Oro Mining Ltd.
TSX VENTURE : OGR

Oro Mining Ltd.

November 23, 2010 09:00 ET

Oro Mining Provides Update Including Positive Drill Results from Its Mexican Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Oro Mining Ltd. (TSX VENTURE:OGR) reported today that it has appointed SRK, an independent engineering company based in Denver Colorado, to conduct resource estimates and block models for its Taunus and El Compas gold deposits.

As part of this update the assay results for the Cimarron and El Compas drill programs are included below. Assay results from drilling on its flagship Taunus gold deposit will be released separately.

The Taunus deposit located in Sinaloa Mexico has been extensively drilled by Oro Mining over the past year expanding the known resource and making discoveries outside the Taunus area. The recent introduction of 'sonic drilling' is looking like it might add significant value as it provides better core recovery in the oxidized-clay, breccia material found in the Taunus deposit.

The current 2010 drill program at Taunus is nearing completion and approximately 12,000 metres of reverse circulation (RC), diamond, and sonic drilling having been completed. Concurrently, dewatering of the existing open pit continues to make progress and the pit is expected to be completely drained by year end, allowing us to conduct sonic drilling within the mineralized zone located between the 'Eldorado' zone and the 'HS' zone immediately below the floor of the pit. This drilling can only be accomplished from the floor of the pit once it is drained.

"We have opted to accelerate evaluating the Taunus deposit for near term gold production based on the success of the 2010 drilling and the current gold price. A number of the Taunus drill assay results are still being processed and will be published once finalized. In addition, we have initiated sonic drilling and metallurgical testing of the material on the existing heap leach pad at the Taunus deposit in order to evaluate it as a mineral resource," stated John Brownlie, Oro Mining's CEO.

Cimarron Update

At the Cimarron deposit located near the town of Rosario, Mexico we are re-assessing the results of 54 RC drill holes, 25 of which were drilled by Hecla Mining in 1999. This drilling has identified gold mineralization in an intrusive host rock where mineralization begins at surface and extends to depths of 100 metres. The Cimarron (Calerita target) drill program tested mainly the mineral potential in the northwest and southeast portions of the prospect with the objective of expanding the known mineralization; highlights being the longer intercepts of holes 16 and 23. The drilling was also designed to test continuity of gold mineralization along strike.

Holes CIM017, 018, 020, 022 and 023, located along the western and northwestern margin of the main zone intersected significant widths of continuous gold mineralization grading greater than 0.3 g/t. The results of these holes significantly expanded the known mineralization in the area. Holes CIM014, 015 and 027, drilled in the southern portion of the target area, also intersected significant widths of continuous mineralization having greater than 0.3 g/t gold. These results suggest that a second, northeast trending zone of mineralization has been discovered parallel to the main zone.

The Cimarron deposit has potential for a large tonnage, low-strip heap leach project. The following table highlights the results of the recent 2010 drilling (see Figure 1).

Hole No. From (m) To (m) Interval (m) Gold Grade (g/t)
CIM014 0 8 8 0.35
  And 44 78 34 0.50
    Includes 50 76 26 0.58
  And 84 90 6 0.40
CIM015 0 56 56 0.26
    Includes 2 22 20 0.32
  And 32 36 4 0.37
  And 98 114 16 0.34
  And 150 154 4 0.53
CIM016 10 80 70 0.78
    Includes 32 76 44 1.05
CIM017 8 18 10 0.23
  And 28 106 78 0.37
    Includes 68 102 34 0.52
CIM018 8 16 8 0.32
  And 26 60 34 0.34
    Includes 28 36 8 0.47
    Includes 44 56 12 0.39
  And 68 100 32 0.55
    Includes 88 100 12 0.83
CIM019 100 110 10 0.24
  And 122 130 8 0.23
CIM020 60 100 40 0.62
    Includes 62 74 12 0.67
    Includes 86 96 10 0.91
CIM022 34 72 38 0.44
    Includes 36 46 10 0.65
CIM023 0 72 72 0.53
    Includes 42 58 16 1.02
CIM024 36 46 10 0.36
CIM025 0 12 12 0.43
  And 20 24 4 0.59
  And 42 62 20 0.25
    Includes 78 90 12 0.48
CIM027 0 76 76 0.61
    Includes 46 50 4 1.39

The Snowden Group is currently conducting a resource estimate for the Cimarron deposit. As the deposit is open in all directions and holds significant potential we expect to conduct additional drilling in 2011 to further delineate the zone of interest.

