Odyssey Resources Limited

Odyssey Resources Limited

November 02, 2005 08:00 ET

Odyssey Resources Launches Phase II of Copper-Silver Exploration in Morocco

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2005) - Avrom E. Howard, President and CEO of Odyssey Resources Limited (TSX VENTURE:ODX) is pleased to report that following the Company's recent financing, Phase II exploration work on its nearly 600 square kilometer property in the western Anti Atlas region of Morocco is set to begin. Phase II will focus on confirmation and step-out drilling of the known deposits within the property, and will also include the digitization of all existing drill data combined with detailed geologic mapping.

Management anticipates roughly eight to ten weeks of preparatory work prior to the start of drilling in January. This work will lead to the preparation of independent resource estimates on the known deposits with Historic Resources that the Company believes may have increased size potential (please see the Company's news release dated January 5, 2005). Additionally, there are two known tailings ponds that will be assessed to determine their potential economic viability.

The property region hosts numerous ancient and recently past-productive copper-silver mines and many partly drilled and developed copper-silver deposits, including eight on the property itself. The Company believes that there is potential for significant sediment/volcanic-hosted copper-silver deposits within its property and in this large belt as a whole, a belt that remains virtually un-explored by current global standards. Sediment/volcanic-hosted copper deposits such as those found in Zambia, Chile and elsewhere, comprise one quarter of the world's copper resources, with individual deposits ranging from several up to several hundred million tonnes in size.

Finally, Company geologists will begin to apply its geologic/exploration model for these deposits in the assessment of numerous unexplored and undocumented copper-silver occurrences that are found across the property and beyond, with the aim of delineating locations where there appears to be potential for significant copper-silver deposits. Mr. Howard reports that there are so many copper-silver occurrences to look at that the challenge for the Company will be to be able to quickly assess and disregard the majority of them, focusing only on those where multi-million tonne potential is discerned.

In Turkey, the Company is currently reviewing plans for its Tavsan gold property, including permitting, surveying, grid drilling, metallurgical testing and other work necessary to advance the project through completion of an Independent Resource Estimate and on to the preparation of a Prefeasibility Study, as recommended in the scoping-level study that was completed earlier this year.

Gregory B. Maynard, P.Geo. (Arizona) is the Qualified Person for these projects under the terms of National Instrument 43-101 and along with Avrom E. Howard, P.Geo. (Ontario) is responsible for the information contained in this news release.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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