Odyssey Resources Limited

Odyssey Resources Limited

October 27, 2006 14:11 ET

Odyssey Completes First Tranche of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 27, 2006) -

Not for distribution to U.S. news wire services or dissemination in the United States

Avrom E. Howard, President & CEO of Odyssey Resources Limited (TSX VENTURE:ODX) is pleased to announce that it has completed the first tranche of the private placement of up to C$2 million of Units previously announced on October 6, 2006. A total of 16,546,300 Units of the Company were issued at a price of $0.10 per Unit for total proceeds of C$1,654,630. Each Unit consists of one common share and one half purchase warrant, with each warrant exercisable into an additional common share of the Company at a price of $0.15 per share. Warrants are exercisable at any time commencing on the date hereof and continuing up to 4:30 p.m. (Toronto time) on October 27, 2008. No commission is payable in connection with this placement.

All of the securities issued pursuant to the private placement are subject to a four-month hold period expiring on February 28, 2007.

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

Company Profile: Odyssey Resources Limited is one of the only junior mining companies focused exclusively on exploration and development in the mineral-rich Mediterranean Region. Odyssey's projects include gold and copper-silver deposits with known Historic Resources: the Tavsan Gold Property in Turkey and the Anti Atlas Copper-Silver Project in Morocco.

Forward-Looking Information

This press release contains forward-looking information, within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial condition of the Company. Forward-looking information includes, but is not limited to, statements with respect to the Company's private placement. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the successful completion of private placement financings, the receipt of regulatory approvals, changes in project parameters as plans continue to be refined; future commodity prices, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking information herein, except in accordance with applicable securities laws.

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

Contact Information

  • Odyssey Resources Limited
    Avrom E. Howard
    President and CEO
    (416) 362-6955
    Odyssey Resources Limited
    George Mihaleto
    Business Development Consultant
    (416) 362-6955
    (416) 362-6830 (FAX)
    Email: info@odysseyresources.com
    Website: www.odysseyresources.com