Odyssey Announces Conclusions and Recommendations of a Project Review and Results of a Reverse Circulation Drilling Programme on the Alous Copper-Silver prospect, Morocco



    TORONTO, Sept. 12 /CNW/ - Odyssey Resources Limited ("Odyssey" or the
"Company") (TSX-V: ODX), released today the contents and recommendations of a
Project Review Study on the Alous Copper-Silver prospect undertaken by the
Scott Wilson Mining Group (Kent, UK) and the results of a Reverse Circulation
drilling Programme.
    The Project Review is part of a larger company review of both the Alous
prospect and other known deposits within the "Anti Atlas Copper-Silver
Property" in Morocco.
    The "Anti Atlas Copper-Silver Property" comprises a series of adjacent
and/or geographically closely spaced permits held either solely by Odyssey
Resources Limited or by l'ONHYM under an option agreement with Odyssey in
Morocco.

    The Alous Project Review Study
    ------------------------------
    
    The Study undertook:
      -   a review of the Geology and Resource Model constructed by P&E
          Mining Consultants (completed to NI 43-101 and
          NI 43-101 F1 standards, September 2006)
      -   Mine planning and design, and general site layout
      -   a review (undertaken by Aker Kvaerner Engineering Services) of the
          available metallurgical testwork documentation
      -   a site visit
      -   a preliminary processing flow sheet and performance estimates
      -   the compilation of preliminary Capital and Operating Costs
      -   a review of potential project economics based on all classes of
         Mineral Resources including "Inferred" category material.

    The previously prepared Geology and Resource Model was determined to be
suitable for the use of the Study. The mining potential of the mineral
resource and alternative processing routes were evaluated using Whittle open
pit optimization analyses.
    From the P&E Mining Consultants Resource Model the total resource of the
Alous prospect at a 0.3%TCu cut-off comprises:

      -   an "Indicated Resource" of 5.407M t @ 0.8% TCu + 10g/t Ag
      -   an "Inferred Resource" of 2.586M t @ 0.55% TCu + 4.2g/t Ag
    

    From the review of the limited available data on historical processing
testwork and based on the parameters of the P&E Mining Consultants Resource
Model it was concluded that the heap leach process was potentially the more
applicable processing technique. New metallurgical testwork, specifically on
the heap leach route, is however required in order to properly ascertain the
metal recoveries and related costs before the viability of the economic
analyses conducted by the Scott Wilson Mining Group could be considered
complete. The use of conventional flotation processing could be viable if a
significant increase in either the grade and/or available resource were
attained.
    The results of the economic analyses are not yet admissible as "Inferred
Resources" were utilized in the calculations and due to the high level of
uncertainty with regard to achievable recoveries and costs of heap leaching
for the Alous mineralogy.

    
    The priority recommendations of the Study were:

      -   metallurgical testwork to determine the recovery and cost
          parameters of the two processing options
      -   undertake an exploration drilling programme to locate sufficient
          water resources for the processing options
      -   infill drilling - further infill drilling is required in order to
          re-classify Inferred resources into the Indicated classification
          before they can be used in project economic calculations
      -   complete an Environmental Impact Assessment
      -   determine the availability and cost of the requisite acid for a
          heap leach operation

    Recent Exploration and Development Activities
    ---------------------------------------------
    Following completion of the Alous Project Review Study, additional field
programmes were undertaken with a view to locating further mineralization
around the Alous prospect. These comprised:

      -   a ground geophysical (Induced Polarisation (IP)) survey conducted
          by SAGAX Maghreb, independent geophysical contractors/consultants
          based in Marrakesh (Morocco), over two areas:

          -   to the north of the Alous prospect and south of the Assif
              Imider deposit along the extrapolated strike extension of the
              mineralized fault that is host to the previously exploited
              Assif Imider deposit
          -   to the south of the presumed feeder fault of the Alous
              mineralization below the sedimentary cover units around the
              edge of the Wawfengha inlier

      -   an 8 hole, 617m Reverse Circulation drilling programme at Alous to
          test for extensions to areas of known mineralization and to test
          new areas of potential mineralization
    

    The Reverse Circulation (RC) drilling was undertaken by Novafor, a
Moroccan drilling company. The programme was designed to test for both
mineralized extensions and new areas of mineralization and was based on the
results of detailed geological, structural and alteration mapping, combined
with the results of the IP survey, (for the location of the RC holes see
Figure One below): <a href="http://files.newswire.ca/627/Sep10.07FigureOne.pdf">http://files.newswire.ca/627/Sep10.07FigureOne.pdf</a>

    Figure One: Geological map of the Alous prospect. The insets illustrate
the location of the prospect on the structural map of Morocco (Saadi 1982,
upper inset), and on the Taroudannt and Igherm geological maps (Choubert et
al. 1983 and, Choubert and Faure-Muret 1983, lower inset). On the lower inset
the permits that cover the Alous prospect and are held by l'ONHYM under the
option agreement with Odyssey Resources Limited are shown. On the main map the
"red star" symbol indicates a drill hole that intersected (greater than or
equal to)2m at (greater than)0.3% TCu (drill intersect thickness).

