Odyssey Resources Limited - MRRS Decision

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - relief from the requirement that the authorof a technical report be a member of a professional associationin order to be considered a qualified person.

National Instruments Cited

National Instrument 43-101 - Standards of Disclosurefor Mineral Projects, 2001 24 OSCB 303, ss. 1.2, 2.1 and 5.1.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ONTARIO AND ALBERTA

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

ODYSSEY RESOURCES LIMITED

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker" and collectivelythe "Decision Makers") in each of Ontario and Alberta(the "Jurisdictions") has received an application(the "Application") from Odyssey Resources Limited(the "Corporation") for a decision under the securitieslegislation of the Jurisdictions (the "Legislation")that: (1) the Corporation is exempt from the requirement containedin National Instrument 43-101 (ANI 43-101") that the authorof a technical report or other information upon which disclosureof a scientific or technical nature is based be a member ingood standing of a professional association in order for theauthor to be considered a "qualified person" as definedin NI 43-101 (the "Membership Qualification Requirement");and (2) the Corporation is exempt from the requirement containedin the Legislation to pay a fee in connection with the Application(the "Application Fee Requirement");

AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS the Corporation representedto the Decision Makers that:

1. The Corporation's Canadian head officeis located at 69 Yonge Street, Suite 301, Toronto, Ontario;

2. The Corporation is a reporting issuer orthe equivalent in each of the Jurisdictions and is not indefault of any requirement of the Legislation;

3. The Corporation's securities are listedfor trading on the TSX Venture Exchange;

4. The Corporation is an exploration companywith projects in Turkey;

5. The Corporation has retained Laurence W.Curtis, Ph.D. to author technical reports required to be filedby the Corporation pursuant to NI 43-101 and to prepare informationupon which the Corporation's disclosure of a scientific ortechnical nature may be based;

6. Laurence Curtis, Ph.D. is a member of theAssociation of Geoscientists of Ontario ("AGO").AGO was a "professional association" as definedin NI 43-101 until February 1, 2002;

7. AGO is being replaced in Ontario by theAssociation of Professional Geoscientists of Ontario ("APGO").APGO is a "professional association" as definedin NI 43-101;

8. Laurence W. Curtis, Ph.D. has applied tobecome a member of APGO and would be a "qualified person"as defined in NI 43-101 except only for not yet being a memberin good standing of a "professional association";

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the "Decision");

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Makers with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers underthe Legislation is that the Corporation is exempt from the MembershipQualification Requirement and the Application Fee Requirementin connection with technical reports or other information preparedby Laurence W. Curtis, Ph.D. provided that:

1. Laurence W. Curtis, Ph.D. complies withall other elements of the definition of "qualified person"in NI 43-101; and

2. the relief granted in this Decision shallterminate on the earlier of: (1) the date Laurence W. Curtis,Ph.D. becomes a member of APGO or is advised that his applicationfor membership to APGO has been denied; and (2) February 1,2003.

August 1, 2002.

"Margo Paul"