Tackler
19 years ago
Odyssey picks up four Moroccan licences
2005-07-21 09:02 ET - News Release
Mr. Avrom Howard reports
ODYSSEY ACQUIRES MORE COPPER-SILVER PROSPECTS IN MOROCCO
Odyssey Resources Ltd. has acquired four additional licences in Morocco covering two past-productive copper-silver deposits, immediately south of and contiguous with its current licences in the western Anti Atlas region of Morocco. The deposits are located six kilometres apart along a northeast-trending stratigraphic contact and initial field review suggests that mineralization extends well beyond the boundaries of the past-productive mines. Both deposits were mined by the mining division of the Moroccan government's agency, the Bureau de Recherches et de Participation Minieres (BRPM).
One of the deposits, Talat N'Ouamane, appears to have been mined during two periods, as there are two separate portals of different age and appearance each with several hundred metres of underground workings (as determined by underground visits by Odyssey geologists). The two portals are over one kilometre apart the entire interval of which is mineralized at surface along the mineralized stratigraphic contact. Past-production figures -- grades and tonnes mined -- have not yet been located. There is a large tailings pond at the second deposit, Imin Irfi, which appears to have processed ore from both mines. Two composite tailings samples, the first a 0.76-kilogram sample taken over a three-metre vertical interval and the second a 0.57-kilogram sample taken over a two-metre vertical interval, returned copper values of 0.286 per cent and 0.224 per cent, respectively. The samples were hand delivered to ALS Chemex in Reno, Nev., where five-gram splits were digested by aqua regia and analyzed by induction-coupled plasma.
This acquisition adds an additional 64 square kilometres to Odyssey's land position in Morocco. Odyssey's holdings in Morocco now cover over 500 square kilometres, encompassing five known copper-silver deposits and three known past-producing copper-silver mines. A first phase field program was recently completed, which included detailed reviews of the known deposits along with prospecting across selected portions of the property. Additionally, the geophysical consulting firm of Patterson, Grant & Watson has recently submitted its maps and report of the airborne geophysical data that Odyssey had earlier purchased from the Moroccan government. These data are currently under review.
Results from the field program and geophysical data interpretation will be released once all reports and results have been received, and the company's plans for advancing this project to the next phase have been formulated. Odyssey management remains very pleased with the progress of this large and growing project, where there is excellent potential for the discovery of world-class copper-silver deposits.
Gregory B. Maynard, PGeo (Arizona), is the qualified person for this project, under the terms of National Instrument 43-101, and along with Avrom E. Howard, PGeo (Ontario), president and chief executive officer of Odyssey, is responsible for the information contained in this news release.
Finally, Mr. Howard reports that 400,000 stock options previously issued to company directors, officers or consultants have been cancelled, and that 450,000 stock options have been issued to company officers.
Ed Monton
19 years ago
Odyssey on quest to raise $500,000
2004-11-19 15:34 ET - News Release
Mr. Avrom Howard Coates reports
ODYSSEY PROPOSES FINANCING
Odyssey Resources Ltd. intends to undertake a non-brokered private placement of four million units, at a price of 12.5 cents per unit, for gross proceeds of $500,000.
Each unit would consist of one common share and one-half of one share purchase warrant. Each whole warrant would be exercisable for one common share at an exercise price of 20 cents for a period of 12 months from the date of closing.
The company expects to pay a finder's fee equal to 7.0 per cent of the gross proceeds raised in cash.
Completion of the private placement with the Tectonic Fund will be subject to, among other things, board and regulatory approval, including satisfaction of the requirements of the TSX Venture Exchange. The securities issued pursuant to this financing will be subject to a minimum four-month hold period. The proceeds of this financing will be used for further exploration at the company's Tavsan gold project in Turkey, for moving forward in its copper-gold joint venture exploration project with BHP Billiton, and for continuing exploration work and property acquisitions on the company's copper-silver project in Morocco, and general working capital.
Ed Monton
19 years ago
Odyssey adds Coates to board; Forster, Matysek resign
2004-11-16 19:15 ET - News Release
Mr. Avrom Howard reports
ODYSSEY APPOINTS NEW DIRECTOR
Odyssey Resources Ltd. has appointed Stephen Coates to the company's board of directors. Mr. Coates is president of Grove Communications Inc., a market communications company providing corporate communications and stakeholder relations services to publicly traded companies, including Odyssey Resources. Mr. Coates will continue managing the company's communications program and will assist management with business development activities. His wealth of experience in communications and within the financial markets make him a welcome addition to the company's board.
Odyssey also reports the departure of Doug Forster and Paul Matysek, the company's two Vancouver-based directors, and takes this opportunity to thank them for their services to the company. The board of directors wishes to acknowledge the efforts and contributions of these two gentlemen during their term and looks forward to maintaining a strong, informal relationship with both men in an advisory capacity for the Vancouver market.
Additionally, as referred to above, Grove Communications Inc. has recently assumed the company's investor relations program from National IR (as reported in Stockwatch on April 8, 2004), replacing Jonathan Buick, who has elected to pursue another career.
In other news, drilling continues at the company's Tavsan epithermal gold property in Turkey. Results will be reported as they are obtained.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
Top
Tackler
19 years ago
I wonder how the drilling is going...
Odyssey Resources begins drilling at Tavsan
2004-11-10 14:29 ET - News Release
Mr. Avrom Howard reports
Odyssey Resources Ltd. has begun diamond drilling at the Tavsan gold project this week. For a map of the project area and details of the drill hole locations, please visit http://www.odysseyresources.com/i/maps/tavsan/tavsan-compilation.gif.
There are two primary objectives in the current drilling program. The first is to provide sufficient infill data within the Main zone. The second is to test a chain of seven zones of gold-bearing jasperoid that lie on surface between the Main zone and the End zone, over two kilometres to the northeast. The ultimate objective is to outline sufficient potential tonnage to justify moving forward with an independent resource estimate and prefeasibility study.
Tavsan, located in western Turkey roughly 60 kilometres northeast of Eldorado Gold's Kisladag gold deposit, is a sediment-hosted bulk-tonnage gold target hosting a historical resource of 11,612,391 tonnes with average grade of 1.01 grams per tonne (see news in Stockwatch Aug. 11, 2004).
A quality control program consisting of randomly inserted duplicate and standard check samples will ensure accurate and reliable results in this program. All drill core will be sealed and transported to the company's secure core storage facility near the property. Samples will be analyzed by ISO 9002-certified ALS Chemex in Vancouver, with sample preparation completed by ALS's laboratory in Turkey.
Drill results will be released upon completion of the program.
Avrom E. Howard, PGeo, is the qualified person for this project under the terms of National Instrument 43-101.
Ed Monton
20 years ago
Here is why (I think) the share price isn't that great:
Odyssey Resources Limited: Recall of Turkish VAT
Welcomed; Drilling at Tavsan Confirms Widespread Gold
Mineralization; Drilling at Altintepe Completed
TORONTO, ONTARIO--(CCNMatthews - Aug. 6, 2004) - Avrom E. Howard,
President and CEO of Odyssey Resources Limited (ODX:TSX VENTURE)
welcomes the Turkish government's reversal of the 18% Value Added
Tax (VAT) charges on gold production, recently passed by the
Turkish parliament and soon to be signed into law by the
country's president. This decision serves to reinforce that
Turkey continues to be an attractive country within which to
invest due to its favorable business environment and highly
prospective geology.
Additionally, Odyssey is pleased to provide a comprehensive
update on the Company's operations and activities in Turkey.
Currently, Odyssey Resources Limited has three primary
exploration programs underway in Turkey, one of which hosts an
historic resource of 300,000 oz of gold (Tavsan) and an a second
that hosts a combined Indicated and Inferred Resource of 225,000
oz of gold (Altintepe). Odyssey's exploration team in Turkey has
maintained an active workload over the past few months, with
exploration activities ongoing. This release is intended to
update shareholders and investors on all of the Company's
operations in Turkey.
At Tavsan, twenty holes have been completed for a total of 1,068
meters, traversing the full 3 kilometer strike length of the
surface-exposed mineralized zone: 7 holes in the Main Zone, 3
holes in the North 20 Zone, 4 holes in the North Zone, and 6
holes in the End Zone. All holes intersected gold mineralization,
from a low of 1.3 meters grading 0.33 grams per tonne gold (hole
no. 12) to a high of 10.3 meters grading 2.10 grams per tonne
gold (Hole no. 2; true thickness in both cases). This drilling
has successfully confirmed the large lateral extent of gold
mineralization on the Tavsan property, exposed at or near
surface, well beyond the boundaries of the Main Zone wherein the
historic resource of 300,000 ounces (pre-43-101 Historic
Resource) was first delineated.
Given the large scale of this mineralized system along with the
dozens of intermingled and surrounding antimony occurrences
(antimony being a metal typically associated with epithermal gold
systems), and the numerous structural features documented during
Odyssey's recent work, a follow up program of detailed geological
and structural mapping is currently underway. The objective of
this program is to develop a more comprehensive three dimensional
geological and mineral deposit model, for the delineation of
additional drill targets at depth.
Additional diamond drilling, and perhaps additional surface
trenching, will be undertaken pursuant to the conclusion of this
program. It is Management's belief that the historic resource of
300,000 oz of gold represents but a fraction of the property's
total gold potential, a belief supported by the results of the
recently completed drilling program, and that the additional work
currently underway will provide further insight as to the full
extent of mineralization at surface and in the hypothesized
feeder structures, below.
At Altintepe, fourteen holes for a total of 2,055 meters of
diamond drilling have now been completed over the Karakis and
Seyliktepe zones since the beginning of the year. Four of these
holes were completed over the past few months along with a
detailed geological mapping program. Typical high sulfidation
epithermal gold mineralization has been documented in drill core
and at surface; however, none of these mineralized zones were
determined to possess significant dimensions. This work has now
confirmed that the 225,000 ounces delineated in the 2G and
Extension Ridge zones comprises the main gold mineralization of
potentially economic proportions on the Altintepe property.
At Altintepe and Tavsan, an ongoing quality control program
consisting of randomly inserted duplicate and standard check
samples continues to ensure accurate and reliable results in this
program. Samples are being analyzed by ISO9002 certified ALS
Chemex in Vancouver, Canada, with sample preparation completed by
ALS's laboratory in Turkey. Odyssey President and CEO, Avrom E.
Howard, MSc, FGA, PGeo is the Company's Qualified Person
responsible for the preparation of this news release and for the
supervision of, and reporting on this project.
On Odyssey's Eastern Anatolides copper-gold porphyry joint
venture program with BHP Billiton, detailed target delineation
work is currently being completed, pursuant to field evaluations
jointly conducted by geologists from both companies over areas
delineated during the first phase of this program. Areas jointly
highlighted during this field evaluation are now undergoing a
more detailed assessment involving the processing and
interpretation of additional remote sensing imagery, along with
field follow up. Upon completion of this work, geologists from
both companies will reconvene for final field checks prior to
selecting target areas for acquisition. The Eastern Anatolides
project is a 50/50 joint venture with BHP Billtion wherein
targets jointly selected will be structured into a new 50/50
joint venture funded 65% by BHP and 35% by Odyssey for the first
$1,000,000.
Additional news and developments pertaining to Odyssey's work in
the Mediterranean region including Morocco and elsewhere will be
reviewed in forthcoming news releases.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
Jonathan Buick
Manager, Investor Relations
(416) 362-6955
jbuick@odysseyresources.com
Ed Monton
20 years ago
Odyssey Reports Drilling Results From Tavsan
TORONTO, ONTARIO--(CCNMatthews - Jun 10, 2004) -
Holes at Main Zone Hit High-Grade and Confirm Continuous Blanket
of Gold Mineralization
Avrom E. Howard, President and CEO of Odyssey Resources Limited
(TSX VENTURE:ODX) reports results from the first 6 holes
completed at the Company's Tavsan property in western Turkey.
Drilling confirms the continuation of the enriched mineralization
encountered in earlier surface trenching. The current phase of
approximately 25 holes totaling 1,500 meters of diamond drilling
is expected to be complete by the fall. The silicified
mineralized zone has been intersected in every hole drilled to
date, as confirmed visually and by the assay results received so
far.
Grades continue to average approximately 1.0 gram per tonne gold
("g/t Au") with individual results up to 13.95 g/t Au over 2.3
meters. The thickness of mineralization ranges from a few meters
to over 20 meters beginning at surface or very near surface
inmost cases. The high-grade zones do not appear to be random and
may be associated with one or more types of breccias encountered
within the mineralized zone.
"We are dealing with a blanket of mineralization draped over the
topography and varying in thickness from a few to over 20
meters." Mr. Howard reports: "Similar to the McLaughlin deposit
in California, mineralization at Tavsan is focused within a
thrust fault, and similar to McLaughlin we believe that
mineralization exposed across, at, and near surface at Tavsan is
but a small part of the story" (McLaughlin hosted a total
resource of 24.3 million tonnes grading 4.49 g/t Au, for a total
of 3.5 million ounces).
Hole OT-1 intersected a 2.3 meter thick interval from surface
running 13.95 g/t Au with an additional 2.6 meters grading 0.97
g/t Au a further 6.2 meters down (true thickness in both cases).
Hole OT-2 intersected 9.6 meters from surface (true thickness)
grading 2.23 g/t Au, and OT-3 hit 7.7 meters (true thickness)
running 1.48 g/t Au starting at a depth of 3.9 meters. Holes
OT-1, OT-2 and OT-3 were drilled from the same location, roughly
in the middle of the Main Zone, at an angle to the south,
vertically, and at an angle to the northeast, respectively.
Hole OT-4, located 100 meters south-southeast of the first 3
holes, hit 4.40 meters grading 1.77 g/t Au (true thickness),
under a veneer of 12.8 meters of the overthrust ophiolite
sequence. Hole OT-5, collared 150 meters southwest of hole OT-4
and drilled to the south, hit 4.4 meters (true thickness) grading
1.44 g/t Au under 38 meters of ophiolite cover, indicating a
possible local down-drop fault block in this part of the Main
Zone. Hole OT-6, collared at the same location and drilled to the
northeast, hit 6.7 meters (true thickness) grading 1.04 g/t Au
from a depth of 10 meters below surface.
Odyssey President and CEO, Avrom E. Howard, MSc, FGA, PGeo is the
Company's Qualified Person responsible for the preparation of
this news release and for the supervision of, and reporting on
this project. A quality control program consisting of randomly
inserted duplicate and standard check samples will continue to
ensure accurate and reliable results in this program. Samples are
being analyzed by ISO9002 certified ALS Chemex in Vancouver,
Canada, with sample preparation completed by ALS's laboratory in
Izmir, Turkey. Odyssey's working capital stands at C$1.2 million
as of June 1, 2004, sufficient to complete its drilling programs
on both properties, along with work on its other projects in
Turkey and Morocco. Odyssey Resources has 41.2 million shares
outstanding.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
Jonathan Buick
Manager, Investor Relations
416-362-6955
jbuick@odysseyresources.com
or
Odyssey Resources Limited
John E. Buckle
Vice President for Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
The TSX Venture Exchange has neither approved nor disapproved the
information contained in this press release.
Ed Monton
20 years ago
Odyssey Hits High-Grade Gold, Silver & Copper In Turkey
TORONTO, ONTARIO--(CCNMatthews - May 4, 2004) -
Second Karakis Ridge Discovery Hole Intercepts 3.3 Meters Grading 15.62 g/t Gold, 159 g/t Silver and 9.48% Copper
Avrom E. Howard, President and CEO of Odyssey Resources Limited
(ODX:TSXV) reports that Hole ATD-18, drilled into Karakis Ridge
intersected a 3.3 meter (10.8 feet) wide zone grading 15.62 grams
per tonne ("g/t") gold, 159 g/t silver, and 9.48% copper. This
discovery is significant as it is located 110 meters (361 feet)
from the original Karakis discovery hole, ATD-10, that
intersected 20 meters (66 feet) grading 2.2 g/t gold including a
10 meter (33 feet) wide hydrothermal breccia zone averaging close
to 5 g/t gold.
"Hole ATD-18 is an important hole as it confirms the existence of
high-grade gold-silver-copper mineralization in Karakis Ridge,"
said Avrom Howard, President and Chief Executive Officer of
Odyssey Resources Limited. "We can now move forward to drill the
balance of the 1 kilometer long Karakis Ridge target with greater
confidence and accuracy, to delineate gold-silver-copper
mineralization within this structure and those targets that run
parallel to Karakis, over the next few months."
Given the high grades obtained and the low core recovery in this
interval, the laboratory was instructed to re-analyze the
original pulp as well as a second split, prior to this result
being released. Additionally, Odyssey's Turkish exploration team
is sending samples from intervals of veinlet-stockwork
mineralization found immediately above and below the vein zone
for analysis, as well.
The most recent phase of drilling at Karakis consisted of 6 holes
for a total of 1,100 meters (3,609 feet), with original
exploration drilling comprising a previous 3 holes for a total of
276 meters (905.5 feet). Whereas holes drilled at higher
elevations, above roughly 600 meters above sea level ("masl"),
have intersected stratigraphically/lithologically controlled
zones of hydrothermal alteration including residual silica, gold
grades have generally been low, under 0.5 g/t gold. However,
drilling at elevations in the 550 masl range has intersected
structurally controlled zones of more intense hydrothermal
alteration including residual silica and alunite, along with
higher gold grades. These results are consistent with a
structurally controlled high sulfidation epthermal gold setting,
and clearly confirm that the northwest trending Karakis and
Seyliktepe ridges, along with the adjacent Kocahisar zone, remain
highly prospective as the Company's exploration model predicted.
A diamond drill rig is being mobilized back to Altintepe, where a
follow up phase of exploration drilling will focus upon the lower
elevations of Karakis ridge, to delineate the full strike length
of gold mineralization discovered to date. Drilling will
similarly target the lower reaches of Seyliktepe ridge, as well.
