ODX Odyssey Resources Ltd

NOT FOR DISTRIBUTION IN THE UNITED STATES OR WITH U.S. NEWSWIRE SERVICES 

Odyssey Resources Limited (TSX VENTURE:ODX) ("Odyssey" or the "Corporation") is
pleased to announce that it has closed the first tranche of the previously
announced non-brokered private placement (the "Private Placement") of common
shares ("Common Shares") of the Corporation. The first tranche closing was for
12,800,000 Common Shares at a price of $0.25 per Common Share for aggregate
gross proceeds to the Corporation of $3,200,000. The final tranche closing for
5,200,000 Common Shares is expected to close upon receipt of the approval of the
TSX Venture Exchange.


As part of the Private Placement, Dundee Resources Limited ("Dundee Resources")
subscribed for 10,000,000 Common Shares and other insiders of the Corporation
subscribed for 2,800,000 Common Shares.


The proceeds from the sale of the Common Shares have been used to repay the
outstanding principal amount, interest and corresponding financing fee owing in
connection with a credit agreement between the Corporation and Dundee Resources
in the aggregate amount of approximately $530,000. The remainder of the net
proceeds will be used for general corporate and working capital purposes.


The Common Shares issued in connection with the first tranche of the Private
Placement are subject to a hold period expiring on December 9, 2008.


Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), the participation of
Dundee Resources and other insiders of the Corporation in the Private Placement
constitutes a "related party transaction".  Accordingly the Corporation was
required to obtain majority approval of the disinterested shareholders for the
Private Placement.  See the Press Releases of the Corporation dated May 23, 2008
and July 9, 2008 for further details.


About Odyssey Resources

Odyssey Resources Limited is a Canadian-based junior exploration company whose
main focus has been in Morocco. Odyssey's shares trade on the TSX Venture
Exchange under the symbol "ODX".


Forward-Looking Statements

The above contains forward-looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those anticipated in our forward-looking
statements. Although we believe the expectations reflected in our
forward-looking statements are reasonable, results may vary, and we cannot
guarantee future results.

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