Odyssey Resources Limited
TSX VENTURE : ODX

Odyssey Resources Limited

April 07, 2011 16:51 ET

Odyssey Resources Limited Announces Filing of Audited Annual Financial Statements and Update on Swansea Project

LONGUEUIL, QUÉBEC--(Marketwire - April 7, 2011) - Odyssey Resources Limited (TSX VENTURE:ODX) (the "Company") announces that its audited annual Consolidated Financial Statements, Notes and Management's Discussion & Analysis for the year ended December 31, 2010 have been filed on SEDAR (www.sedar.com) and are available on the Company's website at www.odysseyresources.com.

Swansea Project

A 19-hole diamond drilling program totalling 9,349 meters was completed in December 2010 on the Swansea Property located in North-eastern Ontario. The objective of the drill program was to explore the down-dip, down-plunge and strike extensions of the Legardo Zone, a sporadically gold mineralized carbonate-fuchsite alteration zone. The program also tested the on-strike south-westerly extension of meta-volcanic rocks that host the historic Omega gold deposit located immediately east of the Swansea Property. The drill program targeted the alteration zones between 300 to 700 m vertical depth below surface. Given that no significant gold values were reported in any of the holes, the Company determined not to pursue the program and decided not to exercise its option under the option agreement that it had entered into in October 2010 with Bear Lake Gold Ltd. and Newstrike Resources Ltd., the owners of the Swansea Property.

About Odyssey

Odyssey Resources Limited is an exploration company whose focus is the acquisition, exploration and development of mineral resource properties. At the present time, the Company does not own any exploration property and is not carrying out any exploration programs. In light of this, the Company is actively assessing new mineral resource properties and seeks to acquire an interest in a property of merit subject to having adequate financial resources to do so. However, there can be no assurance that a new mineral exploration project will be acquired. As at this date, the Company has approximately Can $1.9 million in cash.

Caution Regarding Forward Looking Information

Certain statements contained in this press release constitute "forward looking information" under the provisions of Canadian securities laws. Such statements include statements regarding the Company's plan to acquire new assets. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and factors, known and unknown, could cause actual results to be materially different from those expressed or implied by the forward looking statements. The Company does not intend to update this forward looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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