Business
Odyssey Signs Exclusivity Agreement on its Turkish Bentonite Clay Property
Odyssey Signs Exclusivity Agreement on its Turkish Bentonite Clay Property.
About this update from Odyssey Resources Limited
[{"type":"text","content":"\n\n\n\nTORONTO, May 10 /CNW/ - Odyssey Resources ("Odyssey" or "the Company"),\n(TSX-V: ODX), announced today that the Company has entered into an Exclusivity\nAgreement with S&B Endustriyel Mineraller A.S., the Turkish subsidiary of S&B\nIndustrial Minerals S.A., a leading multinational industrial mineral group\nwith global operations.\n\n\nIn accordance with the terms agreed to, S&B will conduct an exploration\nprogram at its own expense over an eighteen month period, beginning\nimmediately, so that it may study the quantity and quality of the bentonite\ndeposit and determine its commercial value and economic viability.\n\n\nS&B will make a payment for the exclusivity period upon signing the\nagreement and be responsible for all fees related to the property during the\nexclusivity period. In the event the exploration results reveal an\neconomically viable deposit, S&B will make a further payment to Odyssey's\nTurkish subsidiary company. Additionally, S&B will pay a royalty per metric\nton of run-of-mine clay produced\n\n\nGeorge Mihaleto, Odyssey's CEO, said, "This deal illustrates the\nre-focusing strategy that we commenced early this year. It enables the Company\nto monetize the value of one of its Turkish assets at no cost, while acquiring\nthe partnership of one of the world's leading producers of clay and related\nindustrial minerals. This and other initiatives are designed to concentrate\nthe Company's efforts on systematically advancing its large interests in\nMorocco."\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 under\nexplored copper-silver belt in Morocco, a country that hosts several world\nclass mineral deposits. The Company is simultaneously pursuing additional\nopportunities across the country spanning several metal commodities including\ngold, silver, copper, lead, zinc and uranium.\n\n\nThe Company currently has 86,814,881 shares outstanding, and the stock\nprice at the time of writing is C$0.13.\n\n\nForward-Looking Statements:\n\n\nThe statements made in this Press Release may contain forward-looking\nstatements that may involve a number of risks and uncertainties. Actual events\n...