February 25, 2013

Golden Hope Mines Limited
President's Letter to Shareholders

Dear Shareholder;

Golden Hope Mines Limited wishes to reiterate its commitment 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.

While the Company acknowledges that 2011 and 2012 have been challenging years for the overall junior exploration market, Golden Hope has kept its focus on ways to advance its project and build on recent successes at its the Bellechasse-Timmins gold deposit.

The TSX Venture Exchange, made up of mostly junior exploration companies such as Golden Hope, has been in a downward trend since March 2011. This trend has made it increasingly difficult for companies such as Golden Hope to maintain traction with investors. With the exception of a small reprieve at the end of 2011 and early 2012, that trend has persisted.

As an exploration company in a generally unexplored area of southeastern Quebec, our potential for an economic discovery or perhaps even several economic discoveries remains intact. With claims covering over 120 kms, the work needed to explore and target a reasonable drill campaign is considerable. Golden Hope is still the only company to date which has spent significant resources in the area.

During the 2011 and 2012 exploration campaign, Golden Hope decided to focus the majority of its efforts on the Bellechasse-Timmins Gold Deposit. The availability of pure exploration dollars was in shorter supply as the market was far more interested in companies that were exploring previously defined targets which had the possibility for expansion towards a resource or delineating a larger resource than previously defined.

As a result, Golden Hope hired SGS Canada Inc., a world recognized leader in technical advisory for the purpose of publishing a resource estimate. Golden Hope released its first ever NI 43-101 resource estimate in June 2012 and while this is a major milestone for both Golden Hope and southeastern Quebec, we understand the importance of and the need for expanding and growing that resource.

We also created a Technical Advisory Committee comprised of highly skilled and experienced consultants with varied technical expertise to assist us. We will look to add to the Technical Advisory Committee when other highly qualified candidates are identified to meet the immediate needs of our Company in assisting us with our technical development of our project.

The Board of Directors which is comprised of highly competent and, with the exception of myself as President of the company, independent individuals with varied corporate experience in technical, business development and corporate governance is very involved in the strategic direction of the Company. With the exception of Robert J. Stocks of Fasken Martineau, there was no previous direct or indirect relationship which existed between Golden Hope and its independent Directors.

A highly qualified Board ensures that Golden Hope is led by a strong management and technical team with the appropriate competencies to maintain its commitment to the shareholders to maximize value while remaining fully compliant to corporate governance regulations. Golden Hope's Corporate Governance information including charters and policies, can be found on the Company's website at www.goldenhopemines.com.

We also wish to point out that the only incentive used to compensate Independent Directors and members of the Technical Advisory Committee is stock options. Stock option grants, the option to buy a security at a defined price for a defined amount of time, should not be confused with stock grants, an allocation of a security. Although the TSX rules allow for the granting of stock options at a 20% discount to the market price at the time of the grant, Golden Hope has made it a policy to grant options at the prevailing share price or at a premium to the share price with no discount. Please note that whether stock options are in the money or not, they are deemed as financial compensation and are reflected as additional compensation to directors, consultants and management.

Stocks options ensure that the Directors' interests are in line with the common shareholders as they are worthless unless the value of the company increases. Given the state of the general market for exploration companies in the past three years, the Directors have not been in a position to profit from option grants. Regardless, the directors of a speculative junior resource company are still expected to participate in board meetings, committee meetings, yearly audits, strategize with management and potentially expose themselves to personal liability as a Director of a publicly listed company often with little chance of earning any compensation.

By law, insiders of a company, which include management, directors, and technical advisors are permitted to buy and sell shares of the company at any time as long as the company is not in possession of any material information which can affect the share price at that time. The Company has a Trading and Blackout Policy that is circulated to and signed by each of the aforementioned individuals on a yearly basis. When any information that may be deemed material is received by any member of the team, the Company is immediately placed in a self imposed blackout period until the information is disseminated to all shareholders and until the market has digested its content. This Trading and Blackout Policy can also be viewed on the Golden Hope web site.

The realities of a public company today demand that it must have a management team which is capable of not only managing the day-to- day affairs of the company but one which is capable of abiding by the increased amounts of corporate governance imposed by the governing bodies.

Golden Hope has made every effort possible in the past three years to cut all fees and expenses where possible to ensure that every penny is accounted for and to minimize waste.

Companies such as Golden Hope publish quarterly Management Discussion and Analysis (MD&A) which are posted at www.sedar.com for the benefit of its shareholders whereby all expenditures are accounted for. This is to enable all shareholders to clearly see where the companies' money is being spent.

Management fees can be hidden in indirect payments to third party consultants or expenses which are not considered as compensation. However, Golden Hope has elected to make its payments to its consultants and management more transparent as can be seen on the company's financials or quarterly MD&A's whereby they are clearly shown as compensation. Also, expenses are closely scrutinized and are kept to an absolute minimum.

As an example of this, the Board resolved that a dedicated CFO, rather than an external book keeper, was necessary in handling the finances of a public company whose budget often exceed millions of dollars per year. This move has lead to an immediate reduction of expenses, audit fees/penalties, duplicate costs and has allowed us to recover substantial amounts, such as past years' government refundable credits. This was achieved by placing much more attention to detail often lost with third party consultants who may be working with several other companies at one time and whose personal interest may not be in line with every company they are working for. In other words, our CFO has been a net cost savings to the company since the position was created.

Prior to our last financing (October 2012), management voluntarily elected to defer 25% of its compensation until such time as market conditions improve. This was done after careful consideration and taking into account the continued sluggish performance of the junior exploration sector.

Investor Relations is an integral function of any public company. Companies such as Golden Hope must allocate a percentage of its budget to this necessary function. With over 2,000 resource companies listed in Canada today, the competition for exploration dollars is increasingly challenging and investor relations enables the company to get the word out on its project(s) and potential. These fees are either paid to a dedicated member of the management team, an external Investor Relations/Public Relations company charging on average between $5,000- $10,000 per month in addition to stock options, or often to both.

Golden Hope, through its Compensation & Human Resources Committee as well as its Audit Committee, is constantly and actively keeping track of all compensation, fees, expenses and other expenditures in an effort to keep all costs in line with industry averages and to keep all unnecessary expenses to a minimum.

I understand the frustration that many of our shareholders may have with respect to the share price at this time. The question that we need to ask ourselves as shareholders is not whether we are satisfied with the share price but whether the company and its exploration campaign is being efficiently and effectively managed. We believe that we have significantly advanced the project from year to year. We also believe the project still demonstrates the potential for growth into an economic ore body.

Management and the Board are currently examining all possibilities for 2013 and beyond. There is still information missing from our 2012 campaign that we need before making any strategic decisions with respect to our ongoing exploration and development plan. I can assure you that no rock will be left unturned and that all alternatives are and will be considered. Once we have decided on that plan we will communicate it to all of our shareholders in the appropriate manner without delay.

Finally, Golden Hope has always attempted to be an open book with its shareholders. Our MD&A's and press releases have always been written with an attempt to be as transparent as possible. We have always made ourselves available whenever possible whether it be in person (including numerous site visits), by email or telephone. We will continue to make ourselves available and attempt to answer every and all questions where permitted. We appreciate each and every shareholder who shares in our excitement for the future of south eastern Quebec irrespective of the general market conditions.

Sincerely,

Frank Candido
President, Golden Hope Mines Limited
[email protected]
514-750-8218