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Tuesday, 01/27/2004 5:41:28 PM

Tuesday, January 27, 2004 5:41:28 PM

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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


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