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July 7, 2014
08:34 EDTOMEXOdyssey Marine receives updated assessment of Oceanica Resources deposit
Odyssey Marine Exploration has received an NI 43-101 compliant "Technical Report: Revised Assessment" that concludes the measured and indicated phosphorite resources at the Oceanica deposit now total 327.2M ore tonnes at 18.5% P2O5, an increase of 20% over the last preliminary assessment total of 273.5M ore tonnes. An independent Qualified Person (QP) produced the updated report, which provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by Odyssey's subsidiary, Oceanica Resources, S. de. R.L. However, the report does not yet include an evaluation of the entire deposit, rather only data derived from 199 drill holes, which have been tested and analyzed to date. This compares to 161 drill holes previously analyzed. The samples do not include concession areas where testing has not yet been conducted nor areas below the core sample depth where the core ended with full mineralization. Thus, additional testing is expected to increase the measured and indicated phosphorite resources in the deposit, and updates will be provided when completed.
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