Odyssey Resources Limited

Odyssey Resources Limited

September 15, 2008 09:41 ET

Odyssey Announces Change in Management

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2008) - Odyssey Resources Ltd. ("Odyssey" or the "Company) (TSX VENTURE:ODX) is pleased to announce the appointment of David Fennell as Executive Chairman and James Crombie as President and Chief Executive Officer. Mr. Fennell and Mr. Crombie have also been appointed to the Company's Board of Directors.

Mr. Crombie graduated from the Royal School of Mines, London, in 1980 with a B.Sc. (Hons) in Mining Engineering, having been awarded an Anglo American scholarship. Mr. Crombie held various positions with DeBeers Consolidated Mines and the Anglo American Corporation in South Africa and Angola between 1980 and 1986. He spent the next thirteen years as a mining analyst and investment banker with Shepards, Merrill Lynch, James Capel & Co. and finally with Yorkton Securities. Mr. Crombie was the Vice President, Corporate Development of Hope Bay Mining Corporation Inc. from February 1999 through May 2002 and President and CEO of Ariane Gold Corp. from August 2002 to November 2003. Mr. Crombie was President, CEO and a director of Palmarejo Silver and Gold Corporation until the merger with Coeur d'Alene Mines Corporation, in December 2007. Currently, Mr. Crombie is a director of Arian Silver Corporation and Sherwood Copper Corporation, CEO, Executive Vice-Chairman and director of Queensland Minerals Ltd. and President, CEO and director of Reunion Gold Corporation.

Mr. Fennell received his law degree in 1979 from the University of Alberta and practiced in the areas of corporate and resource law until 1983, when he founded Golden Star Resources. During his term as President and CEO, Golden Star became a successful TSX 300 exploration company. In 1998, Mr. Fennell left Golden Star to become Chairman and CEO of Cambiex Exploration Inc., which became Hope Bay Gold Corporation. He held this position until the merger of Hope Bay and Miramar Mining Corporation where he continued as Executive Vice-Chairman and director for the combined entity until its takeover, in January 2008, by Newmont Mining Corporation. He was Chairman of Ariane Gold Corp. from August 2002 until its acquisition by Cambior Inc. in November 2003, and was a director of Palmarejo Silver and Gold Corporation until the merger with Coeur d'Alene Mines Corporation, in December 2007. He is currently a director of Major Drilling Group International Inc., and Chairman and director of Queensland Minerals Ltd., Reunion Gold Corporation and Maximus Ventures Ltd.

Murray John, director and Interim President and CEO of the Company, and Colin Jones, director, have resigned. Murray John, President and CEO of Dundee Resources Limited, the Company's major (approximately 42.6%) shareholder, commented "The sale of the Tavsan project in Turkey and the recent private placement mean that the restructuring of Odyssey has been completed. The Company now has approximately $4 million in its treasury and is well-financed to look for new mining projects and to complete its revaluation of the Alous Project in Morocco. We are extremely pleased to have been able to recruit David and Jim as the executive management of Odyssey to lead the Company forward. Over the last ten years, they have been successful in identifying, acquiring and exploring the projects that were behind the success of Ariane Gold Corp., Hope Bay Gold Corp., Miramar Mining Corp. and Palmarejo Silver and Gold Corp."

Mr. Fennell and Mr. Crombie participated in the private placement recently completed by the Company and jointly, through Nassau Capital Management Corporation, control approximately 19.5% of Odyssey.

The foregoing is subject to approval of applicable regulatory authorities, as required.

About Odyssey Resources

Odyssey Resources Limited is a Canadian-based junior exploration company whose main focus has been in Morocco. Odyssey Resources Limited's 26.7 million shares trade on the TSX Venture Exchange under the symbol "ODX".

Forward-Looking Statements

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements.

For more information, please refer to Odyssey's website www.odysseyresources.com.

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

Contact Information

  • Odyssey Resources Ltd.
    James Crombie
    President & CEO
    450-677-2601 (FAX)