Phase One Drilling At Cangrejos

VANCOUVER, BC - Odin Mining and Exploration Ltd. reported the results from the Company's nine hole, 3,540 meter Phase 1 drill program at its Cangrejos project in southern Ecuador. The Cangrejos gold/copper project, comprises approximately 5,594 hectares, is located El Oro province of southern Ecuador approximately 30 kilometers southeast of the coastal port city and Provincial capital, Machala.

Results demonstrate the continuous nature of the mineralization, highlighted by hole C14-47 that intersected 405.10 meters from surface to the end of the hole grading 0.66 grams per tonne gold and 0.09% copper for a gold equivalent grade of 0.82 grams per tonne and including 58 meters grading 1.63 grams per tonne gold and 0.16% copper for a gold equivalent grade of 1.91 grams per tonne.

Odin is encouraged by the current drill results, which are consistent with the company's expectations. Results demonstrate the continuous nature of the mineralization at Cangrejos, making it suitable for a large-scale open pit low-cost mining operation. The Company is also anticipating changes to the regulatory and taxation environment in Ecuador and is encouraged by recent dialogue with the government in this regard. Additionally, Odin has initiated a scoping level metallurgical testing program along with a conceptual project sitting and environmental study.