TORONTO, June 24 /CNW/ - Odyssey Resources Limited (TSX-V: ODX)
("Odyssey" or the "Company") announced today that it has closed on its
previously announced (May 13, 2008) Definitive Agreement relating to the sale
of certain exploration licenses ("Licenses") in Turkey owned by Odyssey's
subsidiary, Pusula Madencilik ("Pusula"), collectively known as the Tavsan
Project, to a subsidiary of Ariana Resources plc ("Ariana", AAU-AIM).
As consideration for the transfer of the Licenses, Ariana has paid
Odyssey: (a) an initial payment of US$250,000 in cash and (b) a further
payment of US$250,000 in cash, and 3,000,000 ordinary shares in the capital of
Ariana (the "Shares") at an issue price of 5 British pence per Share.
The cash and Shares relating to payments (b) and (c) will be held in
escrow until the transfers of the Licenses are accepted by the Turkish General
Directorate of Mining Affairs and the Ariana subsidiary is recorded as the
registered owner of a 100 percent interest in the Licenses. The Shares will be
subject to a 12 month hold period which will run from the date on which TSX
Venture Exchange approval was received for the transaction.
About Odyssey Resources
Odyssey Resources Limited is a Canadian-based junior exploration company
whose main focus has been in Morocco. Odyssey Resources Limited's 8.68 million
shares trade on the TSX Venture Exchange under the symbol "ODX".
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
This press release contains forward-looking information that may involve
a number of risks and uncertainties. You can usually identify this information
by such words as "plan" or "expect", or other similar wording suggesting
future outcomes or statements about an outlook. Inherent in the
forward-looking statements are known and unknown risks, uncertainties and
other factors well beyond the Odyssey's ability to control or predict. Actual
results and developments may differ materially from those contemplated by
these statements depending on, among others, such key factors as the ability
to obtain necessary approvals for the transaction, the market for minerals,
market and business conditions, fluctuations in interest rates and foreign
currency exchange rates, changes in environmental and other regulations and
changes in political risk. There is no assurance that the transfers relating
to the Tavsan property will be completed. The forward-looking statements
included in this release represent Odyssey's views as of the date of this
release. While Odyssey anticipates that subsequent events and developments may
cause Odyssey's views to change, Odyssey specifically disclaims any obligation
to update these forward-looking statements. These forward-looking statements
should not be relied upon as representing Odyssey's views as of any date
subsequent to the date of this release.
For further information:
For further information: please refer to Odyssey's website
www.odysseyresources.com or contact: Murray John, Chief Executive Officer,
Odyssey Resources Limited, Tel: (416) 203-9699, 101- 50 Richmond Street East,
Toronto, ON, M5C 1N7, firstname.lastname@example.org, www.odysseyresources.com