Odyssey Resources Limited
TSX VENTURE : ODX

Odyssey Resources Limited

October 26, 2005 09:12 ET

Odyssey Closes C$1,750,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2005) - Avrom E. Howard, President and CEO of Odyssey Resources Limited (TSX VENTURE:ODX) is pleased to announce the completion of a non-brokered private placement of 17,500,000 Units of Odyssey at a price of C$0.10 per Unit for total proceeds of C$1,750,000. Each Unit consists of one common share and one full purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Odyssey Resources at a price of $0.15 per share during the 24-month period ending October 27, 2007.

The securities issued are subject to a four-month hold period. There is no finder's fee or commission payable in association with this financing. Major participants in this financing include the Tocqueville Gold Offshore Fund Ltd., Gabelli Gold Fund, Inc., Dundee Corporation, and Exploration Capital Partners 2005 Limited Partnership.

The proceeds of this financing will be used to advance the Company's exploration work on its properties in Morocco and Turkey and for general working capital.

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

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