Odyssey Resources Limited

Odyssey Resources Limited

January 31, 2007 08:00 ET

Odyssey Refines its Focus and Appoints New CEO

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2007) - Odyssey Resources' (TSX VENTURE:ODX) Board of Directors is pleased to announce changes to the Company's strategy and structure that will move the Company toward its objective of becoming a leading mineral exploration and development company in Morocco. Additionally, the Board is pleased to announce the appointment of Mr. George Mihaleto as Chief Executive Officer of the Company.

Moving forward, Odyssey will focus on developing its existing properties and acquiring additional licenses in prospective areas in Morocco, a geologically diverse country with excellent mineral potential. Morocco has a number of mines currently producing silver, lead, zinc, copper and cobalt, and is the world's third largest producer of phosphates.

Odyssey's plans for the first half of 2007 include:

1. Advance the Alous copper-silver deposit through completion of a Scoping Study;

2. Define new drill targets in the immediate vicinity of Alous to increase the existing resource;

3. Assess remaining copper-silver deposits and known targets across the Anti Atlas property, in the Imin Irfi - Talat N'Ouamane - Tiferki - Tizert corridor in particular, a mineralized horizon with a strike length of more than 20 kilometres. Please refer to: http://www.odysseyresources.com/maps/Alouslicense_nov2006.pdf to see the locations of these deposits;

4. Apply the geological expertise Odyssey has developed to other areas across the Anti Atlas Proterozoic basin to assess and acquire new copper-silver prospects;

5. Acquire licenses over areas prospective for uranium and evaluate the sedimentary basins that host them to delineate additional targets; and

6. Continue to identify new opportunities covering a variety of metal commodities in locations across Morocco.

In Turkey, Odyssey is awaiting the results of the Independent Resource Estimate on its Tavsan gold deposit, following which Odyssey will evaluate its options. In addition, the Company announces that it is in discussions with a number of industrial mineral companies regarding the development of its bentonite clay property located on Turkey's Black Sea coast. Options include Odyssey retaining an equity interest or royalty in the property or an outright sale.

Effective immediately, Mr. George Mihaleto has been appointed CEO. Mr. Mihaleto joined Odyssey in June 2006 as Business Development Manager, and has assumed a leadership position in increasing the Company's exposure amongst investment communities in North America and Europe.

Mr. Mihaleto is an attorney by training with years of experience in the metals and mining sector. Mr. Mihaleto previously served as a metals trader for Glencore International AG and as General Manager of Marketing for Anglovaal Mining, a position he held for five years. He holds a Law degree and completed an International Management Diploma at Henley University in the United Kingdom.

Odyssey's Board of Directors announces that Mr. Avrom Howard, MSc, PGeo, will become the Company's Vice President, Exploration, effective immediately, in order that he may focus exclusively on advancing and further developing Odyssey's Moroccan program.

Odyssey announces that as part of his compensation package, Mr. Mihaleto has been granted 913,000 stock options. The stock options are subject to a four-month hold period and will be vested in stages over an 18-month period, in accordance with the policies of the TSX Venture Exchange. These options will expire five years from the Date of Grant and have an exercise price of $0.15 per share.

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.

Forward-Looking Information

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 does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Odyssey Resources Limited
    George Mihaleto
    Chief Executive Officer
    (416) 362-6955
    (416) 362-6830 (FAX)
    Odyssey Resources Limited
    Avrom Howard
    Vice President, Exploration, and designated Qualified Person
    (416) 362-6955
    (416) 362-6830 (FAX)
    Email: info@odysseyresources.com
    Website: www.odysseyresources.com