Vancouver, BC - January 26, 2012: Odin Mining and Exploration Limited ("Odin") is pleased to announce the analytical results of the first four diamond drill holes completed on its Greater Cangrejos property in southwest Ecuador in the last quarter of 2011. The project is located approximately 30 km from the city of Machala and about 40 km from the port of Puerto Bolivar. Odin's main camp, the drillers' camp and some of the drill platforms are accessible by 4 wheel drive vehicle and both camps are connected to the main electrical grid.
Highlights of the drilling include:
-137.3 m @ 1.27 g/t Au & 0.11% Cu from 14.5 m in hole C11-30
-117.5 m @ 1.10 g/t Au & 0.09% Cu from 14.5 m in hole C11-31
-70 m @ 1.06 g/t Au & 0.11% Cu from 70 m in hole C11-33
The greater than 1 g/t gold mineralization is hosted within a mix of various types of igneous and hydrothermal breccias, diorites and andesites. The higher grade mineralization is located within a broader halo of lower grade porphyry-style gold /copper mineralization.
Table 1 below lists the grades for gold and copper over the whole porphyry-style mineralized sequence in holes C11-30, 31, 32, 33. The table also includes the most noteworthy intersection in each hole.
All four holes were drilled in the Trinchera-Paloma area (Figure 1). In 1999/2000 Newmont Overseas Exploration Limited ("Newmont") drilled 12 diamond drill holes here during their time as operator of the El Joven Joint Venture (Odin 40% / Newmont 60%). Mineralization within the Odin concessions can be traced over 5 km along the northeast trend including the Cacique and Dos Bocas gold-in-soil anomalies.
As described in Odin's NI 43-101 technical report of December 2010, the results of the joint venture's drilling defined two NE / SW trending zones of gold/copper mineralization within a mixed sequence of pervasively hydrothermally altered (chlorite ? biotite) diorites, breccias and andesites.
These two zones are known as the Trinchera Mineralized Trend and the Paloma Mineralized Trend (Figure 2), and were defined on the basis of several intersections with more than 0.50 g/t Au over at least 70 m, in Newmont's 1999/2000 boreholes, which were all drilled at angles of either -45 ? or -50?.
The best intersection in the Trinchera Trend came from hole C99-14 with 1.57 g/t Au and 0.19 % Cu over 196 m. This intersection contained a higher grade zone comprising 3.06 g/t Au and 0.32% Cu over 46 m. The best intersection in the Paloma Trend came from hole C99-18 with 1.08 g/t Au and 0.11% Cu over 119 m with the hole stopped while still in mineralization.
Figure 3 shows two cross sections across these zones. Odin's holes C11-31 in the lower section and C11-32 in the upper section were targeted on the Trinchera Trend and C11-33 in the upper section was targeted on the Paloma Trend.
-----------------------------------------------------------------
|From |To |Advance |Au |Cu |Notes |
|(m) |(m) |(m) |(g/t) |(%) | |
|---------------------------------------------------------------|
| |
|---------------------------------------------------------------|
|Hole C11-30 |
|---------------------------------------------------------------|
|14.5 |151.8 |137.3 |1.27 |0.11 |Base of |
| | | | | |weathering |
| | | | | |= 58m |
|---------------------------------------------------------------|
|Including| | | | | |
|---------------------------------------------------------------|
|14.5 |151.8 |137.3 |1.27 |0.11 |weathered zone + |
| | | | | |bedrock |
|---------------------------------------------------------------|
|Hole abandoned |
|at 154 m in |
|mineralization |
| – |
|last 3.2 m of |
|core not |
|recovered – |
| |
|hole replaced |
|by C11-31 |
|---------------------------------------------------------------|
| | | | | | |
|---------------------------------------------------------------|
|Hole C11-31 (to 151.8 m duplicates hole C11-30) |
|---------------------------------------------------------------|
|14.5 |352 |337.5 |0.68 |0.12 |base of |
| | | | | |weathering |
| | | | | |= 56m |
|---------------------------------------------------------------|
|Including| | | | | |
|---------------------------------------------------------------|
|14.5 |132 |117.5 |1.10 |0.09 |weathered zone +|
| | | | | |bedrock |
|---------------------------------------------------------------|
|End of hole = 406m |
|---------------------------------------------------------------|
| | | | | | |
|---------------------------------------------------------------|
|Hole C11-32 |
|---------------------------------------------------------------|
|22 |128 |106 |0.27 |0.08 |Base of |
| | | | | |weathering |
| | | | | |= 42m |
|---------------------------------------------------------------|
|Including| | | | | |
|---------------------------------------------------------------|
|86 |94 |8 |1.00 |0.14 |weathered zone +|
| | | | | |bedrock |
|---------------------------------------------------------------|
|End of hole = 427m |
|---------------------------------------------------------------|
| | | | | | |
|---------------------------------------------------------------|
|Hole C11-33 |
|---------------------------------------------------------------|
|10 |374 |364 |0.59 |0.08 |Base of |
| | | | | |weathering |
| | | | | |= 56m |
|---------------------------------------------------------------|
|Including| | | | | |
|---------------------------------------------------------------|
|70 |140 |70 |1.06 |0.11 |Bedrock |
|---------------------------------------------------------------|
|End of hole = 415m |
-----------------------------------------------------------------
Table 1: Intersections of Total Porphyry-Style Gold/Copper Mineralization
To View Map Image, Please copy and paste URL below into a new browser:
http://thenewswire.ca/client_files/2012-01-26-0.pdf
Figure 1: Greater Cangrejos - Concessions and Targets
To View Map Image, Please copy and paste URL below into a new browser:
http://thenewswire.ca/client_files/2012-01-26-1.pdf
Figure 2: Trinchera and Paloma Mineralized Trends with Diamond Drilling
by Newmont 1999/2000 and Odin 2011
To View Map Image, Please copy and paste URL below into a new browser:
http://thenewswire.ca/client_files/2012-01-26-2.pdf
Figure 3: Schematic Cross-Sections: a) Holes C11-33 and C11-32 and b) C11-31 and C99-14
The following tables show the intervals in the reported holes using a cut-off of 0.3 g/t Au with maximum internal dilution of 5m. Intersections shorter than 4 m are not shown.
