Odyssey Resources Limited

Odyssey Resources Limited

January 05, 2005 09:02 ET

Odyssey Launches Copper-Silver District Exploration Program in Morocco


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ODYSSEY RESOURCES LIMITED

TSX VENTURE SYMBOL: ODX

JANUARY 5, 2005 - 09:02 ET

Odyssey Launches Copper-Silver District Exploration
Program in Morocco

TORONTO, ONTARIO--(CCNMatthews - Jan. 5, 2005) - Avrom E. Howard,
President and CEO of Odyssey Resources Limited (TSX VENTURE:ODX) is
pleased to report that the company has signed an agreement to acquire a
package of exploration licenses in the Kingdom of Morocco. The Company
has acquired 34 licenses totaling 392 square kilometres in a past
productive copper-silver district. It is a poorly explored area that
management believes may host several significant copper-silver targets.
Odyssey Management spent time exploring in Morocco from 1997 to 1999 and
is keen to return to such a geologically prospective region.

A total of 17 licenses in four separate blocks encompassing 232 square
kilometers ("sq km") are under acquisition from the Bureau de Recherches
et de Participation Minieres ("BRPM"), the Moroccan government's mineral
exploration and mining agency. Odyssey has also independently staked and
registered an additional 17 exploration licenses over an area of 160 sq
km, adjacent to and in between two of the aforementioned BRPM license
blocks.

The properties are located in southwestern Morocco within the Anti Atlas
mountains, a largely dry and hilly terrain comprising Upper Precambrian
volcanic-sedimentary and intrusive rocks, overlain by Lower Cambrian
sedimentary rocks. Known Precambrian-hosted deposits are found in
volcanic and intrusive rocks, and appear similar to manto deposits of
the Mantos Blancos type found in Chile and Peru (Mantos Blancos hosts
more than 400 million tonnes of copper-silver ore). Known
Cambrian-hosted deposits are found in conglomerates and siltstones, and
appear to be typical sediment-hosted deposits.

Table I provides a summary all of the known mineral deposits on the
properties that have been acquired by Odyssey, including Morocco's
largest and most significant undeveloped copper-silver deposit, known as
Alous. Several other unexplored copper-silver occurrences are also found
on the properties.



Table I: Summary of Known Mineral Deposits
---------------------------------------------------------------------
NAME TONNES COPPER (%) SILVER (g/t) STATUS
---------------------------------------------------------------------
Alous 6,350,000 0.87 9.8 Undeveloped
---------------------------------------------------------------------
Assif Imider 280,000 3.70 76 Mined(i)
---------------------------------------------------------------------
Talat N' Sous 4,000,000 0.84 n/a Undeveloped
---------------------------------------------------------------------
Tizert 1,062,000 2.30 69 Partly Developed+
---------------------------------------------------------------------
Tiferki 206,000 2.75 117 Partly Developed+
---------------------------------------------------------------------


(i) - "Mined" means that the originally defined resource has already
been mined.

+ - "Partly Developed" means that underground access portals and drifts
to access the deposit have already been completed and that they remain
in working condition.

Note: All resource figures listed are quoted from the BRPM files and
BRGM report, referenced below, and are to be considered as Historic
Resources only. Although considered reliable by Odyssey management based
upon the review of the numerous publications, reports, maps and related
documents referred to below, management cautions that the resource
estimates are historical in nature, have not been verified by the
Company's qualified person, and should not be relied upon.

The agreement to acquire the four property blocks from the BRPM entails
exploration expenditures totaling US $1.45 million over a four-year
period, followed by cash payments totaling 2 million Moroccan Dirham
(MAD) over a further four-year period (1 US dollar equals 8.27 MAD).
Odyssey will earn 100 percent title to all claims, subject only to a 3
percent Net Smelter Return royalty. Information about all of these
deposits has been referenced from publications of the Moroccan Ministry
of Energy and Mines and the BRPM, as well as the June-September 1998
issue Chronicle of Mineral Research & Exploration, a publication of the
French BRGM (Bureau de Recherches Geologiques Minieres), in an article
entitled "Mineral Resources of Morocco".

Morocco is a stable North African country with a long mining history,
diverse geology, excellent infrastructure, a comprehensive geological
database, and favorable mining, tax and investment laws. Odyssey
management believes there to be tremendous potential in its recently
acquired properties and across the country as a whole.

Gregory B. Maynard, P.Geo (Arizona) 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.

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. The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
news release.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Odyssey Resources Limited
    Avrom E Howard
    President and CEO
    (416) 362-6955
    or
    Odyssey Resources Limited
    Lori-Ann Sattler
    Investor Relations
    (416) 362-6955
    info@odysseyresources.com
    www.odysseyresources.com