Odin Mining and Exploration Limited: Further Drilling Results from Casique Targets at Greater Cangrejos


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TSX.V:ODN
06/19/2012 [ACCESSWIRE]

Vancouver, BC - June 19, 2012: Odin Mining and Exploration Limited ("Odin") is pleased to announce analytical results from a further six (6) diamond drill holes completed on the Casique target of its Greater Cangrejos property in southwest Ecuador.

The project is located about 30 km from the city of Machala and about 40 km from the port of Puerto Bolivar.

The completion of the last of these six holes on April 5, 2012 concluded Phase 1 of Odin's diamond drilling on the Greater Cangrejos property.

Highlights of the drilling include:

-2 m @ 14.2 g/t Au & 0.24% Cu from 218 m in hole C12-45

-2 m @ 8.56 g/t Au & 0.00% Cu from 144 m in hole C12-41

-68 m @ 0.60 g/t Au & 0.02% Cu from 216 m in hole C12-44

The Casique target is a distinctly separate location from the Trinchera-Paloma target, where Odin drilled its first 4 diamond drill holes (C11-30 to C11-33) of the present campaign (see news release January 26, 2012).

The Casique target lies approximately 1.5 km northeast of Trinchera-Paloma (Figure 1) and at a surface elevation generally 300-400 m higher.

Tables 1 and 2 list all intersections with at least 0.3 g/t Au. Figure 2 plots a map with these intersections in relation to the gold results from the top-of-bedrock, deep soil sampling results and the interpreted surface traces of the main lineaments.

As expected, the results from these five (5) new holes (C12-41 to C12-46) show a similar distribution of values to those in the previous seven (7) holes (C12-34 to C12-40) from the Casique target (see news release April 4, 2012).

In contrast to the +100 m zones of pervasive disseminated mineralization found at Trinchera-Paloma, the mineralization at Casique tends to be more sharply defined with relatively narrow, but locally higher grade (5 - >10 g/t Au), zones related to faults and fracture zones within silicified diorite wall rock and hydrothermal breccias.

Where such narrow zones come into close proximity, there is still scope for development of wider zones of mineralization such as in hole C12-44 where the intersection of 68 m at 0.60 g/t Au reported above was generated by combining the 30 m at 0.58 g/t Au from 216 m with the 32 m at 0.71 g/t Au from 252 m (Table 2) with the intervening 6 m of barren (0.15 g/t Au & 0.01% Cu) ground from 246m.

The distribution of the >0.3 g/t Au intersections seen to date suggests that the mineralization at Casique is discontinuous and lacking in enough indications of high grade material (>10 g/t Au) to warrant additional work on its own at this stage.

The apparently erratic distribution of gold values combined with the widespread silicification seems to indicate that mineralization at Casique may represent leakage from a porphyry source at depth. Consequently, much deeper drilling than that attempted to date may yield intersections comparable to those seem in the Trinchera-Paloma area.

Odin's plans to initiate Phase 2 diamond drilling program later in the year, subject to approvals of the part of the Ministry of Non Renewable Resources in Ecuador responsible for overseeing all exploration mining.

In that next round of drilling, Odin proposes to return to the Trinchera-Paloma area to test the continuity to depth of the +100 m widths of porphyry-style mineralization already intersected in the Newmont holes drilled in 1999 and 2000, confirmed in Odin's own holes (C11-30 to C11-33) drilled towards the end of 2011.

Figure 1: Greater Cangrejos - Concessions and Targets TO VIEW FIGURE 1 COPY URL BELOW INTO NEW BROWSER WINDOW

