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.
