was down 21%. Total metal output from Guanajuato was down by 21% due primarily to lower ore grades while Topia output was up by 26%.

Fourth Quarter 2010 highlights include:
Metal production at Topia of 195,598 Ag eq oz, up 26% from Q4 2009;
Record metallurgical gold recovery of 91.1% at Guanajuato;
Further encouraging results from exploration drilling at the San Ignacio project;
Updated NI 43-101 compliant mineral resource and reserve update for Guanajuato.
Guanajuato Mine

Fourth quarter metal production from the mine totaled 255,372 oz silver as well as 1,835 oz gold, or 370,062 Ag eq oz, from processing 39,061 tonnes of ore with an average grade of 228g/t silver and 1.60g/t gold. The average grade of ore processed in Q4 2009 had been much higher, at 271g/t silver and 2.14g/t gold, and it was for this reason the total metal production in Q4 2010, at 370,062 Ag Eq oz, was 21% down year-on-year. Mine planning for 2011, confirmed by the new mineral reserve estimate, shows that ore grades will gradually improve as mine access is completed for the exploitation of the richer Cata Alto 1(a) and 2 zones.

In November 2010, Great Panther announced the appointment of Mr. Andrew Sharp as the new General Manager at Guanajuato. Andrew has a Bachelor of Engineering degree from the Western Australian School of Mines and more than 23 years experience in the mining industry.

In his most recent position, he was Manager of Technical Services for Projects with Platapanamericana, S.A. de C.V., the Mexican subsidiary of Pan American Silver, where he was responsible for the management of the La Preciosa Ag-Au deposit in Durango. His broad and relevant experience in vein-hosted silver deposits and track record in improving production and site efficiencies while increasing mine life comes at an important time as the Company is completing the first year of its three-year growth strategy. His mine-building experience will be particularly relevant in the development of Great Panther’s new discovery at the San Ignacio property.

During the quarter, the NI 43-101 compliant mineral resource estimate for Guanajuato was updated and the first mineral reserve statement was released. The Measured and Indicated resources were estimated at 5.45 million Ag eq oz, the Inferred resources at 2.68 million Ag eq oz, and the Proven and Probable mineral reserves (derived from the Measured and Indicated resources) were estimated at 320,000 tonnes with an average grade of 282g/t silver and 2.19g/t gold. Significantly, the mineral reserve grade compares very favorably with the average grades for 2010 and will lead to improved output from Guanajuato in 2011 and 2012.

The Guanajuato plant achieved record gold recovery and excellent silver recovery of 91.1% and 89.1%, respectively. Continuous improvements have been made to the plant operations and will carry on in 2011. Five new, 5 cubic metre, flotation cells were ordered from Outotec for delivery by the second quarter of 2011. In addition, new Krebs cyclones will be added to further improve the control of the grinding circuit.

Production stoping of the gold-rich Santa Margarita vein progressed well although overall gold production was down slightly compared to the previous quarter.

Production from the Los Pozos area on the 310 and 345 metre levels continued to increase and accounted for more than 50% of the total silver production at the mine. Access development to a third production stoping area at the 380 metre level was completed in Q4 and exploratory development was underway in December.

Revisions to the mine planning for Cata Clavo production have been made and ramp development to access all veins on the 520 metre level, as well as lateral development on the richer Alto 1(a) and Alto 2 zones, is underway. Output from Cata is expected to be restored to previous levels as ore grades improve. A new, 18-tonne capacity, underground haulage truck has been received and is being utilized to haul ore from the deeper sections at Cata.

Exploratory core drilling of the Guanajuatito North Zone below the 80 metre level has indicated mineralization continuing to depth and an access ramp has been driven to intersect the vein on the 120 metre level. The vein will be explored in more detail in the first quarter of 2011, in preparation for an additional stoping area.

Underground exploratory core drilling of the 1414 stope area between the Valenciana and Cata mine areas at the 320 metre level is underway. While this is being drilled, development along the 320 level will advance sufficiently to start the deep drilling under the main Valenciana Mine. The deep drilling will commence in the second quarter of 2011 and will test the Veta Madre structures in the Valenciana area below the 390 level, and along a 600 metre strike length.

Surface drilling of the San Ignacio property, located approximately 5 kilometres west-northwest of Guanajuato, continued with significant results from the third and fourth drill holes. The results confirm earlier results and provide encouragement for discovering other veins over the 4 kilometre long property. Hole ESI10-03 intersected 15 silver-gold mineralized zones, including the Melladito zone, which returned 212g/t silver and 1.99g/t gold over 4.3 metres, the Nombre de Dios zone with 850g/t silver and 3.75g/t gold over 3.1 metres, and a footwall stockwork zone with 680g/t silver and 1.94g/t gold over 3.85 metres. The fourth hole, ESI10-04, was drilled under ESI10-03 and intersected five silver-gold mineralized zones, including the Melladito zone with 240g/t silver and 0.8g/t gold over 5.8 metres, the Nombre de Dios zone with 2,020g/t silver and 7.80g/t gold over 0.9 metres, and a footwall stockwork zone with 660g/t silver and 1.73g/t gold over 3.25 metres, including 0.80 metres assaying 2,380g/t silver and 6.57g/t gold.

