Projects

Odyssey Resources Ltd. is a junior exploration company focused on the acquisition, exploration, discovery and development of mineral resource properties.

In May 2009, the Company entered into an agreement with Virginia Mines Inc. to acquire a 50% interest in 2 gold exploration properties, namely the FCI and Auclair properties, located in the James Bay region of Quebec. A work program consisting of prospecting, sampling and detailed mapping is scheduled for both properties during the summer of 2009. Following the analysis of the results of that program, if warranted, a follow-up diamond drill program on the Auclair property is planned for late fall.

James Bay was for a long time considered to have little or no mining potential because of its remoteness, but today it is considered to be one of the most promising areas in North America. Since the Éléonore discovery by Virginia Mines, considered to be one of the most significant discoveries in Canada in the last 20 years, the region has become the most active exploration area in Quebec. James Bay is in the process of developing a new world-class mining camp with many new discoveries in gold, diamond, base metal and uranium.

Quebec, noted for exceptional mining potential, also offers political stability, infrastructure, highly skilled workforce, pro-industry mining laws and one of the best geoscientific databases in the world. In Quebec, over 90% of the subsoil is made up of Precambrian rocks, a strong geological setting known for gold, iron, copper, zinc and nickel deposits. Despite this, over two-thirds of the land remains only partially-explored or completely virgin.

As a result of surveys carried out in 2001-2002 and 2002-2003, Quebec was ranked by the Fraser Institute as being one of the best territories in the world to explore and develop mines. In 2008-2009, Quebec climbed to the #1 position. A multitude of financial incentives aimed at mining exploration and development implemented by the government of Quebec help to reduce the risks related to exploration.

Odyssey continues to have an interest in the Alous copper-silver project in the Anti-Atlas region in Morocco, comprised of two licenses held directly and 24 leased licenses leased from a Moroccan state-owned agency. The lease governing the state-owned licences has been extended to July 2010, and the Company is considering options for this property.

Beyond exploring its current projects, Odyssey will continue to seek to acquire additional projects of merit.