http://thenewswire.ca/client_files/2012-06-19-0.pdf


 ------------------------------------------------------------------
 |From      |To        |Advance|Au   |Cu  |Notes                  |
 |(m)       |(m)       |(m)    |(g/t)|(%) |                       |
 |----------------------------------------------------------------|
 |          |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |C12-41    |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |62        |64        |2      |4.22 |0.10|Silicified diorite +   |
 |          |          |       |     |    |fault zone             |
 |----------------------------------------------------------------|
 |94        |96        |2      |1.09 |0.00|Silicified diorite     |
 |----------------------------------------------------------------|
 |100       |118       |18     |0.96 |0.02|Hydrothermal breccia + |
 |          |          |       |     |    |silicified diorite     |
 |----------------------------------------------------------------|
 |Including |110       |2      |2.00 |0.07|                       |
 |108       |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |136       |138       |2      |0.31 |0.00|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |140       |142       |2      |0.31 |0.00|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |144       |146       |2      |8.56 |0.00|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |152       |154       |2      |1.05 |0.01|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |166       |178       |12     |1.09 |0.14|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |186       |188       |2      |0.64 |0.07|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |218       |220       |2      |0.59 |0.05|Silicified hydrothermal|
 |          |          |       |     |    |breccia                |
 |----------------------------------------------------------------|
 |End of hole = 283.0 m|       |     |    |                       |
 |----------------------------------------------------------------|
 |          |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |C12-42    |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |0         |4         |4      |1.03 |0.00|Colluvium              |
 |----------------------------------------------------------------|
 |12        |14        |2      |0.38 |0.03|Silicified diorite –   |
 |          |          |       |     |    |partially              |
 |          |          |       |     |    |weathered              |
 |----------------------------------------------------------------|
 |110       |112       |2      |0.86 |0.05|Hydrothermal breccias  |
 |----------------------------------------------------------------|
 |204.3     |208       |3.7    |1.74 |0.02|Fault zone in diorite  |
 |----------------------------------------------------------------|
 |220       |222       |2      |0.50 |0.00|Silicified diorite     |
 |----------------------------------------------------------------|
 |224       |226       |2      |0.84 |0.01|Silicified diorite     |
 |----------------------------------------------------------------|
 |232       |234       |2      |0.50 |0.00|Silicified diorite     |
 |----------------------------------------------------------------|
 |End of hole = 252.4 m|       |     |    |                       |
 |----------------------------------------------------------------|
 |          |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |C12-43    |          |       |     |    |                       |
 |----------------------------------------------------------------|
 |0         |4         |4      |0.33 |0.00|Colluvium              |
 |----------------------------------------------------------------|
 |12        |16        |4      |0.49 |0.00|Colluvium + weathered  |
 |          |          |       |     |    |diorite                |
 |----------------------------------------------------------------|
 |20        |28        |8      |2.64 |0.01|Weathered diorite      |
 |----------------------------------------------------------------|
 |36        |38        |2      |0.54 |0.01|Weathered diorite      |
 |----------------------------------------------------------------|
 |End hole = 254.5 m   |       |     |    |                       |
 ------------------------------------------------------------------

(Nb. The structure is too poorly known at this stage to allow estimation of the true intersection thicknesses)

Table 1: Analytical Results - Holes C12-41, 42, 43

Core recovery in the hard bedrock was generally good at 95-100%. However, in the weathered zone core recovery was usually much poorer (often in the range 25% - 75%).

All core was cut in half - with a knife for the soft clays of the weathered zone and with a diamond saw for the hard rock at depth.

One half of the core was archived for later reference and the other half sampled over 2 m intervals as standard, except within the weathered zone where the sample intervals had to be fitted to the poorer recoveries.

The samples were crushed in their entirety to less than 2 mm by LAC y Associados Cia. Ltda. in Cuenca, Ecuador, and a 1 kg sub-sample of chips split out and pulverized. A 150 gm split of the pulp was sent to Acme Analytical Laboratories (Vancouver) Ltd. in Canada for analysis for Au by 30 g fire assay with a ICP-ES finish and for 36 multi-elements, including Cu, by ICP-ES with a hot (95?) aqua regia leach of a 0.5 gm aliquot.


