MONTREAL, Dec. 14, 2012 - 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 has closed a private placement with SIDEX Limited Partnership ("SIDEX") for a gross proceeds of $100,000 ("the Offering").

SIDEX was established by the Quebec Government and the Solidarity Fund QFL. SIDEX's mission is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base by promoting exploration for minerals with attractive market potential, to open new territories to exploration and investment where the potential for discovery is significant and to stimulate investments for the exploration of existing mining districts that show strong potential for diversification;

The private placement consists of 1,111,111 Units ("Units") issued at a price of $0.09, with each Unit comprised of common share ("Common Share") and one-half one Common Share purchase warrant (each whole Common Share purchase warrant being a "Warrant") exercisable at $0.11 for eighteen (18) months after the closing of the Offering.

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 14, 2013.

The proceeds of the financing will be used for exploration of Volcanogenic Massive Sulfide (VMS) targets located on the Bellechasse Belt of southeastern Quebec.

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 the use of the net proceeds from the financing by the Company. 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.

SOURCE: Golden Hope Mines Limited

For further information:

For further information:
Golden Hope Mines Limited

Frank Candido: President
Tel: 514-750-8218

fcandido@goldenhopemines.com
info@goldenhopemines.com