/EINPresswire.com/ -- LONGUEUIL, QUEBEC--(Marketwired - Nov 30, 2016) - Odyssey Resources Limited ("Odyssey" or the "Company") (TSX VENTURE:ODX.H) announces that the Company and LAI Corp S.A.C. have mutually agreed not to extend the term of their letter of intent with respect to the previously announced transaction to acquire the Ishihuinca gold tailings project in Peru. The Company and LAI are continuing discussions regarding the acquisition of various mineral projects in Peru.

In connection with the proposed transaction with LAI, Odyssey had advanced to LAI US$250,000 under a bridge financing agreement. Considering that LAI and Odyssey are continuing discussions regarding the potential acquisition of other projects in Peru and that LAI has agreed to deal exclusively with Odyssey in respect of those potential acquisitions, Odyssey has agreed to extend the date of repayment of the advances and accrued interest to March 31, 2017.

About Odyssey Resources Limited

Odyssey Resources is a Canadian-based mining exploration company. Currently, Odyssey does not have interest in any exploration property. Additional information about the Company is available on the Company's website (www.odysseyresources.com) and on SEDAR at www.sedar.ca.

Cautionary Statement

This press release contains forward-looking information. In particular, this press release contains statements concerning potential acquisition of mineral projects in Peru. The Company can give no assurance that such transaction will be completed or that the loan will be reimbursed.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF DIRECTORS:

James Crombie, President and Chief Executive Officer