TORONTO, June 28 /CNW/ - Odyssey Resources (ODX-TSX-V) ("Odyssey" or "the
Company") announced today that the Company has signed an Agreement with
Ariana Resources ("Ariana"), a London based, AIM-listed gold company focused
in Turkey that provides Ariana with an exclusivity period of up to nine months
to complete a due diligence on Odyssey's Tavsan gold property in Turkey.
(Please see the Company's news release dated Feb. 27, 2007 for information on
resources). In return for the exclusivity agreement Ariana will pay Odyssey a
George Mihaleto, Odyssey's CEO said, "This agreement is positive for
Odyssey shareholders. It continues Odyssey's stated strategy of concentrating
its efforts in Morocco, while realizing value from our legacy projects in
Ariana's due diligence will look to define all technical, economic and
environmental issues that will influence the potential viability of the
project. Ariana will retain the right of first refusal for a further six
months on the purchase of the Project, subject to certain earn-back and
royalty interests on the property due to Teck Cominco Arama ve Madencilik
Sanayi Ticaret A.S. (TCAM), a subsidiary of Teck Cominco Limited.
During the due diligence period, Odyssey and Ariana will continue
discussions with TCAM with a view to reaching an agreement that meets the
requirements of all three parties.
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
under-explored 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.
Odyssey Resources Limited's 86.8 million shares trade on the TSX Venture
Exchange under the symbol "ODX". As of the date of this release, shares of
Odyssey Resources Limited have been trading at a 52 week high and low of
$0.245 and $0.105, respectively. For more information, please refer to the
Company's website www.odysseyresources.com.
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: George Mihaleto, Chief Executive Officer,
Odyssey Resources Limited, Tel: (416) 362-6955, or (905) 480-9106, 90 Allstate
Parkway, Suite 603, Markham, Ontario, L3R 6H3; OR Investor Relations, Andreas
Curkovic, The Equicom Group, (416) 815-0700 x262; firstname.lastname@example.org,