The Altintepe property hosts several vein and disseminated
epithermal gold zones across an area of 2 by 4 kilometers in
size, including two with historic resources (please see Odyssey's
news release dated March 10, 2003). Several of these zones remain
open on strike and at depth, and display features diagnostic of
typical volcanic-hosted high and intermediate sulfidation
epithermal gold systems. Please see the Company's website for a
map depicting details of the Altintepe property, at:
http://www.odysseyresources.com/news-maps/2004-05-04.htm
At Altintepe, a quality control program consisting of randomly
inserted duplicate and standard check samples will continue to
ensure accurate and reliable results in this program. Samples are
being analyzed by ISO9002 certified ALS Chemex in Vancouver,
Canada, with sample preparation completed by ALS's laboratory in
Turkey. Odyssey President and CEO, Avrom E. Howard, MSc, FGA,
PGeo is the Company's Qualified Person responsible for the
preparation of this news release and for the supervision of, and
reporting on this project.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan Buick
Manager, Investor Relations
(416) 362-6955
jbuick@odysseyresources.com
or
John E. Buckle
Vice President for Marketing and Investor Relations
(416) 362-6955
jebuckle@odysseyresources.com
Ed Monton
20 years ago
Odyssey Resources Uncovers Additional 479 meters of
Mineralization; Diamond Drilling Begins
TORONTO, ONTARIO--(CCNMatthews - Apr 22, 2004) - Avrom E. Howard,
President and CEO of Odyssey Resources Limited (ODX:TSXV) reports
that samples taken from Trench G have returned 479 meters (1,571
feet) of gold mineralization including a 125 meter (413 feet)
continuous interval averaging 1.30 g/t. Individual samples are as
high as 4.04 g/t across 4 meters and 2.74 g/t over 6 meters.
Trench G is located 250 meters (825 feet) northeast of Trench F
and 500 meters (1,651 feet) of the northeastern boundary of the
Main Zone, host to an historic Resource of approximately 280,000
ounces (see Odyssey's news release dated January 27, 2004). The
results from Trench G, following those of Trench F (see Odyssey's
news release dated April 6, 2004), even further extend the strike
length of the Main Zone to the northeast. Cumulatively, trenching
results released to date more than double the surface area of
mineralization of the historic gold resource at the Tavsan
property (the Main Zone).
Trench G is mineralized from end to end, with higher grade
intervals as follows:
- 56-91 (25) meters: 0.56 g/t
- 255-459 (204) meters: 119 meters averaging 0.69 g/t, separated
by a 20 meter gap where bedrock was too deep to sample, followed
by 55 meters averaging 0.47 g/t
-589-869 (280) meters: 0.68 g/t, including the 125 meter interval
averaging 1.30 g/t, noted above.
Mr. Howard also reports that a diamond drilling program on the
property has recently begun. A minimum of 2,500 meters of
drilling is planned (25-30 holes), with the aim of independently
confirming mineralization in the Main Zone then extending it to
the southwest and northeast along the full, more than 3 kilometer
strike length of gold mineralization exposed at surface on the
property, including the area covered by the recent trenching
program and beyond.
Tavsan hosts oxidized, disseminated, bulk-mineable
sediment-hosted epithermal gold in silicified rocks found within
a widespread zone of structurally controlled mineralization
exposed at surface. A quality control program consisting of
randomly inserted duplicate and standard check samples will
continue to ensure accurate and reliable results in this program.
Samples are being analyzed by ISO9002 certified ALS Chemex in
Vancouver, Canada, with sample preparation completed by ALS's
laboratory in Turkey. Avrom E. Howard, MSc, FGA, PGeo, is the
Qualified Person responsible for supervision of and reporting on
this project.
Odyssey Resources Limited is a Canadian public company devoted to
the discovery and development of gold and copper resources across
the Mediterranean.
For more information visit Odyssey's website at:
http://www.odysseyresources.com,
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
Jonathan Buick
Manager, Investor Relations
(416) 362-6955
jbuick@odysseyresources.com
or
Odyssey Resources Limited
John Buckle
Vice President
(416) 362-6955
jebuckle@odysseyresources.com
www.odysseyresources.com
Ed Monton
20 years ago
Odyssey Expands Management Team
TORONTO, ONTARIO--(CCNMatthews - Apr 8, 2004) - Avrom E. Howard,
President and CEO of Odyssey Resources Limited (ODX:TSXV) is
pleased to announce the addition of National Investor Relations
to the Odyssey team. Jonathan Buick will assume the title of
Manager, Investor Relations while Stephen Coates will continue
his role as Manager, Corporate Communications.
National IR will provide full-time shareholder and investor
relations support as well as media relations and strategic market
communications advice. The contract is for an initial period of
one year with total monthly compensation of $8,250 and the
issuance of 100,000 options exercisable at $0.27/share for a
period of five years and subject to securities regulations.
Jonathan Buick joins Odyssey Resources Limited having spent the
last two years with eResearch. While at eResearch, Mr. Buick was
responsible for business development with issuing companies and
institutions as well as communicating with retail investors. For
the last eight years Mr. Buick has acted in various capacities as
a consultant to both private and public companies.
Odyssey Resources Limited is a Canadian public company focused on
exploration for precious and base metals in the Middle East and
Mediterranean Regions.
For more information visit Odyssey's website at:
http://www.odysseyresources.com
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
John Buckle
Vice President, Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
www.odysseyresources.com
Ed Monton
20 years ago
Odyssey's Bulk Tonnage Gold Target Increases; Adjacent
Property Acquired
TORONTO, ONTARIO--(CCNMatthews - Apr 6, 2004) - Avrom E. Howard,
President and CEO of Odyssey Resources Limited (ODX:TSXV) reports
results from Trench F on its Tavsan epithermal gold property in
western Turkey, where a 126 meter continuous interval has
returned an average of 1.01 grams of gold per metric ton ("g/t")
including 4.78 g/t over 7 meters and 1.50 g/t over 28 meters.
