TORONTO, June 28 /CNW/ - Odyssey Resources (ODX-TSX-V) ("Odyssey" or "the Company") announced today that the Company has signed an Agreement with Ariana Resources ("Ariana"), a London based, AIM-listed gold company focused in Turkey that provides Ariana with an exclusivity period of up to nine months to complete a due diligence on Odyssey's Tavsan gold property in Turkey. (Please see the Company's news release dated Feb. 27, 2007 for information on resources). In return for the exclusivity agreement Ariana will pay Odyssey a fee.
George Mihaleto, Odyssey's CEO said, "This agreement is positive for Odyssey shareholders. It continues Odyssey's stated strategy of concentrating its efforts in Morocco, while realizing value from our legacy projects in Turkey."
Ariana's due diligence will look to define all technical, economic and environmental issues that will influence the potential viability of the project. Ariana will retain the right of first refusal for a further six months on the purchase of the Project, subject to certain earn-back and royalty interests on the property due to Teck Cominco Arama ve Madencilik Sanayi Ticaret A.S. (TCAM), a subsidiary of Teck Cominco Limited.
During the due diligence period, Odyssey and Ariana will continue discussions with TCAM with a view to reaching an agreement that meets the requirements of all three parties.
About Odyssey Resources
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 under-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 Resources Limited's 86.8 million shares trade on the TSX Venture Exchange under the symbol "ODX". As of the date of this release, shares of Odyssey Resources Limited have been trading at a 52 week high and low of $0.245 and $0.105, respectively. For more information, please refer to the Company's website www.odysseyresources.com.
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.
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responsibility for the adequacy or accuracy of this news release.