Golden Hope Mines Announces Private Placement Oversubscription

TORONTO, ONTARIO--(Marketwire - May 28, 2010) - 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE 
UNITED STATES

Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX 
VENTURE:GNH)(PINK SHEETS:GOLHF) is pleased to announce that the 
over-allotment option (the "Over-Allotment Option") issued under the 
private placement that it announced on April 29, 2010 (the "Private 
Placement") has been partially exercised and, accordingly, that the Private 
Placement has been oversubscribed. The Private Placement was announced for 
$2,000,000 with the Over-Allotment Option of up to an additional 
$2,000,000. As a result of this exercise of the Over-Allotment Option, the 
Private Placement has been oversubscribed for total gross proceeds of 
$2,921,990. The Over-Allotment Option was exercised to purchase 5,649,000 
units of the Company (each a "Unit") at a price of $0.18 per Unit for gross 
proceeds of $1,016,820.

Each Unit is comprised of one common share of the Company (each a "Common 
Share") and one Common Share purchase warrant (each a "Warrant"). Each 
Warrant is exercisable into one Common Share at a price of $0.25 per share 
for a period of 24 months.

Under applicable securities legislation and policies of the TSX Venture 
Exchange, the Common Shares and the Warrants issued upon the exercise of 
the Over-Allotment Option are subject to a hold period expiring on 
September 29, 2010.

In connection with the closing of the Over-Allotment Option, the Company 
will pay finders' fees in the aggregate amount of $101,682 and will issue 
508,410 additional Warrants, each exercisable for one Common Share at a 
price of $0.25 for a period of 24 months.

"We are extremely pleased to have successfully closed the Private 
Placement. We are also pleased that the placement was oversubscribed. 
Access to hard cash financing continues to be difficult in junior 
exploration especially in light of the continued volatility in the capital 
markets. We believe that having this capital is a vote of confidence in our 
company, its team and especially the quality of our exploration project in 
South Eastern Quebec" states Frank Candido, the President of Golden Hope.

Golden Hope will use the proceeds from the Private Placement and 
Over-Allotment Option exercise to advance the exploration on its 
Bellechasse/Beauce project in Quebec.

About Golden Hope Mines Limited: