TORONTO, ONTARIO--(Marketwire - Dec. 18, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) is pleased to announce that it has completed a non-brokered private placement of $984,200 by issuing 8,201,666 units of the Company ("Units") at a price of $0.12 per Unit.

Each Unit is comprised of one common share of the Company and one-half (1/2) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share of the Company at a price of $0.15 per share for a period of 24 months.

Under applicable securities legislation and policies of the TSX Venture Exchange, the Units issued in the private placement are subject to a hold period expiring on April 19, 2010.

The Company paid commission fees in the aggregate amount of $65,056 to arms length third parties.

Golden Hope will use the proceeds from the Offering to advance the exploration on its Bellechasse project in Quebec.

Golden Hope Mines Limited 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 Quebec, Canada. The Bellechasse gold project in Quebec includes the Timmins 1, Timmins 2 and Ascot gold zones, the new FSG volcanic targets and a number of recently claimed ultra basic/serpentine geological environments. For further information on Golden Hope Mines, please visit www.goldenhopemines.com.

For more information, please contact