Odyssey Resources Limited

Odyssey Resources Limited

May 01, 2007 10:13 ET

Odyssey Updates Drilling Plans in Morocco

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - The Board of Odyssey Resources (TSX VENTURE:ODX) advises that drilling preparations are underway at Odyssey's Alous copper-silver property, located in southwestern Morocco. Novafor Inc., the same Moroccan-based drilling company that completed the confirmation-drilling program at Alous, in 2006 will undertake the reverse circulation-drilling program. An initial 1,000 meter program is planned, beginning with four holes in Zone D, located less than 200 meters south of Zone C. The program will cover a trend more than 400 meters long where copper mineralization is exposed at surface and where a recently completed induced polarization survey indicates this zone to extend at shallow depth down-dip. A fifth hole will be drilled immediately west of Zone A to test for its down-faulted extension. Drill permits are expected shortly and drilling should begin in early May with additional exploration drilling to follow. Fill-in and step-out drilling at Zones A and B will be undertaken pursuant to the completion of the Scott Wilson mining consultants' Scoping Study, the first draft of which is expected later this week.

SAGAX MAGHREB has completed an induced-polarization survey over two grids at Alous; the first over Zone D as described above, and the second over the southerly strike extension of the past-productive Assif Imider fault-hosted copper-silver deposit. The survey has delineated pronounced coincident chargeability and conductivity anomalies that appear to define the down-dip continuation of mineralization exposed at the northern edge of Zone D. Results from the Assif Imider grid indicate a narrow and steeply dipping coincident chargeability and conductivity anomaly continuing south in the fault that hosted the Assif Imider deposit. Additional drill sites will now be selected to test the Assif Imider target as well.

First phase prospecting has been completed across the balance of the Anti Atlas property licenses, with laterally extensive but generally thin mineralized horizons documented over great strike lengths. Future work will focus on delineating areas where there is evidence for thickening of the host horizon and increased levels of mineralization, within and beyond the existing property boundaries.

Finally, the Board reports that in accordance with Odyssey's exclusivity agreements with Global Mines Ltd. and Socomis (please refer to Odyssey's news release dated March 2, 2007), over fifteen properties have now been visited by Odyssey geologists. These properties include past-productive mines and known mineral occurrences in historic mining districts, encompassing copper, silver, lead-zinc-silver and lead-zinc-silver-vanadium-uranium, in a variety of geologic settings. Sample results are pending, pursuant to which property selections and final acquisition agreements will be negotiated. Additional property visits are planned over the coming weeks.

Odyssey Resources Limited has filed its 2006 audited consolidated financial statements and accompanying notes for the year ended December 31, 2006, and the related Management's Discussion and Analysis with the Canadian system for electronic document analysis and retrieval ("SEDAR"). These can be accessed on SEDAR at www.sedar.com.

Company Profile: Odyssey Resources Limited is a Canadian-based junior mining company dedicated to becoming Morocco's preeminent metal mining company. Odyssey is developing the Alous copper-silver deposit in the heart of a large and poorly explored copper-silver belt in Morocco, a country that hosts several world class mineral deposits. The Company is simultaneously pursuing additional opportunities across the country spanning several metal commodities including gold, silver, copper, lead, zinc and uranium. Odyssey is also advancing a gold property with known resources and significant exploration potential in the heart of a major epithermal gold province in western Turkey.

The Company currently has 86,814,881 shares outstanding, and the stock price at the time of writing is C$0.13.

Forward-Looking Statements:

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.

Contact Information

  • Odyssey Resources Limited
    George Mihaleto
    Chief Executive Officer
    (416) 362-6955
    Odyssey Resources Limited
    Avrom E. Howard, MSc, FGA, PGeo (Ontario)
    VP Exploration and designated Qualified Person
    (416) 362-6955
    Email: info@odysseyresources.com
    Website: www.odysseyresources.com