Mr. Tyrone Docherty reports

GOLDEN ODYSSEY UPDATE ON DEER HORN 2010

Golden Odyssey Mining Inc. is providing an update to its shareholders on its advanced-stage Deer Horn gold, silver and tellurium property located 36 kilometres (23 miles) south of the Huckleberry mine in west-central British Columbia.

The Deer Horn property is intriguing due to the presence of near-surface mineralization. The mineralization contains high grades of gold, silver and tellurium. The discovery of tellurium has been very positive for the Deer Horn property. Tellurium is one of the rarest metals in the world. Its recent value increase has been driven by the prominent role that it plays in the rapidly expanding solar power industry. It is one of the two main components that make up cadmium-telluride thin-film solar panels. The CD-Te solar panel is one of the leading-edge solar panels in the industry. A July, 2010, quote on the price of Te was $225 (U.S.) per kilogram, which is up from $20 (U.S.) per kilo from a few years ago. The grades of Te at Deer Horn are some of the highest on record, and, as a result, the company has been receiving attention from companies in need of tellurium. Most of the produced Te in the world today is a byproduct from copper slag and is produced in China. Deer Horn is one of the few discoveries of Te outside of Asia. The Te at Deer Horn is different in that it is associated with the precious metals. The company believes this gives it a significant advantage as corporations are determined to diversify their supply sourcing. Upon release in January, 2010, of the company's 2009 drill results, Golden Odyssey met with representatives of Colorado-based World Industrial Minerals to discuss the potential of Te at Deer Horn. Previously in October, 2009, WIM had visited the property and performed its own due diligence. WIM provided its internal report on the potential value of the Te. Subsequent to this meeting, the two parties signed a memorandum of understanding with respect to the purchasing of the tellurium.

The 2009 drilling program was an abbreviated program designed to demonstrate a resource base at Deer Horn. The majority of the drilling was focused on a 125-metre section of a known 700-metre zone. Although the company did not have the necessary time to test the entire structure, it did produce an NI 43-101-compliant resource.

                RESOURCE ESTIMATE AT DEER HORN

Indicated tonnage Au grams Silver grams Gold ounces Silver ounces
129,000           5.71     182.27       24,000      760,000
Inferred tonnage  Au grams Silver grams Gold ounces Silver ounces
202,000           6.06     186.39       39,000      1,210,000

The property remains open in three directions.

Golden Odyssey Mining intends to commence a more comprehensive drilling program at Deer Horn in the spring. The company anticipates increasing the resource categories of both the gold and the silver, as well as establishing a resource for the tellurium.

In summary, the Deer Horn property possesses intriguing components that are essential for advancing a mineral property. These are the presence of near-surface precious metals combined with the high-grade rare metal Tellurium, which could create additional value for the property.

We seek Safe Harbor.