 --------------------------------------------------------------------
 |From     |To       |Advance|Au   |Cu  |Notes                      |
 |(m)      |(m)      |(m)    |(g/t)|(%) |                           |
 |------------------------------------------------------------------|
 |         |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |C12-44   |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |0        |10       |10     |0.63 |0.02|Colluvium                  |
 |------------------------------------------------------------------|
 |22       |24       |2      |0.49 |0.01|Weathered microdiorite     |
 |------------------------------------------------------------------|
 |32       |52       |20     |0.82 |0.03|Silicified diorite –       |
 |         |         |       |     |    |partially                  |
 |         |         |       |     |    |weathered                  |
 |------------------------------------------------------------------|
 |Including|50       |4      |1.80 |0.02|                           |
 |46       |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |166      |172      |6      |0.31 |0.03|Silicified diorite         |
 |------------------------------------------------------------------|
 |184      |190      |6      |0.32 |0.04|Silicified diorite         |
 |------------------------------------------------------------------|
 |194      |202      |8      |0.48 |0.04|Silicified diorite – banded|
 |------------------------------------------------------------------|
 |216      |246      |30     |0.58 |0.02|Silicified diorite + fault |
 |         |         |       |     |    |zones +                    |
 |         |         |       |     |    |breccias                   |
 |------------------------------------------------------------------|
 |252      |284      |32     |0.71 |0.02|Silicified diorite + local |
 |         |         |       |     |    |breccias                   |
 |------------------------------------------------------------------|
 |Including|262      |2      |2.00 |0.05|                           |
 |260      |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |End hole = 352.0 m |       |     |    |                           |
 |------------------------------------------------------------------|
 |         |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |C12-45   |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |62       |64       |2      |0.86 |0.03|Silicified diorite         |
 |------------------------------------------------------------------|
 |82       |84       |2      |1.99 |0.00|Silicified diorite +       |
 |         |         |       |     |    |fault zone                 |
 |------------------------------------------------------------------|
 |134      |136      |2      |2.38 |0.21|Quartz-tourmaline vein     |
 |------------------------------------------------------------------|
 |144      |146      |2      |0.33 |0.00|Quartz tourmaline vein in  |
 |         |         |       |     |    |silicified diorite         |
 |------------------------------------------------------------------|
 |218      |220      |2      |14.2 |0.24|Tourmaline vein in         |
 |         |         |       |     |    |silicified                 |
 |         |         |       |     |    |diorite                    |
 |------------------------------------------------------------------|
 |226      |230      |4      |0.50 |0.00|Silicified diorite +       |
 |         |         |       |     |    |fault zone                 |
 |------------------------------------------------------------------|
 |End hole = 241.8 m |       |     |    |                           |
 |------------------------------------------------------------------|
 |         |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |C12-46   |         |       |     |    |                           |
 |------------------------------------------------------------------|
 |106      |108      |2      |4.50 |0.02|Tourmaline vein in         |
 |         |         |       |     |    |silicified                 |
 |         |         |       |     |    |diorite                    |
 |------------------------------------------------------------------|
 |End hole = 150.0 m |       |     |    |                           |
 --------------------------------------------------------------------

(Nb. The structure is too poorly known at this stage to allow estimation of the true intersection thicknesses)

Table 2: Analytical Results - Holes C12-44, 45, 46

In addition to the laboratories own programme of analysis of standards, blanks, and pulp duplicates, Odin submitted its own standards (supplied by Rocklabs, New Zealand), blanks and duplicates of rock chips. The results of the quality control are considered satisfactory.

Figure 2: Plan of Diamond Drill Intersections to Date in Casique Target Area

TO VIEW FIGURE 2 COPY URL BELOW INTO NEW BROWSER WINDOW

http://thenewswire.ca/client_files/2012-06-19-1.pdf

The technical part of this press release is based on data prepared by Mike Potter, MSc, MIMMM, an independent mineral exploration consultant.

This was reviewed and approved by Dan Noone, a member of AIG and Director of the Company, as the Qualified Person in accordance with the requirements of NI 43-101.

For further information please contact: Stephen Stow, President and CEO or Daniel Noone, Director, responsible for the exploration program, at 604-888-4505.

" Stephen W.C. Stow "

Stephen W.C. Stow

President

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

This release may include certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements.

Actual results or developments may differ materially from those in forward-looking statements.

Odin Mining and Exploration Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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