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
