MONTREAL, Oct. 22, 2012 /CNW/ - Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to announce that it intends to complete a non-brokered private placement financing of up to 6,400,000 Flow-Through Common Shares at a price of $0.125 per Flow-Through Common Share for gross proceeds in the amount of up to $800,000. In addition, the Company also intends to complete a non-brokered private placement financing of up to 2,222,222 Common Shares at a price of $0.09 per Common Share for gross proceeds in the amount of up to $200,000.

The proceeds of the financing will be used to continue the exploration and drill campaign announced on August 20, 2012 on the Bellechasse Belt of southeastern Quebec as well as for general working capital purposes.

On August 2, 2012, Golden Hope released its first NI 43-101 Technical Report entitled 'Bellechasse-Timmins Property Resource Estimate, Southeastern Quebec' with a yielded in situ indicated and inferred resource of 415,900 ounces gold (http://cnw.ca/mrxgW). The report also suggests exceptional total gold recovery rates of up to 99.6%. Lastly, SGS, the author of the report, concluded that there is a reasonable prospect of economic extraction by open pit and underground mining.

Golden Hope will continue to drill at Bellechasse-Timmins with the objective of expanding the resource estimate both at surface and at depth. The company has also identified a number of high priority drill targets throughout the belt. These other targets are hosted in two distinct environments; the Bellechasse-Timmins quartz hosted diorite type and a number of Volcanogenic Massive Sulphide ("VMS") type targets.

The Company may pay finder's fees in connection with the financing. The Flow-Through Common Shares and the Common Shares are subject to resale restrictions. Closing of the financing is subject to receipt of regulatory approval, including the approval of the TSX Venture Exchange.

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: 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

Golden Hope Mines Limited

Frank Candido: President
Tel: 514-750-8218

fcandido@goldenhopemines.com
info@goldenhopemines.com