Source: Canadian Press; Odyssey Resources acquires Turkish gold property from Teck Cominco; May 14, 2003


Odyssey Resources Ltd. is buying a gold property in western Türkiye from Vancouver base metal miner Teck Cominco Ltd.


Toronto-based Odyssey announced Wednesday it has picked up a 100 per cent interest in the Tavsan development in return for commitments to develop the operation. The junior miner is paying for the deal by issuing 75,000 shares and 125,000 share purchase warrants to Teck Cominco, with an exercise price of 35 cents and a term of two years. Under the transaction, Odyssey said it will get a 100 per cent interest in the Turkish property after spending $1.3 million US over four years to develop the mine.


Western Türkiye is considered to be one of the most prospective regions in the country for gold, and is an area where many companies are currently active, including some Canadian miners.


In is in the same region as Newmont Mining's Ovacik deposit, which was Türkiye's first producing modern gold mine, and Eldorado Gold's multi-million ounce Kisladag gold deposit.


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