Oban Mining Corporation

Oban Mining Corporation

August 05, 2014 17:00 ET

Oban Notes Termination of Option Agreement on the Marcahui Property

TORONTO, ONTARIO--(Marketwired - Aug. 5, 2014) - Oban Mining Corporation (TSX:OBM) ("Oban" or "the Company") announces that Teck Peru S.A. ("Teck") has decided to terminate its option agreement (the "Agreement") with Oban with respect to the Marcahui property (the "Project"). Pursuant to the Agreement, Teck had the option to acquire a 75% interest in the Project by incurring an aggregate of US$6,000,000 in exploration expenditures. Teck has completed their initial drilling campaign and advised Oban of its termination of the Agreement. The Company will assess the drill results from Teck in the coming weeks to determine if further exploration work is warranted. The Company has also re-negotiated an extension of the remaining option payment on the property with the titleholder for one year, now to be due on September 15, 2015.

Qualified Person

Gernot Wober, Professional Geologist, VP of Exploration of the Company and Qualified Person, has reviewed this press release.

About Oban Mining Corporation

The Company is a mineral exploration company focused on the acquisition, exploration, and development of base and precious metal resource properties in the Americas. The Company is actively engaged in the identification, acquisition, evaluation and exploration of mineral properties, and holds options to acquire a 100% interest in four mining concessions covering a total surface area of 1,200 hectares comprising the Marcahui project, twenty-four mining concessions covering a total surface area of 16,700 hectares comprising the Antamayo project, and options to acquire an interest on the Arcopunco project, all of which are in Peru. The Company is exploring these properties for precious and base metal deposits including gold, silver and copper. The Company holds various interests in properties located in Peru including the Bermejo project, Cevichito project, Magdalena property and other grass root projects (approx. 50,000 ha).

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the future exploration, drilling, sampling and acquisition plans for the Company are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company; operating efficiencies, operating or technical difficulties in connection with exploration or development activities; and other information that is not historical facts.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests global economic climate; metal prices; dilution; ability to complete acquisitions; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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