Golden Hope Mines Acquires Additional Claims on the Bellechasse Belt, and Grants Options

TSX VENTURE: GNH
PINK SHEETS: GOLHF

MONTREAL, Aug. 17, 2012 /CNW/ - Golden Hope Mines Limited (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines is pleased to announce that it has acquired an additional 56 claims or 2,231 hectares on the Northern extension of the Bellechasse Belt in southeastern Quebec.

"Given the positive results of the work completed through 2011 and 2012 we are confident in the prospects of additional gold and base metal targets in the region" states Frank Candido, President of Golden Home Mines Limited. "We believe that the expansion of our land position by the addition of these claims could result in further gold and base metal discoveries on the belt which will complement the Bellechasse-Timmins gold deposit and the Champagne polymetallic volcanogenic massive sulphide ("VMS") deposit."

Of the 56 claims acquired, fifty are located in Talon Township, three are located in Panet Township and three are located in Rolette Township.

Golden Hope Mines currently holds a total of 459 claims totaling 18,990 hectares in southeastern Quebec.

The Company has also issued 2,100,000 options at an exercise price $0.12 for a period of five years to Directors, Officers and Consultants. Vesting will be 25% immediately and 25% every six months on the anniversary date of this grant for a period of eighteen months. The options are granted pursuant to the Company's stock option plan approved by shareholders at the annual meeting on June 18, 2012. The annual option grants are part of the Company's remuneration strategy that attempts to align the options plan with improving shareholder value. The options granted to Arvind Jain on June 21, 2012, have the same vesting and expiry terms.

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: 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Golden Hope Mines Limited

Golden Hope Mines Limited

Frank Candido: President, Director

Tel: [phone]

[email protected]
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