Mr. Matthew Goodman reports

ODYSSEY RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Odyssey Resources Ltd. is undertaking a non-brokered private placement of up to 987,654 common shares in the capital of the company at an issue price of 10.125 cents per common share for aggregate gross proceeds of approximately $100,000, subject to regulatory approval.

The proceeds of the private placement are expected to be used for general corporate and working capital purposes.

The common shares issued under the private placement will be subject to a statutory four-month-and-a-day hold period in accordance with applicable Canadian securities laws.

The private placement will constitute a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and TSX Venture Exchange Policy 5.9 (Protection of Minority Security Holders in Special Transactions (which incorporates the requirements of MI 61-101)) because an insider of the company, being Dundee Corp., will participate in the private placement and is expected to acquire all of the common shares issued in the private placement. The company will rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the private placement as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the private placement exceeds 25 per cent of the company's market capitalization.

We seek Safe Harbor.