GNH Golden Hope Mines Limited

TSX VENTURE: GNH
PINK SHEETS: GOLHF

MONTREAL, Nov. 7, 2012 /CNW/ - Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH Pink Sheets: GOLHF) - is pleased to announce that it has again intersected significant mineralization at its Bellechasse-Timmins gold deposit in southeastern Quebec.

Hole BD2012-195 was targeted to extend the known mineralization to the north east of hole BD2011-167 in the T2 zone where Golden Hope had previously encountered spectacular grades including 6140 g/t Au over 1 metre previously announced on January 26, 2012 (http://cnw.ca/QqO3O).

Golden Hope intersected 144.61 g/t Au (gold) over one metre in hole BD2012-195 which is a weighted average of two screen metallics and two fire assays. The individual results from the assays are respectively 166 g/t Au, 105 g/t Au, 215 g/t Au and 140 g/t Au.

This one-metre portion of the drill core was sent to Activation Laboratories of Ancaster Ontario for a rush assay as considerable visible gold was intersected and the Company believed that the interval was potentially material. The remaining samples from the rest of hole BD2012-195 will be logged, cut and sent for assay as soon as possible.

"The intersection of visible gold in hole BD2012-195 at 336m confirms our model that a high grade zone (nicknamed the "Jewellery Zone") is developing on the western flank of T2 zone. The core appearance; visible gold, brecciated arsenopyrite and pyrrhotite in quartz-carbonate is almost exactly the same as the core intersected in BD2011-167 at similar elevation." states Claude Duplessis, QP at GoldMinds Geoservices Inc.

"Intersecting visible gold of this magnitude is always very exciting. It suggests that the high-grade mineralization at Bellechasse-Timmins is more extensive than previously known" states Frank Candido, President, Golden Hope Mines Limited.

Hole BD2012-195 started at the 88 zone near surface and went through the T2 zone from east to west. It intersected similar mineralization to BD2011-167 on the western flank of the T2 zone at 336 metres depth along the drill hole (304 metres vertical depth). This step-out hole is approximately 28 meters to the north east of BD2011-167.

Golden Hope is pleased to provide its shareholders with a photograph of the drill core (figure 1) taken by Dany Boilard, Field Manager at Golden Hope, which clearly shows visible gold (VG) with sulfides in the NQ core (~48mm diameter) in hole BD2012-195 at 336 metres depth.

Exploration Update

On August 20, 2012, Golden Hope announced a 2,500 metre drill campaign. The campaign is ongoing and the Company expects to announce an extension to this campaign prior to completion. Due to the local hunting season, the current campaign will be focused on the Bellechasse-Timmins area and exploration drilling outside of Bellechasse-Timmins will resume once the hunting season has terminated in mid to late November.

Corporate Update

Mr. Marc Drouin has notified the President and the Chairman of the Board of Golden Hope that, to his dismay, he can no longer serve as a Director of the Company due to a change in corporate policy at his current employer. The Board thanks Mr. Drouin for his invaluable service especially in serving as chair of the Audit Committee. Mr. Arvind Jain will replace Mr. Drouin as chair of the Audit Committee. The Board of Directors wishes to thank Mr. Drouin for his stellar service to the Company and wish him success in his future endeavors.

James E. Tilsley, P.Eng. is acting as the qualified person (QP) for Golden Hope Mines in compliance with National Instrument 43-101 and has reviewed the technical facts of this release.

Claude Duplessis, Eng and Claude Bisaillon, Eng. are qualified persons (QP) in compliance with National Instrument 43-101 and have reviewed the technical contents of this press 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.

SOURCE Golden Hope Mines Limited

Image with caption: "Visible Gold (VG) with sulfides in the NQ core (~48mm diameter) in hole BD2012-195 at 336 metres depth - Bellechasse-Timmins, Quebec. (CNW Group/Golden Hope Mines Limited)". Image available at: http://photos.newswire.ca/images/download/20121107_C5737_PHOTO_EN_20268.jpg