ODYSSEY GOLD LTD — Capital/Financing Update 2011

Feb 2, 2011

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ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE: 3 FEBRUARY 2011

ENTITLEMENTS ISSUE - SHORTFALL

The Board of Odyssey Energy Limited (“Odyssey” or “Company”) is pleased to announce that the Company has received applications for 115,513,174 Shares at an issue price of $0.02 each under the one for two non renounceable entitlements issue.

The shortfall for the entitlements issue is 28,186,696 shares. In accordance with the terms of the entitlements issue, the Shortfall Securities have been placed by the Directors.

EnquiriesMark Pearce Company Secretary Contact Details: Telephone: (61 8) 9322 6322 Facsimile: (61 8) 9322 6558

ABN: 73 116 151 636 Level 9, BGC Centre, 28 The Esplanade, Perth WA 6000 Tel: +61 8 9322 6322 Fax: +61 8 9322 6558