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Odyssey Resources Signs Exclusivity Agreement with Ariana Resources for Odyssey's Tavsan Gold Property in Turkey
Odyssey Resources Signs Exclusivity Agreement with Ariana Resources for Odyssey's Tavsan Gold Property in Turkey.
About this update from Odyssey Resources Limited
[{"type":"text","content":"\n\n\n\nTORONTO, June 28 /CNW/ - Odyssey Resources (ODX-TSX-V) ("Odyssey" or "the\nCompany") announced today that the Company has signed an Agreement with\nAriana Resources ("Ariana"), a London based, AIM-listed gold company focused\nin Turkey that provides Ariana with an exclusivity period of up to nine months\nto complete a due diligence on Odyssey's Tavsan gold property in Turkey.\n(Please see the Company's news release dated Feb. 27, 2007 for information on\nresources). In return for the exclusivity agreement Ariana will pay Odyssey a\nfee.\n\n\nGeorge Mihaleto, Odyssey's CEO said, "This agreement is positive for\nOdyssey shareholders. It continues Odyssey's stated strategy of concentrating\nits efforts in Morocco, while realizing value from our legacy projects in\nTurkey."\n\n\nAriana's due diligence will look to define all technical, economic and\nenvironmental issues that will influence the potential viability of the\nproject. Ariana will retain the right of first refusal for a further six\nmonths on the purchase of the Project, subject to certain earn-back and\nroyalty interests on the property due to Teck Cominco Arama ve Madencilik\nSanayi Ticaret A.S. (TCAM), a subsidiary of Teck Cominco Limited.\n\n\nDuring the due diligence period, Odyssey and Ariana will continue\ndiscussions with TCAM with a view to reaching an agreement that meets the\nrequirements of all three parties.\n\n\nAbout Odyssey Resources\n\n\nOdyssey Resources Limited is a Canadian-based junior mining company\ndedicated to becoming Morocco's preeminent metal mining company. Odyssey is\ndeveloping the Alous copper-silver deposit in the heart of a large and\nunder-explored copper-silver belt in Morocco, a country that hosts several\nworld class mineral deposits. The Company is simultaneously pursuing\nadditional opportunities across the country spanning several metal commodities\nincluding gold, silver, copper, lead, zinc and uranium.\n\n\nOdyssey Resources Limited's 86.8 million shares trade on the TSX Venture\nExchange under the symbol "ODX". As of the date of this release, shares of\nOdyssey Resources Limited have been trading at a 52 week high and low of\n$0.245 and $0.105, respectively. For more information, please refer to the\nCompany's website www.odysseyresources.com.\n\n\nForward-Looking Stateme...