TORONTO, May 10 /CNW/ - Odyssey Resources ("Odyssey" or "the Company"), (TSX-V: ODX), announced today that the Company has entered into an Exclusivity Agreement with S&B Endustriyel Mineraller A.S., the Turkish subsidiary of S&B Industrial Minerals S.A., a leading multinational industrial mineral group with global operations.
In accordance with the terms agreed to, S&B will conduct an exploration program at its own expense over an eighteen month period, beginning immediately, so that it may study the quantity and quality of the bentonite deposit and determine its commercial value and economic viability.
S&B will make a payment for the exclusivity period upon signing the agreement and be responsible for all fees related to the property during the exclusivity period. In the event the exploration results reveal an economically viable deposit, S&B will make a further payment to Odyssey's Turkish subsidiary company. Additionally, S&B will pay a royalty per metric ton of run-of-mine clay produced
George Mihaleto, Odyssey's CEO, said, "This deal illustrates the re-focusing strategy that we commenced early this year. It enables the Company to monetize the value of one of its Turkish assets at no cost, while acquiring the partnership of one of the world's leading producers of clay and related industrial minerals. This and other initiatives are designed to concentrate the Company's efforts on systematically advancing its large interests in Morocco."
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.
The Company currently has 86,814,881 shares outstanding, and the stock price at the time of writing is C$0.13.
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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