Trench F is located 250 meters northeast of Trench E and the
northeastern boundary of the Main Zone, host to an historic
Resource of approximately 280,000 ounces (see Odyssey's news
release of January 27, 2004). The results from Trench F
significantly extend the strike length of the Main Zone to the
northeast. Results from trenches G and H, a further 250 and 500
meters to the northeast, respectively, are expected shortly.
Odyssey Resources continues to expand the Tavsan project with the
recent acquisition of an additional exploration license covering
the balance of the Sivritepe gold zone. It was acquired 100% by
government auction, is approximately 10 square kilometers in
area, and is located immediately south and west of the Main Zone.
This acquisition is significant to Management's plans and the
belief that the original gold discovery at Tavsan extends
significantly beyond its original boundaries. The Company's
program of mapping, trenching and drilling will be carried out
over the Sivritepe property, as well.
Tavsan hosts oxidized, sediment-hosted epithermal gold in
silicified rocks found within a widespread zone of structurally
controlled mineralization exposed at surface. A quality control
program consisting of randomly inserted duplicate and standard
check samples will continue to ensure accurate and reliable
results in this program. Samples are being analyzed by ISO9002
certified ALS Chemex in Vancouver, Canada, with sample
preparation completed by ALS's laboratory in Turkey.
Odyssey Resources Limited is a Canadian public company
discovering and developing gold copper resources across the
Mediterranean.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
John Buckle
Vice President, Marketing and Investor Relations
(416) 362-6955
jebuckle@odysseyresources.com
http://www.odysseyresources.com
Ed Monton
20 years ago
Odyssey Extends Oxide Gold Zone At Tavsan, Turkey
TORONTO, ONTARIO--Avrom E. Howard, President and CEO of Odyssey
Resources Limited (ODX:TSXV) reports that the Company has
received additional results from its ongoing 10,000 meter
trenching program at the Tavsan Gold property in western Turkey.
Tavsan hosts an historic gold resource (that Company management
views as reliable but will continue to refer to as an Inferred
Resource until independently confirmed in accordance with the
provisions of National Instrument 43-101) of 280,000 ounces (0.5
gram per tonne cutoff, specific gravity of 2.5) within a surface
area of roughly 325 by 400 meters. The current trenching program,
based to a large extent upon the known distribution of gold on
surface from historic sampling, is aimed at extending this zone
by up to 1,000 meters in length and from 100 to 500 meters in
width.
Current results cover portions of trenches A, B and C, and extend
the strike length of the main known zone of mineralization (the
"Main Zone") by at least 400 meters. Additionally, the trenches
span a vertical range of more than 60 meters, thus extending
mineralization vertically below the depth tested by previous
drilling. Company management views the combination of an
expanding surface area and greater vertical extent of
mineralization as offering excellent potential for significantly
increasing the gold resource at Tavsan.
The chart below summarizes highlights from trenches A, B and C,
and restates those from trenches D and E. A complete log of all
sample intervals for which results have been obtained, to date,
will be posted on the Company's website and updated as additional
results are received.
----------------------------------------
Trench Interval Length Gold
(meters) (meters) (grams per
tonne)
----------------------------------------
A 235-245 10 1.54
----------------------------------------
285-295 10 0.48
----------------------------------------
B 35-40 5 3.03
----------------------------------------
182-188 6 0.96
----------------------------------------
278-288 10 0.99
----------------------------------------
310-317 7 0.92
----------------------------------------
416-465 49 0.82
----------------------------------------
C 210-322 112 0.66
----------------------------------------
497-573 76 0.31
----------------------------------------
D 220-224 4 6.94
----------------------------------------
239-523 284 0.96
----------------------------------------
535-573 38 2.85
----------------------------------------
587-593 6 3.85
----------------------------------------
E 372-626 254 0.88
----------------------------------------
635-673 38 1.11
----------------------------------------
.....................
Tavsan hosts oxidized, leachable, sediment-hosted epithermal gold
in silicified rocks found within a widespread zone of
disseminated and structurally controlled mineralization exposed
at surface. Results from trenches F, G and H, up to 600 meters
along strike from the main zone of mineralization, are pending.
Historic sampling has already defined gold mineralization at
surface over a large part of this area. Sampling of these
trenches is currently underway, and results will be reported as
they become available.
A 2,000-meter, wide diameter core diamond drilling program is
planned, has recently been permitted, and is scheduled to begin.
This program is intended to confirm the historic gold resource,
then extend it in all directions and at depth.
A quality control program consisting of randomly inserted
duplicate and standard check samples will continue to ensure
accurate and reliable results in this program. Samples are being
analyzed by ISO9002 certified ALS Chemex in Vancouver, Canada,
with sample preparation completed by ALS's laboratory in Turkey.
Odyssey President and CEO, Avrom E. Howard, MSc, FGA, PGeo is the
Company's Qualified Person responsible for the preparation of
this news release and for the supervision of, and reporting on
this project.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
John Buckle,
Vice President for Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
www.odysseyresources.com
Ed Monton
20 years ago
Odyssey Continues Drilling at Altintepe
TORONTO, ONTARIO--Avrom E. Howard, MSc, FGA, PGeo, President and
CEO of Odyssey Resources Limited (ODX: TSXV) reports that a total
of 5 additional drill holes have now been completed at the
Karakis Ridge target. Following hole ATD-10, with 20 meters
grading 2.2 grams per tonne gold, (see Oct. 28, 2003 Release)
Odyssey's Turkish exploration team has learned a great deal about
the structural and stratigraphic controls on mineralization.
It seems apparent that the mineralized feeder fault discovered in
ATD-10 gives way to a much larger volume of stratigraphically
controlled mineralization with increasing elevation, a feature
typical in the shallow high sulfidation setting. At Karakis,
higher mercury and arsenic values and inversely lower gold values
indicate the top and/or distal edges of the gold-mineralized
interval. Consequently, drilling at Karakis will now focus upon
the stratigraphic interval situated between 600-700 meters above
sea level, along the flanks of Karakis Ridge.
