TSX VENTURE: GNH
PINK SHEETS: GOLHF

MONTREAL, May 7, 2012 - Golden Hope Mines Limited (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to announce significant drill results from its recently completed Winter 2012 drill program at the Bellechasse-Timmins Gold Deposit in southeastern Quebec.

Significant near surface vertical depth results include 3 metres of 1.18 g/t Au and 8 metres of 2.26 g/t Au at 137 meters from surface in hole BD2012-186, 25 metres of 2.06 g/t Au including 5 metres of 9.21 g/t Au at 42 meters from surface in hole BD2012-188, 41 metres of 1 g/t including 6 metres of 3.53 g/t Au and 3 metres of 2.40 g/t Au at 150 meters from surface in hole BD2012-190, 9 metres of 1.82 g/t Au including 7 metres of 2.23 g/t Au at 53 meters from surface in hole BD2012-193 and 3 metres of 12.63 g/t Au including 1 metre of 37.60 g/t Au at 117 meters from surface in hole BD2012-194.

A table of the result highlights is presented below.

Table 1: Highlights from outstanding holes; length represents core lengths and results are not capped.

"We are very pleased with these latest results. Many of the results show significant near surface mineralization all within a vertical depth of 150 metres from surface. These latest results in addition to the results which have been announced in the past few months provide the Company with a clear plan for continued drilling and expansion of the Bellechasse-Timmins Gold deposit for the pending spring, summer and fall drill campaigns" states Frank Candido, President, Golden Hope Mines Limited.

Holes BD2012-188 and BD2012-193 were drilled to test the eastern extension of the 88 Diorite and encountered near surface mineralization. Holes BD2012-190, BD2012-191 and BD2012-194 were planned to define contacts, connect zones and test extensions of zones. Hole BD2012-187 was drilled to test the southwestern extension of the hinge of the "U" shaped 88 Diorite and closed it near surface. Hole BD2012-189 was drilled to test possible presence of other diorite bodies to the south of the 88 Eastern Extension. This hole encountered volcanoclastics and did not return significant results.

Since April 2011, the Company has been working closely with SGS Geostat of Blainville, Quebec towards the publication of its first resource estimate. These are the last of the Bellechasse-Timmins holes outstanding from the Winter 2012 exploration campaign. The company continues to target May or early June 2012 for the release of its resource estimate for Bellechasse-Timmins.

Samples were prepared and analyzed at the SGS Minerals Services laboratories in Don Mills, Ontario. Analysis for gold was done on one half of core samples following standard (FAI525) fire assay routine including extensive preparation of the samples. SGS introduced standards and blanks in the sequence.

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.

James E. Tilsley, P.Eng is acting as the qualified person (QP) for Golden Hope in compliance with National Instrument 43-101 and has reviewed the technical contents of this release.

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: Some statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Such statements include plans, timing and expectations for a resource estimate; 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. Investors are cautioned that forward-looking information is inherently uncertain and involves risks and uncertainties that could cause actual facts to differ materially, including timing of and unexpected events regarding the receipt and interpretation of drilling and assay results; delays in the preparation of a resource estimate at SGS Geostat or elsewhere; fluctuations in gold price and costs; and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. The Company expects that these estimates will change as new information is received. While the Company may elect to update these estimates at any time, the Company does not undertake to update any estimate at any particular time or in response to any particular event.