--------------------------------------------------
|From|To |Advance| |Au |Cu | |Notes |
|------------------------------------------------|
|(m) |(m) |(m) | |(g/t)|(%) | | |
|------------------------------------------------|
| | | | | | | | |
|------------------------------------------------|
|C11-30 | | | | | | |
|------------------------------------------------|
|0 |14.5 |14.5 | |0.18 |0.03| |FILL AND SOIL |
|------------------------------------------------|
|14.5|58 |43.5 | |1.86 |0.12| |WEATHERED |
| | | | | | | |ZONE |
|------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------|
|14.5|46 |31.5 | |2.23 |0.13| |totally |
| | | | | | | |weathered |
| | | | | | | |breccia |
|------------------------------------------------|
|46 |58 |12 | |1.08 |0.11| |partially |
| | | | | | | |weathered |
| | | | | | | |breccia |
|------------------------------------------------|
|58 |151.8|93.8 | |0.97 |0.11| |PORPRHYRY |
| | | | | | | |GOLD/COPPER |
| | | | | | | |MINERALIZATION|
|------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------|
|58 |84 |26 | |1.74 |0.16| |breccia |
|------------------------------------------------|
|96 |151.8|55.8 | |0.79 |0.11| |breccia + |
| | | | | | | |diorite + |
| | | | | | | |andesite |
|------------------------------------------------|
|End of |
|hole at |
|154.0 m |
| |
| - |
|last 3.2 m |
|core not |
|recovered |
|– |
| |
| Hole |
|replaced |
|by C11-31 |
|------------------------------------------------|
| | | | | | | | |
|------------------------------------------------|
|C11-31 | | | | | | |
|------------------------------------------------|
|0 |14.5 |14.5 | |0.16 |0.03| |FILL and SOIL |
|------------------------------------------------|
|14.5|56 |41.5 | |1.81 |0.12| |WEATHERED |
| | | | | | | |ZONE |
|------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------|
|14.5|42 |27.5 | |1.76 |0.07| |totally |
| | | | | | | |weathered |
| | | | | | | |breccia |
|------------------------------------------------|
|42 |56 |14 | |1.90 |0.21| |partially |
| | | | | | | |weathered |
| | | | | | | |breccia |
|------------------------------------------------|
|56 |352 |296 | |0.53 |0.11| |PORPRHYRY |
| | | | | | | |GOLD/COPPER |
| | | | | | | |MINERALIZATION|
|------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------|
|56 |60 |10 | |0.89 |0.09| |breccia |
|------------------------------------------------|
|72 |172 |100 | |0.62 |0.08| |breccia + |
| | | | | | | |diorite + |
| | | | | | | |fault + |
| | | | | | | |andesite |
|------------------------------------------------|
|212 |234 |22 | |0.50 |0.11| |diorite + |
| | | | | | | |andesite + |
| | | | | | | |fault zone |
|------------------------------------------------|
|274 |290 |16 | |0.39 |0.16| |microdiorite |
| | | | | | | |+ |
| | | | | | | |fault + |
| | | | | | | |andesite |
|------------------------------------------------|
|302 |312 |10 | |0.72 |0.21| |microdiorite |
|------------------------------------------------|
|324 |348 |24 | |1.54 |0.43| |fault zone |
|------------------------------------------------|
|352 |406 |54 | |0.08 |0.03| |WALLROCK |
| | | | | | | |with |
| | | | | | | |pervasive |
| | | | | | | |hydrothermal |
| | | | | | | |alteration |
|------------------------------------------------|
|End of hole |
|at 406.0 m |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Hole |
|twins C11-30 |
|to 151.8m |
|------------------------------------------------|
| | | | | | | | |
--------------------------------------------------
Table 2: Intersections with >0.3 g/t Gold in Twinned Holes C11-30 and C11-31
--------------------------------------------------------------------
| From |To |Advance | |Au |Cu | |Notes |
|------------------------------------------------------------------|
|(m) |(m) |(m) | |(g/t)|(%) | | |
|------------------------------------------------------------------|
| | | | | | | | |
|------------------------------------------------------------------|
|C11-32 | | | | | | | |
|------------------------------------------------------------------|
|0 |45 |45 | |0.10 |0.05| |WEATHERED ZONE |
|------------------------------------------------------------------|
|45 |128 |106 | |0.29 |0.09| |PORPHYRY GOLD/COPPER |
| | | | | | | |MINERALIZATION |
|------------------------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------------------------|
|68 |74 |6 | |0.39 |0.13| |foliated |
| | | | | | | |diorite/microdiorite |
|------------------------------------------------------------------|
|80 |96 |16 | |0.73 |0.11| |fault zone/microdiorite|
|------------------------------------------------------------------|
|124 |128 |4 | |0.61 |0.06| |fault zone |
|------------------------------------------------------------------|