A total or four holes have concentrated at lower elevations at
the southeast end of the ridge, including that where gold was
first discovered. Hole ATD-12, drilled at an angle below the
mineralized structure intercepted in holes ATD-10 and ATD-11,
drilled beneath the base of the structure into rocks carrying low
gold; all three holes were drilled from a collar elevation of
approximately 590 meters above sea level. ATD-18, collared 50
meters northwest of ATD-11 and drilled beneath the structure, as
well.
Two new holes have been completed at the top and toward the
northwestern end of Karakis Ridge, at an elevation of 750 meters
above sea level. These holes, ATD-14 and ATD15, along with the
earlier ATD-8 intersected oxidized, altered and mineralized
rockshosting low gold grades. ATD-8 was vertical, while ATD-14
and ATD-15 were declined to the northeast and to the southwest
respectively.
Hole ATD-13, located at the far northwestern end of Karakis Ridge
over 1,000 meters northwest of the discovery hole, was collared
at an elevation of 700 meters above sea level. It intersected two
broad intervals of oxidized, altered and mineralized rocks;
mineralization appears to be stratigraphically, versus
structurally controlled, and is characterized by the moderate
development of vuggy silica, anomalous trace elements and
sub-economic gold.
In addition to continued drilling at Karakis Ridge and recently
initiated drilling at Seyliktepe Ridge, the drill program will
test targets along the known 2G-Camliktepe deposit trend
(existing 155,000 ounce resource), and deep targets underneath
the known Extension Ridge deposit (existing resource of 85,600
ounces).
A quality control program consisting of randomly inserted
duplicate and standard check samples will continue to ensure
accurate and reliable results in this program. Samples are being
analyzed by ISO9002 certified ALS Chemex in Vancouver, Canada,
with sample preparation completed by ALS's laboratory in Turkey.
Additionally, drill permits have been confirmed and drilling is
anticipated to commence. Odyssey President and CEO, Avrom E.
Howard, MSc, FGA, PGeo is the Company's Qualified Person
responsible for the preparation of this news release and for the
supervision of, and reporting on this project.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
John Buckle
Vice President for Marketing and Investor Relations
(416) 362-6955
jebuckle@odysseyresources.com
www.odysseyresources.com
Ed Monton
20 years ago
Odyssey Resources Limited: Trenching at Tavsan Confirms
Widespread Gold
TORONTO, ONTARIO--Avrom E. Howard, President and CEO of Odyssey
Resources Limited (ODX:TSXV), reports that trenching at Tavsan
continues to progress, with results from the first trench sampled
having been recently received. Highlights from several intervals
sampled over a length of close to 500 meters (1,651.5 feet) in
Trench D, include 4 meters (13.1 feet) grading 6.94 g/t gold, 92
meters (301.8 feet) grading 0.95 g/t, and 14 meters (45.9 feet)
grading 1.09 g/t. Overall, the combined length of mineralization
exposed in the trench exceeds 280 meters (924.8 feet), from
sample results obtained, to date.
Tavsan is a typical jasperoid-type, sediment-hosted epithermal
gold deposit, located in western Turkey in a basin and range
region similar to Nevada. Tavsan lies in an historic mining
district, with numerous old antimony mines and occurrences,
chromite mines, coal mines, and borate deposits found in the
area. Eldorado's Kisladag multi-million ounce gold deposits lies
approximately 65 kilometers to the southwest, and one of Turkey's
most significant epithermal silver mines, Gumuskoy, is located
approximately 40 kilometers to the northeast.
As previously reported, past work by Teck Cominco focused on the
immediate area of an area referred to as the Main Zone, where an
historic, pre 43-101 resource was estimated at 7,894,302 tonnes
at a grade of 1.15 grams per tonne gold (with a cutoff of 0.5
grams per tonne, and an average specific gravity of 2.57), for a
total of 280,000 ounces. Although considered reliable, given that
this estimate was not carried out according to the technical
standards specified in National Instrument 43-101, Odyssey
management considers it as an Inferred Resource only, until such
time as an independent resource estimate by a Qualified Person
has been undertaken in accordance with the provisions specified
in 43-101. Several other mineralized zones occur across the
property, as well.
Field work by Odyssey geologists has established a prominent
structural control to gold mineralization at Tavsan, in the form
of a district-scale, northeast-striking and steeply-dipping
extensional fault zone, with conjugate south-east striking and
steeply-dipping fault set and a regional-scale, shallow-dipping
thrust fault comprising additional structural controls to
mineralization; lithological features such as porosity of the
limestones and reactivity of the volcanics, appear to exert a
control on mineralization, as well.
In order to better ascertain the full lateral extent of
mineralization within and beyond the Main Zone, a program of
trenching consisting of eight trenches 200 meters apart and
several hundred meters long was undertaken, for a total length of
over 10 kilometers of trenching. Much of this trenching has now
been completed. Sampling is currently underway utilizing a
gas-powered rock saw complemented by manual continuous chip
sampling, where necessary. A quality control program consisting
of randomly inserted duplicate and standard check samples will
ensure accurate and reliable results. Samples are being analyzed
by ISO9002 certified ALS Chemex in Vancouver, Canada, with sample
preparation completed by ALS's laboratory in Turkey. Gold has
been analysed by fire assay of a 50 gram split with gravimetric
finish, with trace elements analysed by induction-coupled plasma
(ICP).
The trenches strike south-southeast, roughly perpendicular to the
main northeast-trending fault zone and oblique to the secondary
structural features. Results from Trench D have recently been
received. Trench D cuts across the southern third of the Main
Zone from northwest to southeast. Results may be found below:
INTERVAL METERS FEET GRADE (g/t)
0-6 6 19.7 0.05
6-50 44 144.4 no samples taken
50-56 6 19.7 0.01
56-100 44 144.4 no samples taken
100-106 6 19.7 0.06
106-160 54 177.2 no samples taken
160-167 7 23 0.04
167-220 53 173.9 results pending
220-224 4 13.1 6.94
224-228 4 13.1 results pending
228-234 6 19.7 0.25
234-239 5 16.4 results pending
239-331 92 301.8 0.95
331-334 3 9.8 results pending
334-349 15 49.2 0.94
349-350 1 3.3 results pending
350-385 35 114.8 0.79
385-395 10 32.8 results pending
395-409 14 45.9 0.71
409-411 2 6.6 results pending
411-430 19 62.3 0.96
430-473 43 141.1 results pending
473-487 14 45.9 1.09
487-550 67 219.8 results pending
---------------
Results received to date are quite encouraging, as they indicated
virtually uninterrupted mineralization for a distance of over 260
meters. Final interpretations await the remaining sample results
from this trench, along with the others currently being sampled.
