Odyssey Resources Limited

Odyssey Resources Limited

August 18, 2009 16:49 ET

Odyssey Resources Limited Announces its Financial Results for the Three and Six-Month Periods Ended June 30, 2009 and Update on Exploration Projects

LONGUEUIL, QUEBEC--(Marketwire - Aug. 18, 2009) - Odyssey Resources Limited (TSX VENTURE:ODX) (the "Company") announces that its unaudited interim Consolidated Financial Statements and Management's Discussion & Analysis for the three and six-month periods ended June 30, 2009 have been filed on SEDAR (www.sedar.com) and are available on the Company's website at www.odysseyresources.com.

In accordance with the option agreements signed with Virginia Mines Inc. ("Virginia") on May 27, 2009, Odyssey can acquire from Virginia a 50% interest in the FCI and/or Auclair properties, located in the James Bay region of Quebec, Canada by spending Can $4 million (US $3,439,381) and Can $5 million (US $4,299,226), respectively in exploration work to be carried out during the next 6 years, and making cash payments totalling Can $130,000 (US $111,780) and $150,000 (US $128,977), respectively by the 3rd anniversary of the option agreements. Virginia is the operator and conducts the exploration work on the two properties under programs and budgets approved by both parties. Work programs are currently under way on both properties and consist of prospecting, mapping and sampling. The Company is financing these work programs from the proceeds of a flow-through financing in the amount of Can $1,200,000, which closed on June 23, 2009.

On August 12, 2009, the Company completed the previously announced sale transaction of the Tavsan Gold Project, located in Turkey. Following the transfer to Ariana Resources plc, an AIM listed company, of the remaining two licences, the Company received the final amount of US$50,000 in cash and the remaining 600,000 shares of Ariana, which were until this date being held in escrow.

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

Certain statements contained in this press release constitute "forward looking information" under the provisions of Canadian securities laws. Such statements include statements regarding the Company's plans for earning a joint venture interest in the Virginia Mines Inc. properties. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking statements. The Company does not intend to update this forward looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.

Neither 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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