Golden Opportunities Fund Announces Innovation Shares and Deferral of Fees

January 28, 2009

Golden Opportunities Fund Inc. (“Golden Opportunities” or the “Fund”), Saskatchewan’s first and largest provincial labour-sponsored fund, and 2004 Labour Fund of the Year in Canada, is pleased to announce on this, the 10th anniversary of its investing in Saskatchewan, the introduction of its new Innovation Share (“I Share”) Class.  The Fund will now provide investors the option to continue to invest in diversified Class A Shares or to invest in the new Innovation Share Class.  Proceeds from the sale of I Shares will be used to invest in a diversified portfolio of innovation based companies across different industry sectors, ranging from life science, information and communication technology, biotechnology, energy and clean technologies, advanced manufacturing and value added agriculture.  The Innovation Shares will provide the added benefit of loss support contributions aimed at supporting certain losses, if any, through an agreement with Western Economic Diversification Canada.

In addition to the launch of this new I Share Class, the Fund Manager, Westcap Mgt. Ltd., and the principal distributor, Wellington West Capital Inc., have each agreed to provide a deferral of their management and marketing service fees, respectively, on the I Shares.  The deferral will continue until such time that $5.0 million in gross subscriptions is achieved on this new share class, at which time the deferred fees would be payable.  Grant Kook, President/CEO of Golden Opportunities indicates “a knowledge based economy driven by innovation is the way of the future and takes the boom and busts out of an economy or a portfolio rich in commodities.  A common theme among Fortune 500 companies is their focus on innovation, given the value it creates.  We are excited to launch this new option for shareholders on our 10th anniversary.  The loan loss provision provided by Western Economic Diversification Canada and a deferral of certain fees by the Fund’s manager and principal distributor confirms a strong commitment to build companies that will change the world in which we live.”

Golden Opportunities has raised over $130 million in share capital to date from approximately 17,000 shareholders. The Fund, in the past decade of investing, has completed over 100 investment transactions in 80 different Saskatchewan growth companies across 13 different industry sectors for diversification, directly impacting the future of Saskatchewan.

This news release is not intended as any offering of securities of the Fund.  The Fund has filed a prospectus in the Provinces of Saskatchewan and Manitoba containing important detailed information relating to the securities of the Fund.  Securities of the Fund are only sold by registered dealers under the prospectus.  Copies of the prospectus may be obtained from Wellington West Capital Inc., agent of the Fund, at 1360, 410 – 22nd Street East, Saskatoon, Saskatchewan or on SEDAR at  Investors should read the prospectus before making an investment decision.

For further information, please contact Grant Kook, President/CEO of Golden Opportunities Fund Inc. at (306) 652-5557

Neither the Saskatchewan Financial Services Commission nor the Manitoba Securities Commission has approved nor disapproved the information contained herein.