Odyssey Resources Limited
TSX VENTURE : ODX

Odyssey Resources Limited

February 27, 2007 16:13 ET

Resource Estimate Complete at Odyssey's Tavsan Gold Property in Turkey

TORONTO, ONTARIO--(CCNMatthews - Feb. 27, 2007) - Odyssey's (TSX VENTURE:ODX) Board of Directors report the results of the Independent Resource Estimate completed at the Company's Tavsan gold property, located in western Turkey. The estimate was completed by Qualified Persons, Eugene Puritch, P.Eng, Tracy Armstong, P.Geo and Antoine Yassa, P.Geo of P&E Mining Consultants Inc. ("P&E"), a geological and mining consulting firm based in Brampton, Ontario. P&E calculated the resource based upon a Whittle optimized pit economic model that incorporated a gold price of US $517 per ounce, a mining cost of US $1.10 per rock tonne mined, a processing cost based upon a 3,000 tonne per day operation of US $10.00 per tonne, a general and administrative cost of US $1.75 per tonne, a process recovery of 95 percent and a consequent cut-off grade of 0.70 grams per tonne gold ("g/t Au").

Sixty-nine reverse circulation holes were drilled at an average spacing of 100 meters. Additionally, a further 35 core holes drilled by Odyssey over the preceding two years at a variety of locations mostly in and around the Main Zone were incorporated into the estimate, along with 48 core and reverse circulation holes drilled by previous workers on the Property, also mostly in and around the Main Zone.

Most of the Satellite zones and all of the End zone were excluded from the estimate as it was not possible to incorporate the results from 100 meter spaced holes over what in many places was a narrow and steeply-dipping zone into the wireframe modeling software. A denser drill grid will need to be completed before these zones may be incorporated into the resource estimate and in order to elevate them beyond the Inferred category.

Within these parameters, the following resource estimate figures were calculated:



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Resource Domain Tonnes Au g/t Ag g/t Au oz Ag oz
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Main Zone Indicated 767,000 1.79 3.7 44,200 92,400
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Main Zone Inferred 1,543,000 1.49 5.0 73,700 249,200
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Sivri Zone Inferred 354,000 1.18 5.3 13,400 60,200
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Total Indicated 767,000 1.79 3.7 44,200 92,400
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Total Inferred 1,897,000 1.43 5.1 87,100 309,400
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(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.

(2) The quantity and grade of reported inferred resources in this
estimation are conceptual in nature and there has been insufficient
exploration to define these inferred resources as an indicated or measured
mineral resource and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.


The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

The required technical report that supports this press release will be filed on SEDAR within 45 days.

When the resource is assessed from a geologic perspective it is seen that Tavsan actually hosts a larger geologic resource, but one that is sensitive to gold price and mining costs. The geologic resource sensitivity figures for the Main Zone at a variety of cut-off figures, may be found below.



---------------------------------------------------------------
CUT-OFF INDICATED INFERRED
---------------------------------------------------------------
(g/t Au) Tonnes Au (g/t) Tonnes Au (g/t)
---------------------------------------------------------------
1.0 1,076,000 1.83 2,159,000 1.43
---------------------------------------------------------------
0.7 1,627,000 1.50 3,738,000 1.18
---------------------------------------------------------------
0.5 2,041,000 1.31 4,795,000 1.05
---------------------------------------------------------------
0.4 2,291,000 1.22 5,088,000 1.02
---------------------------------------------------------------
0.3 2,527,000 1.14 5,243,000 1.00
---------------------------------------------------------------


The discrepancy between the historic and current resource estimates is attributed to the difference between the polygon method, used in the former, and the wireframe method, used in the latter, along with the addition of economic parameters incorporated in the latter, as well.

During the detailed structural mapping program that was also recently completed, extensions to both the Main Zone and End Zone were discovered to be larger and more continuous than previously known. Whereas mappable surface exposures of possible feeder structures have proven difficult to observe in the field, gold and pathfinder element geochemical data indicate several locations where such structures may exist. These areas will constitute targets for future drilling along with the aforementioned zone extensions and more detailed grid drilling overall.

Management believes that there is excellent potential to increase the existing resource. In light of the Company's recently announced strategic decision to focus its efforts in Morocco, it is currently in discussions with a number of potential partners to jointly advance the Tavsan property toward this goal.

Avrom E. Howard, MSc, FGA, PGeo (Ontario), VP Exploration, is Odyssey's Qualified Person for this project.

Company Profile: Odyssey Resources Limited is a Canadian-based junior mining company dedicated to becoming the leading mineral exploration and development company in Morocco. The Company is developing a copper-silver property hosting several known deposits in the heart of a large, unexplored copper-silver belt in Morocco, a country that hosts several world class mineral deposits. Odyssey is also advancing a gold property with known resources and exceptional untested exploration potential in Turkey.

The Company currently has 86,814,881 shares outstanding, and the stock price at the time of writing is C$0.20.

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
    (905) 480-9557 (FAX)
    or
    Odyssey Resources Limited
    Avrom Howard
    Vice President, Exploration, and designated Qualified Person
    (416) 362-6955
    (905) 480-9557 (FAX)
    Email: info@odysseyresources.com
    Website: www.odysseyresources.com