Oracle Mining Corp.

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Oracle Mining Corp.

January 31, 2013 06:00 ET

Oracle Mining Intercepts 47 Feet of 2.2% Copper in New Drilling; Additional Underground Holes Intercept 22.5 Feet of 2.4% Copper and 47.0 Feet of 2.0% Copper

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2013) - Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) ("Oracle Mining" or the "Corporation") is pleased to announce assay results from its ongoing core drilling program. The assay results include seven additional underground drill hole results from drilling at the Oracle Ridge Copper Mine, located in southern Arizona.

The assay results disclosed by the Corporation to date are consistent with historical data. These holes were drilled as part of Oracle Mining's ongoing drilling program, the results of which will be included in a National Instrument 43-101 ("NI 43-101") compliant resource estimation. The Corporation is analyzing the samples for a full suite of elements and have identified silver and gold as potential by-products.

Surface drill hole ODH-044 encountered an interval of 47.2 feet of 2.21% copper, including within that interval 10.0 feet of 3.92% copper and 0.9 oz/ton silver. Underground drill hole OUH-07 encountered an interval of 47.0 feet of 2.07% copper, including within that interval 10.0 feet of 4.85% copper and 1.05 oz/ton silver.

Oracle Mining has posted an updated diagram of all drill hole locations of these reported assay results at http://www.oracleminingcorp.com/_resources/images/2013_January_skarn.pdf.

The following tabulates the intervals obtained from this phase of the drilling program:

