RE: News Release...ODYSSEY EXTENDS MINERALIZATION AT TAVSAN AS DRILLING NEARS COMPLETION
Toronto, Canada - July 5, 2006 – Odyssey Resources Limited (TSX-V:ODX) is pleased to report that the 100-metre grid drilling program at its Tavsan gold project in Turkey is nearing successful completion.
TAVSAN DRILLING PROGRAM UPDATE
This program was initiated in March 2006, when drilling began in the northern satellite zones near the End Zone (Satellite Zone 11). The drill rig was then moved south to the Sivri Zone, where 17 holes were drilled. The rig was then moved east to the Incal Zone, located to the immediate south of the Main Zone, where 12 holes were drilled. To locate the drilling activity, please refer to Odyssey’s Compilation Map showing drill sites.
To date and including the results that follow, 69 holes have been drilled into these four zones at Tavsan. All previous results can be found on the Company’s website.
MAIN ZONE RESULTS
Results from the 20 holes drilled into the Main Zone have been received, intersecting up to 20 metres of gold-bearing jasperoid from the surface down.
Highlights include:
Hole ODX-72A intersected an average of 0.88 grams per tonne (“g/t”) gold from 0-22 metres in depth
Hole ODX-73 intersected 2.28 g/t gold over three metres within a six-metre thick mineralized breccia zone
Hole ODX-79 intersected 1.75 g/t gold over 10 metres (4-14 metres), including a one metre interval grading 4.70 g/t gold
Hole ODX-85 intersected an average of 1.53 g/t gold from 0-13 metres in depth
All holes were drilled vertically: the Sivri, Incal, Main and End Zones are generally flat-lying zones of gold-mineralized jasperoid and, therefore, the intercepts are considered to represent true thickness. Some of the holes drilled through the smaller satellite zones likely intersected steeply-dipping feeder faults and are thus considered to represent apparent thickness.
Management is pleased to report that results from its 20 holes Main Zone holes are similar to Teck Cominco’s drilling in the late 1990s, which substantiates the widespread mineralization in the Main Zone. Please refer to the Company’s news release dated May 14, 2003 for historic drilling data.
Samples were assayed at ALS Chemex Laboratories in Vancouver where the analytical procedure consists of pulverizing split samples followed by aqua regia digestion and atomic absorption finish. A quality control program consisting of duplicates, and standards were inserted into the sample stream.
ADDITIONAL POTENTIAL AT DEPTH
In addition, a number of holes hosting lower grade gold values in the various zones are also significantly anomalous in “pathfinder elements” (arsenic, antimony, mercury). This provides additional evidence of Odyssey’s interpretation that the known, near- and at-surface Tavsan gold zones represent just the uppermost portions of a potentially larger and richer gold system at depth (more information about the deeper potential of Tavsan may be found in Odyssey’s press releases dated April 24, 2006 and May 25, 2006).
NEXT STEPS IN TAVSAN DEVELOPMENT PROGRAM
Drilling is currently underway at Satellite Zones 1, 8 and 9. This will conclude the 100-metre grid drilling program. Odyssey’s next step at Tavsan will be to complete a detailed topographic and hole location survey. An Independent Resource Estimate is expected during the third quarter.
Avrom Howard, President and CEO of Odyssey, comments: “We believe that this new, combined resource will exceed its historic predecessor and that it will merit development. This, along with the deeper, untested exploration potential of the Tavsan deposit and related occurrences the Tavsan property, continues to represent a project with tremendous existing value and even greater additional potential value”.
Mr. Cem Yuceer, B.Sc., Odyssey’s Exploration Manager in Turkey, is the manager of this drill program and Avrom E. Howard, P.Geo. (Ontario) is the Qualified Person responsible for this project under the terms of National Instrument 43-101.
COMPANY PROFILE
Odyssey Resources Limited is the only junior mining company focused exclusively on exploration and development in the mineral-rich Mediterranean Region. Odyssey's projects include known gold and copper-silver deposits. The Company's two main projects are focused on these resources: the Tavsan Gold Property in Turkey and the Anti Atlas Copper-Silver Project in Morocco.
For further information, please contact:
Stephen Coates, Director, or Avrom E. Howard, President, CEO and designated Qualified Person
Tel: 416-362-6955
www.odysseyresources.com
info@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.