    Assay results greater than a cut-off of 0.3% TCu are given below in Table
One. These comprise:

    
      -   0.36% TCu from 8-10m (drill intersect thickness) in Hole OA07-29
          located in the northern portion of Zone A
      -   0.38% TCu from 40-46m (drill intersect thickness) in Hole OA07-24,
          located along the southern extension of the north-northeast
          oriented fault system at the contact between the limestone
          sedimentary cap and the underlying andesite
      -   0.45% TCu from 32-34m (drill intersect thickness) in Hole OA07-27
          located in the southwestern extension of Zone D (as defined by
          Popescu, 1973) at the contact between the limestone sedimentary cap
          and the underlying andesite

    Table One: Results of the RC drilling programme at the Alous prospect

            Lambert    Lambert   Drill
            conical    conical   hole
           conformal  conformal length  Angle  Azimuth   From   To     Grade
    Hole    East(m)    North(m)  (m)  (degree) (degree) (m)(1) (m)(1)(Cu%)(2)

    -------------------------------------------------------------------------
    OA07-23   196443     371195     91     90        0      -     -        -
    OA07-24   196499     370348    114     90        0     40    46     0.38
    OA07-25   196323     370376    114     90        0      -     -        -
    OA07-26   196098     370309     82     90        0      -     -        -
    OA07-27   196799     370239     70     90        0    32     34     0.45
    OA07-28   196922     370355     60     60       15     -      -        -
    OA07-29   196717     371324     40     60      260     8     10     0.36
    OA07-30   196746     371445     46     60      290     -      -        -
    

    (1) sample chips returning chemical analysis above a cut-off grade of
    0.3% copper
    (2) average

    Recommendations of the Overall Company Project Review
    -----------------------------------------------------
    An Overall Company Project Review including the Alous prospect and other
known prospects and deposits in the "Anti Atlas Copper-Silver Property" was
undertaken. Based on the conclusions and recommendations of the Alous Project
Review Study and the results of the subsequent field exploration programmes
the main recommendations of this review comprise:

    
      -   The preliminary economic estimates suggest that further drilling
          and metallurgical testwork may be justified to support a more
          robust economic evaluation of the project
      -   Appraise alternative testwork opportunities for the treatment of
          the Alous mineralization
      -   Completion of historical data acquisition, compilation and
          assessment for each of the known prospects in the "Anti Atlas
          Copper-Silver Property"
      -   Undertake design and implementation of exploration programmes on
          known historical deposits in the "Anti Atlas Copper-Silver
          Property", some of which have defined resources, with the aim of
          defining either additional feed for a central processing facility
          based at Alous or separate facilities
      -   Continue Target Generation for base and precious metal
          opportunities and assessment of projects submitted to the company
    

    John Lauderdale (BSc. (Geol.), F.G.S., C. Geol. (Geol. Soc. London)) is
the qualified person for this project under the terms of National Instrument
43-101 and is responsible for the information contained in this news release.

    About Odyssey Resources

    Odyssey Resources Limited is a Canadian-based junior mining company
dedicated to becoming Morocco's preeminent metal mining company. Odyssey is
developing the Alous copper-silver deposit in the heart of a large and
underexplored copper-silver belt in Morocco, a country that hosts several
world class mineral deposits. The Company is simultaneously pursuing
additional opportunities across the country spanning several metal commodities
including gold, silver, copper, lead, zinc and uranium.

    Forward-Looking Statements:

    The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections.

    %SEDAR: 00010999E




For further information:

For further information: please contact: George Mihaleto, Chief
Executive Officer, Odyssey Resources Limited, Tel: (416) 542-3976, Mobile:
(416) 566-9516, Fax: (416) 362-6830; Andreas Curkovic, The Equicom Group, Tel
: (416) 815-0700 x262, acurkovic@equicomgroup.com, info@odysseyresources.com,
www.odysseyresources.com

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