Odyssey Resources Limited

Odyssey Resources Limited

November 19, 2009 11:23 ET

Odyssey Announces Winter 2010 Drill Programs at Auclair and FCI

LONGUEUIL, QUEBEC--(Marketwire - Nov. 19, 2009) - Odyssey Resources Limited ("Odyssey" or the "Company") (TSX VENTURE:ODX) is pleased to announce that Odyssey and its partner, Virginia Mines Inc. ("Virginia"), are planning drill programs for the winter 2010 season on the Auclair and FCI gold projects located in the James Bay region of Quebec. Odyssey is currently earning into a 50% joint venture interest in both projects, which are 100% owned by Virginia, by funding exploration and making option payments over a six year period (please refer to Odyssey's news release issued May 28, 2009). Under the option agreements, Virginia is the operator and conducts the exploration programs for both projects.

Auclair Project

The Auclair project covers a 20 km long, folded BIF (banded iron formation) at the eastern tip of the Eastmain greenstone belt, in a geological setting similar to the one hosting the large Musselwhite gold mine in northern Ontario. Virginia has conducted exploration on the project since the late 1990s. Several gold showings have been discovered so far on the property in the BIF and in the enclosing sediments (wackes) as a result of channel sampling and some limited diamond drilling.

A systematic till sampling program covering the entire property has defined two significant gold dispersion trains with probable sources in swamp-covered areas. A work program of prospecting and detailed mapping was carried out in the summer of 2009.

Odyssey and Virginia are planning a 5,000 meter drill program during winter 2010 on the Auclair project. The winter 2010 drill program will test several zones of structural complexities affecting the BIF in the interpreted source areas of the gold dispersion trains, as well as other geological targets. The cost of this program is estimated at Can$1,000,000.

FCI Project

The FCI property consists of one block of 412 claims totalling 21,105 hectares and covers 35 km of favourable geology within the Guyer greenstone belt. The FCI property is located less than 12 km from the Trans-Taiga all-weather road and is readily accessible by helicopter or floatplane. Between 1998 and 2007, Virginia carried out field work on the project, consisting of grab sampling, channel sampling and some limited diamond drilling. To date, several gold showings have been discovered across the entire length of the property, associated with a major lithological contact between volcanic rocks and sediments. As well, a significant gold-in-till anomaly remains unexplained along this fertile volcano-sedimentary contact. Polymetallic showings associated with QFP intrusions and sericite schists were also discovered at both ends of the property.

Odyssey and Virginia plan to conduct a 3,500 meter drill program on the FCI project during winter 2010. The drill program will test the lateral and vertical extensions of the Golden Gap showing, the probable source area of the gold-in-till anomaly, as well as a few other gold and polymetallic targets. The cost of this program is estimated at Can$900,000.

3rd Quarter, 2009

Odyssey also announces that its unaudited interim consolidated financial statements and management's discussion & analysis for the three and nine-month periods ended September 30, 2009 have been filed on SEDAR (www.sedar.com) and are available on the Company's website at www.odysseyresources.com.

At September 30, 2009, with a cash position of US$3,431,231, including remaining flow-through funds of approximately US$965,000, the Company estimates that it has sufficient funds to pay for the winter 2010 drilling programs at Auclair and FCI and to cover its 2010 general and administrative expenses.

About Odyssey Resources

Odyssey Resources Limited is a Canadian-based junior exploration company that is earning a 50% joint venture interest in two gold-exploration projects, the FCI and Auclair properties located in the James Bay region of Quebec, from Virginia Mines Inc.

Forward-Looking Statements

Statements contained in this press release concerning projections or expectations of financial or operational performance, or concerning other future events or results, or which refer to matters which are not historical facts, constitute "forward looking information" under the provisions of Canadian securities laws. Such statements include, without limitation, statements regarding the Company's plans for earning a joint venture interest in the Virginia properties, the expected results of exploration activities on the Auclair and FCI Projects and the ability of the Company to execute its business plans with its available funds. Such statements reflect the Company's current beliefs and are based on information currently available to the Company as of the date of this press release. Forward looking information is subject to various risks and uncertainties, and many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking information. The Company does not intend to update this forward looking information, except as required by law. For these reasons, the Company cautions readers against placing undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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