However, in light of these initial results combined with those
previously obtained by Teck Cominco, the potential for
delineating a large, open-pittable, heap-leachable gold deposit
is viewed as quite encouraging.
Odyssey President and CEO, Avrom E. Howard, MSc, FGA, PGeo, is
the Company's Qualified Person responsible for the preparation of
this news release and for the supervision of, and reporting on,
this project.
Finally, diamond drilling at Odyssey's flagship gold project in
Turkey, Altintepe, continues. Three holes have been completed for
a total length of roughly 650 meters (2,147 feet). A press
release will be issued as soon as the assay results from samples
taken have been received.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
John Buckle
Vice President for Marketing and Investor Relations
(416) 362-6955
jebuckle@odysseyresources.com
Visit Odyssey's website, at: http://www.odysseyresources.com
Ed Monton
20 years ago
ODYSSEY RESOURCES LIMITED
TSX VENTURE SYMBOL: ODX
JANUARY 15, 2004 - 09:40 ET
Odyssey Resources Limited: Turkey Exploration Update
TORONTO, ONTARIO--Avrom E. Howard, President and CEO of Odyssey
Resources Limited (ODX:TSXV), reports that work is progressing
well at its two advanced exploration gold projects in Turkey. At
the Tavsan sediment-hosted epithermal gold project located in
western Turkey, 3,000 linear metres (9,840 feet) of trenching has
been completed utilizing both mechanical and manual methods; a
further 7,000 meters (23,120 feet) of trenching remains in
progress. Samples are being taken continuously or at various
intervals, over lengths of a few to several meters, as
appropriate. A quality control program consisting of randomly
inserted duplicate and standard check samples will ensure
accurate and reliable results. Samples are being analyzed by
ISO9002 certified ALS Chemex in Vancouver, Canada, with sample
preparation completed by ALS's laboratory in Turkey.
The trenches are being mapped simultaneously, with an emphasis on
structure, alteration and geology, the three factors that appear
to be most important with respect to gold mineralization.
Concurrently, permit applications for drill sites already
selected on the basis of existing information are being filed in
order that drilling may begin as soon as applications are
approved. Additional drill site permit applications will be filed
based upon the conclusions reached from the current trenching
program.
At Altintepe, Odyssey's advanced volcanic-hosted epithermal gold
project located on the Black Sea coast in northeastern Turkey,
two drill holes have been completed for a total of 460 meters
(1,509 feet). The holes were drilled 1,000 metres (3,300 feet)
apart through the Karakis gold zone at its southeast and
northwest ends, respectively. A third hole is currently underway
from the top of the ridge and 250 metres southeast of the
northwest end of the ridge, and is oriented so as to cut through
the entire zone from southwest to northeast at a higher elevation
and where the zone appears to be wider. This hole will be
followed by several more along the entire strike length of the
Karakis Ridge gold zone, a ridge that extends for more than 1,000
metres (3,300 feet) in length. Additionally, drill holes are
planned for the Seyliktepe target, a parallel zone to the
immediate northeast, as well as along the 2G-Camliktepe deposit
trend and at the Extension Ridge deposit, too. Gold and related
element analysis is being carried out by ALS Chemex (Canada), as
described above, with the same quality control program in place.
Odyssey President and CEO, Avrom E. Howard, MSc, FGA, PGeo, is
the Company's Qualified Person responsible for the preparation of
this news release and for the supervision of, and reporting on,
these projects.
Additional information, along with trench and drill core assay
results, will be released as they become available and the
projects progress.
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 neither approved nor disapproved the information
contained in this press release.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
John Buckle
Vice President for Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
http://www.odysseyresources.com
Ed Monton
20 years ago
ODYSSEY RESOURCES LIMITED
TSX VENTURE SYMBOL: ODX
DECEMBER 29, 2003 - 10:14 ET
Odyssey Resources Limited: Drilling Resumes At Altintepe
Gold Property
TORONTO, ONTARIO--Avrom E. Howard, President and CEO of Odyssey
Resources Limited (ODX:TSXV), reports that diamond drilling has
resumed at the Altintepe Gold Property in northeastern Turkey.
Recent drilling in the area of Karakis ridge, intersected a new
gold zone with hole ATD-10 having intersected gold values
averaging 2.2 g/t gold (0.07 oz/t) over a 20 meter (65.5 feet)
interval, between 35-55 meters. Within this interval a 5 meter
(16.5 feet) zone of breccia (42.5-47.5 meters), averaged 4.94 g/t
(0.16 oz/t); the entire interval is oxidized. Drill road
development near ADT-10 has recently exposed at least two breccia
zones several meters thick each, within a wider, steeply dipping
zone consisting of massive or brecciated iron oxide-rich silica
and intensely clay-altered,silicified volcanic rocks. The entire
package is at least 30 meters wide at this location.
Hole ATD-10 penetrated vertically through this steeply dipping
gold zone from the middle through the footwall; hole ATD-11,
located 100 meters to the northwest, penetrated the lower portion
of this zone. At the northwest end of Karakis ridge, located 1
kilometer away from ATD-10, a similar zone of silicification and
vuggy silica is partly exposed in a roadside outcrop. A rock
sample taken at this location assayed 1.04 g/t gold. The current
phase of drilling will test the newly discovered Karakis ridge
gold zone along its one kilometer strike length.
