Odyssey Resources Limited

Odyssey Resources Limited

February 20, 2007 08:30 ET

Scoping Study Underway at Odyssey's Alous Copper-Silver Deposit

TORONTO, ONTARIO--(CCNMatthews - Feb. 20, 2007) - Odyssey's (TSX VENTURE:ODX) Board of Directors are pleased to announce that the Company has commissioned the international consulting firm, Scott Wilson Group PLC, to carry out a Scoping Study at the Company's Alous copper-silver deposit located in southwestern Morocco. The study will address the geology, resource model and metallurgy of the deposit, and will provide preliminary recommendations regarding mine planning and design, processing, site design and project economics. Pursuant to the results of the report, the Company will proceed with project financing and completion of a formal Pre-feasibility Study, along with the drilling necessary to elevate the resource to the Measured category. Work on the Scoping Study will commence immediately; a final report is anticipated in the first half of April. Odyssey's management looks forward to receiving this study and moving forward to develop Morocco's most significant existing copper-silver deposit.

Additionally, Management is pleased to report that a geophysical survey is currently underway at two locations north and south of the main Alous deposit, respectively. The Induced Polarization survey is being carried out by SAGAX MAGHREB, originally a Quebec-based geophysical consulting firm now based in Marrakech, Morocco. The two grids overlie the strike extensions of the same fault that hosted the past-productive Assif Imider copper-deposit, to the north, and is continuous with the fault that passes through and is related to the Alous deposit, as well, roughly four kilometers to the south.

Concurrent with the geophysical survey, detailed mapping is being completed at Alous and a number of additional mineralized zones that are found within a few kilometers of the main deposit. These zones include both structurally and stratigraphically hosted copper-silver mineralization. Pursuant to the results of these two programs, drill targets will be delineated and permitting initiated; drilling will include a number of fill-in and step-out holes at Alous, as well. Pending permitting, anticipated in April, drilling will begin immediately.

Finally, prospecting and sampling across the balance of the Anti Atlas property is currently underway, with an emphasis on the stratigraphic horizon that hosts the Imin Irfi, Talat N'Ouamane, Tiferki and Tizert copper-silver deposits, the first two of which have been mined. This horizon extends for a strike length of several tens of kilometers and has never been comprehensively prospected or sampled. Odyssey geologists have already discovered one new mineralized zone along this trend with several areas awaiting assessment. New zones will be mapped and sampled to determine their size and grade potential.

The Anti Atlas comprises a large, largely unexplored Proterozoic sedimentary basin. The largest and richest "red bed" type copper deposits as well as the largest and richest sedimentary-hosted uranium deposits in the world are hosted within similar Proterozoic sedimentary basins, elsewhere across Africa and around the world. Odyssey Management look forward to releasing additional information about progress at the Alous deposit and the balance of the Anti Atlas property.

The Board also reports that Exploration Capital Partners Inc. have exercised 2 million share purchase warrants at an exercise price of C$0.15 for gross proceeds of C$300,000.

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)
    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