TORONTO, Mar. 2 /CNW/ - The Board of Odyssey Resources (TSX-V: ODX) is
pleased to announce that the Company has completed exclusivity agreements with
two privately-held Moroccan mining companies. These agreements provide Odyssey
with exposure to a variety of metal commodities and the opportunity to develop
relationships with existing mining companies in Morocco that can provide
properties, infrastructure and working experience.
The Company is pleased to announce an agreement with Global Mines Ltd., a
Casablancabased company that operates a number of barite mines, provides
contract mining services, and owns numerous exploration licenses encompassing
several metal commodities across Morocco. Odyssey and Global have signed a
Memorandum of Understanding ("MOU") that grants Odyssey a sixty day period to
review the first three of Global's properties, following which a lease with
purchase option or joint venture agreement will be finalized depending upon
Odyssey's assessment on the property in question. Furthermore, the MOU will be
renewed to cover an additional seven properties owned by Global.
The first property is the Marwan lead-silver deposit, located in the
central Anti Atlas 10 kilometers east of the giant Imiter silver mine. Lying
within a single, 16 square kilometer mining license, the known deposit hosts
lead-silver mineralization in a 1.5-2 meter wide vein with historically
reported lead grades of 15-20 percent and sliver grades of 100 grams per
tonne. There are 300-400 meters of underground workings that were developed by
a French mining company in the 1950s, but upon Moroccan independence the
French company left and the deposit was never mined. The property has seen no
exploration work since then.
Second is the Talouine gold property, located in the southern Anti Atlas,
located immediately west and on strike of the Tafrent gold deposit owned by
the Moroccan governments' exploration and mining agency, ONHYM (Office
National de Hydrocarbeure et des Mines). Tafrent hosts a current published
resource of 5.6 million tonnes at an average grade of 1.22 grams per tonne
gold. The property consists of three exploration licenses for a total of 48
square kilometers, hosted in Precambrian volcanic and intrusive rocks.
Third is the Tizintfirst copper-gold property, comprising a single, 16
square kilometer exploration license hosting a gold and copper bearing gossan,
according to government reports, into which a small adit has been developed.
The property is located in the eastern Anti Atlas, 80 kilometers south of the
town of Midelt. It has seen no reported exploration since the unknown time
when the adit was developed.
Additionally, the company is pleased to report that Odyssey has signed a
similar agreement with the Marakech-based barite mining company, SOCOMIS
(Societé Commercial et Miniere du Sahara), granting Odyssey an exclusive 90
day period to assess its Gundafa-Tanefit mines property. This large property,
located in the High Atlas approximately 110 kilometers south Marakech,
comprises seven mining and exploration licenses, encompassing a past-
productive lead-zinc-silver mine, a past-productive copper mine and numerous
unexplored copper and copper-gold occurrences within a land package over 100
square kilometers in area. Pending a positive assessment, the parties have
agreed to negotiate a lease with purchase option agreement enabling Odyssey to
earn a 100 percent title to the property subject only to a royalty.
Avrom E. Howard, MSc, FGA, PGeo (Ontario) is the Qualified Person
responsible for these projects.
Company Profile: Odyssey Resources Limited is a Canadian-based junior
mining company dedicated to becoming the leading mineral exploration and
development company in Morocco. The Company is developing a copper-silver
property hosting several known deposits in the heart of a large, unexplored
copper-silver belt in Morocco, a country that hosts several world class
mineral deposits. Odyssey is also advancing a gold property with known
resources and exceptional untested exploration potential in Turkey.
The Company currently has 86,814,881 shares outstanding, and the stock
price at the time of writing is C$0.13.
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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: please refer to the Company's website
www.odysseyresources.com or contact: George Mihaleto, Chief Executive Officer
OR Avrom E. Howard, MSc, FGA, PGeo (Ontario), VP Exploration and designated
Qualified Person, Odyssey Resources Limited, Tel: (416) 362-6955, 90 Allstate
Parkway, Suite 603, Markham, Ontario L3R 6H3, firstname.lastname@example.org,