|128 |346 |218 | |0.09 |0.03| |WALLROCK with pervasive|
| | | | | | | |hydrothermal |
| | | | | | | |alteration |
|------------------------------------------------------------------|
|346 |350 |4 | |1.93 |0.10| |FAULT ZONE - |
| | | | | | | |Lineament "C" |
|------------------------------------------------------------------|
|350 |427 |77 | |0.06 |0.02| |WALLROCK with pervasive|
| | | | | | | |hydrothermal |
| | | | | | | |alteration |
|------------------------------------------------------------------|
|End of hole at 427.0 m | | | | | |
|------------------------------------------------------------------|
| | | | | | | | |
|------------------------------------------------------------------|
|C11-33 | | | | | | | |
|------------------------------------------------------------------|
|0 |10 |10 | |0.02 |0.03| | ROCKY SOIL |
|------------------------------------------------------------------|
|10 |56 |46 | |0.60 |0.07| |WEATHERED ZONE |
|------------------------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------------------------|
|10 |56 |46 | |0.60 |0.07| |weathered diorite + |
| | | | | | | |andesite |
|------------------------------------------------------------------|
|56 |374 |318 | |0.59 |0.08| |PORPHYRY GOLD/COPPER |
| | | | | | | |MINERALIZATION |
|------------------------------------------------------------------|
|Including | | | | | | |
|------------------------------------------------------------------|
|56 |144 |88 | |0.95 |0.10| |breccia + diorite + |
| | | | | | | |andesite |
|------------------------------------------------------------------|
|154 |160 |6 | |0.54 |0.06| |breccia |
|------------------------------------------------------------------|
|168 |192 |24 | |0.73 |0.08| |breccia |
|------------------------------------------------------------------|
|212 |258 |46 | |0.49 |0.09| |diorite |
|------------------------------------------------------------------|
|272 |280 |8 | |0.37 |0.14| |diorite + breccia |
|------------------------------------------------------------------|
|228 |258 |30 | |0.52 |0.11| |breccia |
|------------------------------------------------------------------|
|276 |280 |4 | |0.44 |0.18| |breccia |
|------------------------------------------------------------------|
|318 |342 |24 | |1.32 |0.12| |andesite + microdiorite|
|------------------------------------------------------------------|
|350 |356 |6 | |0.36 |0.10| |andesite |
|------------------------------------------------------------------|
|368 |374 |6 | |0.35 |0.12| |andesite |
|------------------------------------------------------------------|
|374 |415 |41 | |0.06 |0.03| |WALLROCK with pervasive|
| | | | | | | |hydrothermal |
| | | | | | | |alteration |
|------------------------------------------------------------------|
|End of hole at 415.0 m | | | | | |
|------------------------------------------------------------------|
| | | | | | | | |
--------------------------------------------------------------------
Table 3: Intersections with >0.3 g/t Gold in Holes C11-32 and C11-33
Core recovery in the hard bedrock was good at 95-100%. However, in the weathered zone core recovery averaged only 60-80%. 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.
The half core was sampled over 2 m intervals as standard, reducing to 1 m intervals over zones of particular interest. The half core was crushed in its entirety to less than 2 mm by LAC y Associados Cia. Ltda. in Cuenca, Ecuador and a 1 kg 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 gm fire assay with a ICP-ES finish and for 36 multi-elements, including Cu, by ICP-ES with a hot (95 ?C) aqua regia leach of a 0.5 gm aliquot.
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 the rock chips. The results of the quality control are considered satisfactory.
The technical part of the press release was prepared by Mike Potter, MSc, MIMMM, an independent mineral exploration consultant currently on site, and reviewed and approved by Dan Noone, a member of the AIG and Director of the Company, as the Qualified Person in accordance with NI 43-101.
CEO Stephen Stow stated,
"Drilling at Trinchera and Paloma appears to have justified our belief that Cangrejos may host a potentially large and well mineralized gold deposit.
It seems reasonable to anticipate further discoveries along strike to the northeast at Cacique and Dos Bocas, as well as fresh discoveries from ongoing exploration work independent of this drill program, elsewhere on Odin's Ecuador property.
If results from the drill program continue at these levels, 2012 could finally turn out to be a watershed year for Odin and it's shareholders."
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.
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