Seyliktepe ridge, to the immediate northeast of Karakis, has
every appearance of hosting a parallel gold zone. Similar to
Karakis but longer, it forms a prominent whaleback ridge with a
number of steep silicified knobs exposed along its length. Rock
samples taken toward its northwestern end returned gold values
from 1.04 to 6.9 g/t gold. This current phase of drilling will
also test Seyliktepe; a nuimber of additional untested targets in
this western part of the property will be tested, as well.
Odyssey management is very pleased with progress to date, and
looks forward to reporting drill results as the program proceeds.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
John Buckle
Vice President for Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
http://www.odysseyresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of
this news release.
Ed Monton
20 years ago
ODYSSEY RESOURCES LIMITED
TSX VENTURE SYMBOL: ODX
NOVEMBER 11, 2003 - 09:39 ET
Odyssey's Tavsan Trenching Program Underway
TORONTO, ONTARIO--
Previous trenching returned up to 1.0 g/t (0.03 oz/ton) across
140 meters (459 feet)
Avrom E. Howard, President and CEO of Odyssey Resources Limited
(ODX:TSXV), reports that government permits have been received
and that trenching is now underway on the Company's Tavsan gold
project. Located in western Turkey within a geological region
similar to Nevada's Basin and Range province, Tavsan hosts
disseminated, sediment-hosted epithermal oxide gold
mineralization that has been documented over a strike length in
excess of 3.5 kilometers in several zones. Odyssey is earning a
100% interest in the Tavsan project from Teck Cominco (see
Odyssey's news release dated May 14, 2003).
Previous work focused on the Main Zone, which Teck Cominco
estimated to contain an unclassified and pre 43-101 resource of
280,000 ounces (7,894,302 tonnes at a grade of 1.15 grams per
tonne gold, with a cutoff of 0.5 grams per tonne, and an average
specific gravity of 2.57). Initial Odyssey fieldwork has led to
the recognition of a steeply-dipping shear zone that cuts through
and connects all of the gold mineralized zones in the vicinity of
the Main Zone. This has greatly increased the size potential of
the Main Zone as well as others known to the northeast, along the
strike of the shear. A Teck Cominco trench within the Main Zone
and oblique to this shear, averaged 1.0 grams per tonne gold
across the entire 140 meter (459 foot) length of the trench
(representing a likely true width of approximately 50 meters (164
feet) or more). This suggests that gold mineralization might be
more laterally pervasive and extensive than previously
recognized, as well.
Up to ten trenches will be excavated at 200-250 meter intervals
along a 2 kilometer strike length covering the Main Zone and its
interpreted extensions to the northeast and southwest, with
individual trenches ranging from 400 to almost 1,000 meters in
length, perpendicular to the mineralized shear structure. Diamond
drilling, to expand the known Main Zone gold resource and
determine its full potential, will follow upon the completion of
this trenching program.
Odyssey management remains impressed with the gold potential of
the Tavsan property. Additional information will be made
available as the sampling progresses and analyses are obtained.
At the Altintepe gold project, remaining assays have been
received from drill holes ATD-10 and ATD-11, drilled at the
Karakis Ridge target. As previously reported, hole ATD-10
intercepted oxide gold mineralization grading 2.2 g/t gold (0.07
oz/t gold) over 20 metres (65.6 feet). Beneath the oxide zone,
ATD-10 intercepted sulphide zone mineralization with grades
reaching 1.54 g/t gold (0.05 oz/t gold) and 0.42% copper over the
final 3.5 metres (11.5 feet) of the hole prior to it being
terminated at 68.5 metres, still in sulfide mineralization. The
presence of significant copper-gold concentrations at the bottom
of ATD-10 indicates that mineralization at Karakis Ridge may
extend to greater depths than previously recognized. At hole
ATD-11, drilled just over 100 meters to the northwest of ATD-10,
the base of the oxidized zone was encountered at 31.4 meters,
versus 51.9 in hole ATD-10, indicating that it is laterally more
distant from the central mineralizing conduit where oxidation
depths are typically the deepest (and grades the highest);
between 8.0-27.5 meters the hole graded 0.43 g/t gold over 19.5
metres (64 feet).
Odyssey is now undertaking a surface rock sampling program across
the entire 1 km long Karakis Ridge target area with additional
diamond drilling planned once the survey is completed and all
data is compiled. In anticipation of the forthcoming drilling
program, road planning and permitting is currently underway.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
John Buckle
Vice President for Marketing and Investor Relations
(416) 362-6955
jebuckle@odysseyresources.com
www.odysseyresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of
this news release.
Ed Monton
20 years ago
Odyssey arranges $2.01-million equity financing
Odyssey Resources Ltd ODX
Shares issued 28,810,860 Nov 4 close $0.34
Wed 5 Nov 2003 News Release
Mr. Avrom Howard reports
ODYSSEY ANNOUNCES TWO MILLION DOLLAR FINANCING
Odyssey Resources Limited has entered into an agreement with Pacific
International Securities Inc. for a $2-million financing. The offering
comprises up to 6.7 million units for gross proceeds of up to
$2.01-million. The units are priced at 30 cents, with each unit consisting
of one common share and one-half share purchase warrant, the latter with a
term of one year. Each whole warrant may be exercised in return for one
common share, at an exercise price of 45 cents. If, within four months from
closing Odyssey's share price reaches or exceeds 65 cents or greater for a
period of 10 consecutive trading days, the warrants will expire 30 days
later.
Odyssey will pay the agent(s) a work fee of $15,000 and a cash commission
of 7 per cent of the gross proceeds raised, upon closing. The agents will
have the option to accept up to 50 per cent of the cash commission in units
of the issuer. Additionally, the agents will receive an option entitling
the agents to purchase up to 10 per cent of the total number of units sold
through the offering for a 12-month period from the date of closing. The
option is exercisable into shares of the issuer at 30 cents per share.
The funds raised in this offering will be used to advance exploration and
development of Odyssey's projects in Turkey, as well as for general working
capital. Odyssey Resources Limited is focused on the exploration and
development of base and precious metal resources across the Mediterranean
region.
(c) Copyright 2003 Canjex Publishing Ltd. http://www.stockwatch.com
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