February 9, 2012 @ 5:00 am EST
Oracle Mining intercepts 25 feet of 4.34% copper and 27 feet of 3.57% copper in new drilling
Vancouver, British Columbia, February 9, 2012- Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN, OTCQX: OMCCF, FRANKFURT: OMC) is pleased to announce the results of its ongoing drilling program at the Oracle Ridge Copper Mine, located in southern Arizona. Hole ODH-19 encountered six zones of greater than 1.0% copper mineralization, including 27 feet of 3.57% copper and 1.07 oz/ton silver. Assays for an additional zone in ODH-19 are pending.
Hole ODH-19 was drilled in the direction of a previously untested skarn bed located during recent surface mapping and is coincident with the edge of a geophysical anomaly. The presence of six separate intercepts indicates this area has the potential to host multiple skarn beds similar to the historic Zone 1 and 2 areas.
Additional holes were also drilled to define and enlarge the known extent of the Zone 4 Escabrosa limestone hosted skarn bed. Highlights of these holes include 25 feet of 4.34% copper and 1.11 oz/ton silver in ODH-15 and 59 feet of 2.32% copper in ODH-17.
The following tabulates the intercepts obtained from this phase of the drilling program.
Intervals were calculated using an external 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. Holes ODH-13 and ODH-14 encountered only sub 1.0% copper mineralization. True widths will need to be modeled but are believed to be 70% to 100% of the stated interval length. Intervals labeled “Includes” are higher-grade portions of the previous listed interval. Assays for copper, silver and gold were performed by Skyline Labs of Tucson, Arizona on split core samples using standard industry accepted techniques.
The results encountered in Hole ODH-19 continue to reinforce the Corporation’s belief that the undrilled portions of the property have significant potential to host additional +1.0% copper mineralization. Drilling is currently underway on two targets outside of the historically drilled area of the property.
These holes were drilled as part of the Corporation’s ongoing historic data base confirmation program. The successful completion of the validation program will allow the Corporation to undertake a National Instrument 43-101 compliant resource estimation. Results to date compare well with the historic data.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed by Glenn R. Clark, P.Eng. of Glenn R. Clark & Associates Limited, a consultant for Oracle Mining and a Qualified Person under NI 43-101, who is responsible for the technical information reported herein.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX: OMN, OTCQX: OMCCF, FRANKFURT: OMC) is a Vancouver, Canada-based corporation with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Corporation is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the “Corporation”) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the development of the Oracle Ridge Copper Mine, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends","anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to the Corporation's actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation’s interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at http://www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information, contact:
Mr. Alex Langer, VP Capital Markets
Mr. Jason Mercier, VP Corporate Secretary