RE: WellMaybe because of this news release been known prematurely:
Odyssey Resources Ltd - News Release
Odyssey to acquire Teck Cominco's gold property
Odyssey Resources Ltd YOD
Shares issued 15,539,086 May 1 2002 close $.260
Wednesday May 1 2002 News Release
Mr. Paul Matysek of Odyssey Resources reports
ODYSSEY ACQUIRES ADVANCED GOLD PROPERTY FROM TECK COMINCO
Odyssey Resources has reached an agreement to acquire a 100-per-cent interest in the Altintepe gold property from Teck Cominco Limited's Turkish subsidiary, Cominco Madencilik Sanayi A.S. Exploration by Cominco Madencilik from 1995 to 1997 identified a number of both bulk tonnage and high-grade gold targets, some with significant drill intercepts. Consisting of three licences covering over 100 square kilometres, the property is located to the immediate northwest of Odyssey's Lucky Star property and is part of the same sequence of volcanic and derived rocks.
The road-accessible Altintepe property features at least nine gold targets identified by Teck Cominco. Diamond drilling (46 holes) intersected gold in oxide and sulphide assemblage with depths of oxidation varying from less than 10 metres to greater than 120 metres. Gold is hosted mainly in felsic volcanic rocks within and adjacent to three parallel east-west trends that have been traced for a strike length of more than four kilometres and across a width of more than two kilometres. At one zone, drilling intersected 0.093 ounce per ton gold over 259 feet (3.2 grams per tonne (g/t) over 79.0 metres) within an overall interval grading 0.070 ounce per ton gold over 405 feet (2.4 g/t gold over 123.6 metres). At another location on the property, drilling has traced a mineralized zone for over 700 metres with drill intercepts including: 0.172 ounce per ton gold over 39.3 feet (5.9 g/t gold over 12.0 metres), 0.091 ounce per ton gold over 49.2 feet (3.1 g/t gold over 15.0 metres) and 0.082 ounce per ton gold over 59.0 feet (2.8 g/t gold over 18.0 metres). Drilling at another zone intersected a quartz vein averaging 0.442 ounce per ton gold over 9.8 feet (15.17 g/t gold over 3.0 metres) at a depth of 90 metres.
Some of the gold targets identified are untested and some have only been partially delineated. The nature and widespread distribution of gold within this favourable geologic setting leads Odyssey management to believe that there is considerable scope for the discovery of significant additional gold mineralization on the Altintepe property. This acquisition, coupled with two recently identified gold-bearing structures on the adjacent Lucky Star property, portends an active year ahead for Odyssey. A 2002 exploration program to include geological mapping, trenching, diamond drilling, metallurgy and an independent resource estimation are currently being prepared.
Subject to approval by the TSX Venture Exchange, Odyssey will issue 150,000 common shares and 250,000 common share purchase warrants to Teck Cominco, with an exercise price of 35 Canadian cents and a term of three years. As operator, Odyssey is committed to an expenditure of $200,000 (U.S.) before April 30, 2003. Odyssey will have earned a 100-per-cent interest in the property upon a total expenditure of $1.9-million (U.S.) over four years and an additional payment to Teck Cominco of 150,000 Odyssey common shares. After Odyssey has earned a 100-per-cent interest in the Altintepe property, and following the completion of a preliminary feasibility study or a $2-million (U.S.) expenditure, Teck Cominco may, within 90 days, elect to exercise a back-in right. To earn a 51-per-cent interest, Teck Cominco must incur expenditures of at least twice the amount spent by Odyssey within four years. Teck Cominco can earn a 65-per-cent interest by fully financing a feasibility study. Should Teck Cominco not exercise its back-in, it will retain a sliding scale net smelter return, varying from 2.5 per cent to 5 per cent depending upon the price of gold and the cumulative gold production. No production royalty will be paid to Teck Cominco on the first 500,000 ounces of gold produced on two of the three licences.
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