El Compas Update

The El Compas project is located near the city of Zacatecas in central Mexico. Drilling to date on the 27.4 km2 property has focused on expanding the El Compas and El Orito vein zones, and to test additional vein targets in the district. The Company has now completed seventy-two holes for a total of 11,312 metres at the El Compas property, the majority of which have tested the El Compas and El Orito veins within the currently defined resource areas. The NI 43-101 compliant resource estimate prepared by the company in 2008 incorporated assay data from a total of forty-eight Oro Silver Resources Ltd. (OSR) and historic drill holes. Twenty-eight new holes, completed by OSR during 2009 and 2010 will be added to the drill database, which will be utilized in an updated resource model that is anticipated before year end. The additional drill data will also aid ongoing economic analysis with a focus on near-term production potential. Local area infrastructure is excellent and access to high grade gold ore shoots may be facilitated via the existing mine access ramp at the El Compas vein. Summary of significant assay results from recently completed drill program with bonanza grades noted in holes COM61, 66 and 72 (see figures 2 and 3).

Hole Area From (m) To (m) Interval (m) Au (g/t) Ag (g/t)
COM061 ORITO 41.76 57.3 15.5 2.75 48.6
  Includes ORITO 41.76 46.5 4.7 5.40 103.3
  Includes ORITO 56.6 57.3 0.7 17.38 285.1
COM062 ORITO 11.6 12.6 1.0 3.98 188.3
  And ORITO 35.9 52.5 16.6 0.85 21.3
  Includes ORITO 35.9 41.8 5.9 1.75 50.2
COM063 ORITO 107.3 107.7 0.4 11.43 85.0
  And ORITO 133.5 135.7 2.2 4.53 30.8
  And ORITO 141.0 142.4 1.4 0.76 1.3
COM064 COMPAS 106.4 116.3 9.9 1.04 133.6
  Includes COMPAS 108.7 111.3 2.6 2.69 387.5
COM065 COMPAS 86.5 92.7 6.2 12.35 364.0
  Includes COMPAS 87.5 92.7 5.2 14.61 427.8
COM066 COMPAS 74.3 85.2 10.9 9.38 115.2
  Includes COMPAS 75.3 84.2 8.9 11.31 137.4
  Includes COMPAS 83.1 84.1 1.0 56.23 593.1
COM067 COMPAS 53.7 57.9 4.2 0.38 17.3
COM069 COMPAS 124.7 135.2 10.5 1.27 20.7
  Includes COMPAS 132.4 135.2 2.8 3.62 56.8
COM071 COMPAS 61.3 75.1 13.8 1.44 34.3
  Includes COMPAS 66.0 71.3 5.3 2.82 59.6
COM072 COMPAS 78.2 83.2 5.0 31.62 415.5
  Includes COMPAS 79.0 81.3 2.3 67.41 877.7

John Brownlie added, "Oro Mining is in the process of evaluating its properties for development and near term production. We believe that an aggressive approach of moving to being a gold producer will create shareholder value and generate cash flow which can be used to support ongoing exploration, and to continue to produce the positive results that have resulted in the company's exploration successes to date."

Quality Control

Oro Mining maintains a strict quality control program. All sample results generated by Oro Mining were submitted directly to Inspectorate Assay Laboratory, for preparation in Durango, Mexico, and analysis in Reno, Nevada. All samples submitted for analysis were of half-sawn core. Analysis was conducted on 2 assay ton samples for gold and silver, with standards and blanks inserted every 30 samples. Analysis of gold was by fire assay, with a gravimetric finish on samples exceeding 3 g/t gold. Analysis of silver was by 4-acid digestion with an ICP finish, and with a gravimetric finish on samples exceeding 100 g/t silver. Mr. Freeman Smith, P.Geo. is a qualified person as defined by National Instrument 43-101 and has reviewed the content of this press release.

About Oro Mining

Oro Mining is a publicly-listed company on the TSX Venture Exchange with properties situated in prolific mining camps in Sinaloa and Zacatecas, Mexico. Oro Mining's focus is to advance its projects towards production while continuing to make exploration discoveries on its extensive land holdings. The district-scale Trinidad property that hosts the Taunus gold deposit continues to be the Oro Mining's priority project. Our mission is to create exceptional value for shareholders through, exploration discovery, resource growth, mine development and production while providing sustainable benefits to our staff, the environment, and the communities where we operate.

ON BEHALF OF THE BOARD OF DIRECTORS

John Brownlie, Chief Executive Officer

Some statements in this release may contain forward-looking information. These statements include, but are not limited to the use of the terms "subject to", "expects", "anticipates", "will", statements with respect to Board assessments, statements with respect to updating resource estimates, statements with respect to entering into the Definitive Agreement, future plans and expectations. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary for a variety of reasons. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

To view Figures 1-3 accompanying this release, please click on the following link: http://media3.marketwire.com/docs/OGR1124figures.pdf.

Neither the TSX Venture Exchange nor its Regulation Services Provider does accept responsibility for the adequacy or accuracy of this release.

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