Odyssey Resources Limited

Odyssey Resources Limited

March 30, 2005 08:40 ET

Odyssey Announces Private Placement, Joint Venture Exploration Program in Turkey Continues




MARCH 30, 2005 - 08:40 ET

Odyssey Announces Private Placement, Joint Venture
Exploration Program in Turkey Continues

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - Avrom E. Howard,
President & CEO of Odyssey Resources Limited (TSX VENTURE:ODX), is
pleased to announce that the Company has accepted a non-brokered private
placement from BHP Billiton. The placement will consist of 347,288 units
at a price of C$0.25 per unit for a total of C$86,822. Each unit will
consist of one Common Share and one-half Purchase Warrant. Each full
Purchase Warrant shall have an exercise price of C$0.40 and a term of
two years from the date of closing.

This private placement is subject to regulatory approval by the TSX
Venture Exchange. There will be no fees or commissions payable on this
placement. The securities issued pursuant to this financing will be
subject to a minimum four-month hold period.

Proceeds of the placement will go toward funding the ongoing 50/50 joint
venture copper-gold exploration program between BHP Billiton and Odyssey
Resources Limited. The geographic area of eastern Turkey that comprises
this joint venture is at an early stage of exploration, with deposits
found in neighboring Iran being among the largest copper-gold porphyry
deposits in the world. To date, more than US$330,000 has been spent by
the joint venture partnership on this project, resulting in the
identification of several target areas that are the subject of current,
more detailed assessment along with the expansion of the area under
review (please see the Company's news release dated February 9, 2005).

According to the terms of the joint venture agreement, any property
identified and jointly acquired will constitute a new, independent 50/50
joint venture wherein BHP Billiton will fund 65% and Odyssey will fund
35% of the first US$1 million in exploration expenditures. BHP Billiton
retains an option to increase its interest in each property to 65% by
incurring all subsequent expenditures required to complete a Feasibility
Study, and to further increase its interest to 75% by incurring all
expenditures required to finance the property through to the
commencement of Commercial Production.

As Operator, Odyssey management is pleased with its progress on this
large scale undertaking, is aggressively pursuing its program for 2005
and looks forward to continuing to develop its relationship with BHP
Billiton in Turkey.


Contact Information

    Odyssey Resources Limited
    Stephen Coates
    (416) 362-6955
    Visit Odyssey's web site:
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