In light of the success of the 2010 drilling at San Ignacio, Great Panther’s Board of Directors has approved a new 2011 budget of $2.8 million for the exploration and development of the San Ignacio property. As soon as the appropriate permits are in place, an expanded drilling program will commence. Potential sites to establish a portal for an underground ramp are also being evaluated. Due to the proximity of the San Ignacio property to the Company’s main Guanajuato operation, any mineralization intersected in the course of underground exploration and development can be trucked to the plant for processing. In this way, cash flow provided by the additional tonnage can be used to offset the cost of the exploration and development program.
Topia Mine

Topia recorded another strong quarter with metal production of 129,650 oz of silver, 108 oz of gold, 515,305 lbs of lead, and 669,216 lbs of zinc from milling 9,081 tonnes of ore. This equates to 195,598 Ag eq oz, 26% higher than for Q4 2009. Ore grades averaged 458g/t silver, 0.46g/t gold, 2.78% lead and 3.64% zinc.

Plant performance remained strong with metal recoveries of 91.5% for silver, 81.5% for gold, 92.7% for lead and 91.8% for zinc. In addition to processing 9,081 tonnes from the Company’s mines, 3,650 tonnes were custom milled for a local miner, thereby increasing revenue and reducing unit costs. Several modifications are being made at year end, including additional new flotation cells for the zinc and lead concentrate circuits, which will enable plant throughput to be increased in 2011 by 22%, from 180 to 220 tonnes per day.

Mine development continued to extend known areas and provide access to new mining areas. Mining of the San Gregorio and El Rosario veins progressed well, contributing almost 40% of the silver production. Ramp development at Argentina continued and is now fully mechanized with an electric-hydraulic drill jumbo, a new 2-yard underground loader and a 7-tonne capacity haulage truck. Access to the third level is expected in the second quarter of 2011.

The surface exploratory drilling program, completed in the third quarter of 2010, was extremely successful and will guide mine development to continue to expand silver production from the San Gregorio, Recompensa, and Cantarranas (Hormiguera mine) veins plus enable new production to be added from other veins where no mining is currently taking place. Drilling on the La Prieta property proved the potential for this to be an additional mine for the Topia operations, with high silver values in the three drill holes of up to 2,500g/t over 0.25 metres. The program also returned several significant intercepts from other veins that are not currently being mined, including the Higuera vein (close to the San Gregorio vein), and the western portion of the Oliva vein (close to the Recompensa vein).

In addition, mine development on the Cantarranas vein at the Hormiguera mine has encountered 161 metres of strike length with an average width of 0.19 metres grading 1,403g/t silver, 0.88g/t gold, 2.02% lead, and 7.76% zinc. At Mina 7, on the San Gregorio vein, development is ongoing eastward, with 90 metres of strike length on the vein, with an average width of 0.43 metres grading 1,436g/t silver, 0.53g/t gold, 7.26% lead, and 12.23% zinc. Sub-level development and stoping is ongoing in both areas.

Mineral resource/reserve estimations have commenced on all viable areas with the completion of the surface drilling. Added mineral resources/reserves will play an important role in the Company’s plans to increase production at Topia by 20% per year from 2010 to 2012. The Company anticipates mineral resource/reserve estimates to be released for Topia in the first quarter of 2011.

Great Panther’s 3-year strategy to accelerate production to 3.8 million Ag eq oz by 2012 is now commencing its second year. New equipment has been delivered to the mines, new production faces are being added, plant performance continues to excel, plant capacity is being increased, resources have been increased and reserves defined, and exploration drill programs have made significant new discoveries of high grade mineralization.

The combined production target for 2011 has been set at 2.87 million Ag eq oz, consisting of 1.94 million oz silver, 11,200 oz gold, 1,170 tonnes lead and 1,430 tonnes zinc. (Silver equivalents for 2011 have been established using prices of US$1,200/oz Au, US$20/oz Ag, US$0.85/lb Pb and Zn).

Production from Guanajuato is planned to increase steadily throughout 2011 as output from the Los Pozos and Santa Margarita areas reach full capacity, Cata production returns to previous levels, and new production is added from the Guanajuatito area. Plant throughput is estimated to be 200,000 tonnes at grades of 240g/t silver and 1.80g/t gold for metal production of 1.38 million oz silver and 10,400 oz gold; equivalent to 2.00 million Ag eq oz.

Output from Topia is estimated to increase as new mine production is added as a result of development on existing and new veins and plant capacity is increased. Plant throughput is estimated to be 40,000 tonnes with metal production of 0.56 million oz silver, 800 oz gold, 1,170 tonnes lead, and 1,430 tonnes zinc; equivalent to 0.87 million Ag eq oz.

No production from the new discoveries at the San Ignacio property is included in the 2011 target. However, as resources are estimated and mine plans are developed, it is anticipated that this project will positively impact the plans for 2012. Due to the proximity of San Ignacio to the Company’s main operations at Guanajuato, any ore extracted during the development phase can be trucked to the plant for processing.

Diamond drilling in 2010 totaled 27,272 metres, including 16,695 metres at the Guanajuato Mine, 1,762 metres at San Ignacio and 8,815 metres at Topia. Due to the success of this program in delineating new resources and making new discoveries, the drilling budget for 2011 has been more than doubled to approximately 60,000 metres. This compares favourably with the 65,000 metres originally proposed for the Company’s entire 3-year growth strategy.

Robert F. Brown, P.Eng. and Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail

“Robert A. Archer”

Robert A. Archer, President & CEO

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at and Material Change Reports filed with the Canadian Securities Administrators and available at

Golden Hope Mines Limited Closes C$3.7 million Financing

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

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

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
416-864-0175 (FAX) or
Public Relations Canada:
Paradox Public Relations
Corporate Communications

Investor Relations USA:
American Capital Ventures
Richard Hull