Golden Hope Signs Letter of Intent with Uragold Bay Resources to Permit and Develop the Bellechasse-Timmins Gold Deposit in Southeastern Quebec

MONTREAL, QUEBEC--(Marketwired - Feb. 24, 2014) - Golden Hope Mines Limited (TSX VENTURE:GNH)(PINKSHEETS: GOLHF) - Golden Hope Mines Limited ("GNH, or the Company") is pleased to announce that it has signed a Letter of Intent ("LOI") with Uragold Bay Resources ("UBR") (TSX VENTURE:UBR) to advance the Bellechasse-Timmins Gold Deposit ("B-T") in the development of a producing mine. UBR will be responsible for obtaining all required permits, approvals, and documentation associated with going into production, in return for a 30% interest in B-T. UBR will then have 120 days to obtain project financing, which, if successful, will earn UBR a further 20% interest, giving them a 50% interest in
B-T. The companies will then form a Joint Venture (JV) for the operation of the mine, with UBR serving as operator. GNH will have a carried interest into production, and will receive a 50% Net Proceeds Royalty ("NPR") on the gold produced.

The LOI states that UBR can earn up to a 30% undivided interest in the B-T by performing, completing and delivering the following work and documentation within 18 months of the signing:

• $100,000 paid to GNH within 6 months of the date of the signing of the LOI in three equal tranches. The first tranche of $33,000 was paid upon the signing of the LOI
• A review of the previously published NI 43-101 Resource Estimate for gold at Bellechasse-Timmins in southeastern Quebec by a qualified person(s) or firm of qualified persons as defined by NI 43-101 Standards for Disclosure for Mineral Projects
• UBR will mandate a Qualified Mining Engineering Firm for a Preliminary Economic Assessment ("PEA") with respect to the production of the gold deposit including CAPEX, OPEX, IRR, NPV, Mining Plan, Geotechnical Assessment of pit, overburden stockpiles and tailings, etc.
• An Environmental Audit in accordance with Directive 19, Article 22 of the "Loi sur la qualité de l'environnement" by an independent qualified consultant, which shall include a study of the property and the environmental impact of mining activities.
• A Certificate of Authorization ("CA") from the municipality of Saint Magloire.
• A Certificate of Authorization ("CA") from the Ministère de l'Environnement for the permitting of a small scale gold production of 2000 metric tons of material per day.
• A Land Survey by a qualified Surveyor ("arpenteurs-géomètres") which will be filed for approval with the Bureau de l'arpenteur général du Québec.
• A Mining Lease from the Ministère de Ressources naturelles et de la Faune du Québec ('MRNF") for the operation of a gold mine.
• A Reclamation and Restoration Plan approved by MRNF

UBR shall bear all the costs associated with the work listed above.