Hole From
(feet)
To
(feet)
Width
(feet)
Cu
(%)
Au
(oz/ton)
Ag
(oz/ton)
Zone Formation
ODH-034 267.0 301.0 34.0 1.30 0.002 0.32 6 Escabrosa
Includes 276.0 286.0 10.0 1.72 0.003 0.44 6 Escabrosa
ODH-034 311.0 321.0 10.0 1.80 0.003 0.61 6 Escabrosa
ODH-035 42.0 49.5 7.5 3.98 0.026 2.00 6 Escabrosa
ODH-035 394.0 400.0 6.0 1.49 0.001 0.36 6 Escabrosa
ODH-036 41.2 48.0 6.8 3.05 0.015 1.91 6 Escabrosa
ODH-037 167.0 178.0 11.0 2.65 0.009 1.58 2 Martin
ODH-037 228.0 235.0 7.0 1.80 0.002 0.57 2 Martin
ODH-037 271.0 350.0 79.0 1.68 0.004 0.61 1 Abrigo
ODH-038 164.5 179.5 15.0 2.81 0.007 0.81 2 Martin
ODH-038 188.0 198.0 10.0 0.94 0.002 0.28 2 Martin
ODH-038 248.0 274.0 26.0 1.81 0.006 0.51 1 Abrigo
includes 264.0 274.0 10.0 2.71 0.008 0.68 1 Abrigo
ODH-038 289.0 319.0 30.0 2.06 0.005 0.59 1 Abrigo
includes 299.0 314.0 15.0 2.83 0.007 0.81 1 Abrigo
ODH-040 185.1 191.4 6.3 5.21 0.018 1.36 2 Martin
ODH-040 216.0 225.0 9.0 1.56 0.006 0.48 2 Martin
ODH-040 288.0 302.7 14.7 1.54 0.005 0.41 2 Martin
includes 298.0 302.7 4.7 2.28 0.008 0.66 2 Martin
ODH-040 321.0 359.0 38.0 2.10 0.008 0.77 1 Abrigo
includes 321.0 325.5 4.5 5.54 0.034 2.52 1 Abrigo
includes 350.0 359.0 9.0 2.92 0.010 1.08 1 Abrigo
ODH-040 402.5 410.0 7.5 1.71 0.001 0.15 1 Abrigo
ODH-041 231.0 239.0 8.0 1.24 0.002 0.40 6 Escabrosa
ODH-041 329.5 334.5 5.0 1.43 0.004 1.00 6 Escabrosa
ODH-041 458.0 463.0 5.0 1.12 0.001 0.23 6 Escabrosa
ODH-042 225.6 262.4 36.8 2.68 0.009 0.66 2 Martin
Includes 233.0 241.0 8.0 4.39 0.015 1.02 2 Martin
Includes 250.0 260.0 10.0 4.09 0.014 1.05 2 Martin
ODH-042 314.0 328.0 14.0 1.51 0.010 0.37 2 Martin
ODH-042 353.5 379.5 26.0 1.56 0.007 0.57 1 Abrigo
includes 358.0 363.0 5.0 2.77 0.014 1.09 1 Abrigo
ODH-042 415.5 437.0 21.5 2.05 0.009 0.32 1 Abrigo
ODH-043 189.0 194.5 5.5 3.05 0.019 0.74 2 Martin
ODH-043 217.7 232.0 14.3 2.32 0.007 0.54 2 Martin
ODH-043 290.0 350.0 60.0 1.91 0.010 0.64 2 /1 Martin/Abrigo
ODH-043 364.0 404.0 40.0 1.40 0.006 0.58 1 Abrigo
includes 379.0 384.0 5.0 1.84 0.008 0.84 1 Abrigo
ODH-044 66.0 73.0 7.0 1.95 0.011 0.59 4 Escabrosa
ODH-044 138.8 186.0 47.2 2.21 0.016 0.48 2 Martin
includes 166.0 176.0 10.0 3.92 0.039 0.90 2 Martin
ODH-045 87.0 92.0 5.0 2.98 0.016 0.74 4 Escabrosa
ODH-045 167.7 210.0 42.3 2.20 0.012 0.42 2 Martin
ODH-045 246.0 256.4 10.4 1.73 0.012 0.30 2 Martin
ODH-045 280.4 293.0 12.6 1.07 0.008 0.21 2 Martin
ODH-046 60.5 65.2 4.7 1.64 0.005 0.41 4 Escabrosa
ODH-046 119.5 172.9 53.4 1.49 0.007 0.37 2 Martin
Includes 136.0 146.0 10.0 2.08 0.008 0.48 2 Martin
Includes 159.0 172.9 13.9 2.34 0.014 0.59 2 Martin
ODH-049 128.0 133.0 5.0 1.05 0.002 0.23 2 Martin
ODH-049 158.0 163.0 5.0 1.63 0.007 0.30 2 Martin
ODH-049 167.0 179.8 12.8 1.68 0.012 0.40 2 Martin
includes 167.0 172.0 5.0 2.45 0.016 0.66 2 Martin
ODH-049 264.0 279.0 15.0 1.74 0.006 0.57 2 Abrigo
ODH-050 163.0 177.2 14.2 1.50 0.004 0.30 2 Martin
ODH-050 237.0 262.0 25.0 1.88 0.007 0.49 1 Abrigo
ODH-050 282.0 312.0 30.0 2.00 0.006 0.50 1 Abrigo
ODH-051 288.0 303.0 15.0 0.90 0.000 0.19 2 Martin
ODH-051 313.0 328.0 15.0 1.61 0.001 0.33 1 Abrigo
ODH-051 343.0 378.0 35.0 2.05 0.001 1.02 1 Abrigo
OUH-02 375.5 400.0 24.5 1.97 0.006 0.59 4 Escabrosa Ext East
includes 380.0 390.0 10.0 2.64 0.008 0.79 4 Escabrosa Ext East
OUH-02 472.0 484.0 12.0 1.68 0.001 0.26 2 Martin Ext East
OUH-02 518.0 542.0 24.0 2.14 0.011 0.68 2 Martin Ext East
includes 535.5 542.0 6.5 3.21 0.017 0.84 2 Martin Ext East
OUH-03 154.0 172.5 18.5 0.99 0.002 0.36 6 Escabrosa
includes 154.0 158.0 4.0 1.46 0.002 0.35 6 Escabrosa
OUH-03 193.8 199.7 5.9 3.36 0.002 0.62 New Zone Escabrosa
OUH-03 413.3 418.0 4.7 1.65 0.000 0.03 5 Escabrosa
OUH-04 294.8 304.9 10.1 1.62 0.001 0.45 5 Endoskarn
OUH-05 298.0 304.5 6.5 1.95 0.001 0.34 5 Escabrosa
OUH-05 334.0 346.0 12.0 1.91 0.004 0.47 5 Escabrosa
OUH-05 449.5 472.0 22.5 2.40 0.001 0.53 5 Lower Escabrosa
includes 467.0 472.0 5.0 4.76 0.001 1.06 5 Lower Escabrosa
OUH-06 325.0 335.0 10.0 1.75 0.004 0.80 5 Escabrosa
OUH-06 355.0 360.0 5.0 2.16 0.001 0.39 5 Escabrosa
OUH-07 172.0 194.0 22.0 0.94 0.010 0.72 4 Escabrosa
includes 172.0 174.2 2.2 1.53 0.006 0.63 4 Escabrosa
OUH-07 282.1 355.6 73.5 1.54 0.005 0.56 5 Escabrosa
OUH-07 448.0 495.0 47.0 2.07 0.007 0.62 5 Lower Escabrosa
includes 465.0 475.0 10.0 4.85 0.003 1.05 5 Lower Escabrosa
OUH-07 521.0 531.0 10.0 2.35 0.011 0.68 5 Lower Escabrosa
OUH-08 259.0 264.0 5.0 1.84 0.001 0.28 5 Escabrosa

The intervals were calculated using a 1.0% copper cut-off and may include internal waste to reflect a potential mineable width. True widths of mineralized intercepts completed to date will need to be modelled but are estimated to be 60% to 100% of the stated interval length for Zones 1, 2 and 4. Additional drilling in Zones 5 and 6 will be needed before true thickness can be estimated. Intervals labelled "includes" are higher-grade portions of the previous listed interval.

Oracle Mining employs a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. One-half of each drill core is maintained for future reference and the other half of each drill core is sent for analysis. Half-core samples are shipped to accredited laboratories contracted to complete all sample preparation and assaying, including Skyline Assayer and Laboratories (Tucson), SGS Minerals Services (Elko/Vancouver) and ALS Chemex Labs Ltd. (Reno/Vancouver). Samples are analyzed employing the appropriate methodology for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, the Corporation inserts one standard sample for every 20 samples of core and one blank sample for every 40 samples of core submitted to the assay laboratories. The Corporation inserts a blank sample for core for any submission with fewer than 40 samples. Oracle Mining periodically submits the pulps of the samples assayed by one laboratory to another independent laboratory for check analysis.

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 that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge Copper Mine located 24 km northeast of Tucson, Arizona. Oracle Mining 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 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 Corporation's liquidity and balance sheet and future sales of metals or minerals from Oracle Ridge. 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, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; 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 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.

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