ODYSSEY GOLD LTD — Major Shareholding Notification 2011

Feb 22, 2011

		$\blacksquare$ 8 Feb 2011 7:00AM INDUSTRIAL ELECTRICS	61 2 9516 2796	p.1
3		61 2 9516 2796 - ATT: JOANNE LYNTON-BROWN
	$(08)$ 9224 6899	Eorm 602

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	ODYSSEY ENERGY LIMITED
ACN/ARSN	116 151 636
1. Details of substantial holder (1).
Name	NUTSVILLE PTY LTD
ACN / ARSN (if applicable) 002 294 439
The holder became a substantial holder on	03/12/2010

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	→ Persons' votes (5)	Voting power (6)
OHDINARY SHARES	28.549.285	28.549.285	6 63%

$3₁$ Details of relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
NUTSVILLE PTY LTD	ASSOCIATE	5,625,000 ORDINARY SHARES
IE PROPERTIES PTY LTD	ASSOCIATE	1,677,750 ORDINARY SHARES

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as iollows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number of
interest	securities	registered as holder (8)	securities
NUTSVILLE PTY LTD	NUTSVILLE PTY LTD.	NUTSVILLE PTY LTD	21.246,535 ORDINARY SHARES
NUTSVILLE PTY LTD <indust electricCO S/F A/C>	NUTSVILLE PTY LTD <indust ELECTRIC CO S/F A/C></indust	NUTSVILLE PTY LTD <indust co="" electric="" fA/C	5,625,000 ORDINARY SHARES
E PROPERTIES PTY	E PROPERTIES	E PROPERTIES PTY LTD	1,677,750 ORDINARY
LTD.	PTY LTD		SHARES

INDUSTRIAL ELECTRICS

61 2 9516 2796

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
NUTSVILLE PTY LTD	03/12/2010	\$300,000		15,000,000 ORDINARY SHARES

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
JOSEPH STEIGER	JOSEPH STEIGER (ASSOCIATE) IS A DIRECTOR OF THE SUBSTANTIAL HOLDER

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
NUTSVILLE PTY LTD	403 ENMORE ROAD, MARRICKVILLE NSW 2204
NUTSVILLE PTY LTD <indust electricCO S/F A/C>	403 ENMORE ROAD, MARRICKVILLE NSW 2204
I E PROPERTIES PTY LTD	403 ENMORE ROAD, MARRICKVILLE NSW 2204

Signature

print name	JOSEPH STEIGER	DIRECTOR Capacity
sign here		date 17 / 02 / 2011
	. the company's company's company's .	DIRECTIONS المستحدث والمستحدث والمنافي والمستحدث والمستحدث والمتنافي المتناوب والمنافي والمنافر والمنافرة والمنافرة والمنافرة . .

• If there are a number of substant al holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and $(1)$ trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations A. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a $(5)$ relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• $(7)$ Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document $(a)$ setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the (b) accurates to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write "unknown". $(8)$
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may,
  become entitled to receive in relation to that accuisition. Details m $(9)$ contingency. Details must be included of any benefit paid on bahalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.