US$250,000 Committed to Further Exploration Work in Ecuador
June 1, 2004
Odin Mining & Exploration Ltd. (“Odin”) announces an exploration program has been mandated and initiated on prospects in one of its primary areas of interest in mineral concessions. The exploration targets are part of the area of interest referred to elsewhere in earlier news releases as “El Plateado”. Plateado is part of the Cordillera del Condor area in South East Ecuador.
Odin holds 19,845 Ha. under concession in this area, and has applications current for a further 88,677 Ha. (effectively first right to hold the same under concession) which we understand is the largest aggregate land position in the Cordillera de Condor. Certain other TSX Venture listed companies have announced encouraging results to their own independent exploration activity in the last 12 months in the Cordillera de Condor.
Odin is committing up to US$250,000 for preliminary exploration work. The program is to involve detailed mapping and rock and soil sampling at two of Odin’s most advanced prime prospects in this area, Los Planes and Tres Picachos.
Los Planes
Previous exploration work on the Los Planes prospect by a substantial TSX listed company at one time in joint venture with Odin over this area of interest, produced encouraging target areas and mineralization. Odin expects to define viable drill targets as part of its 2004 exploration program.
Tres Picachos
Review of further data from the previous exploration work by the same TSX listed company conducted on the Tres Picachos prospect, indicates a large zone of anomalous gold in rock and soil, likely granite hosted. This existing work will be augmented by fresh field work to assist Odin identify viable drill targets as part of its 2004 exploration program.
Daniel Noone (B.App.Sci – Geology, MBA) has been appointed by Odin to oversee and work with Mike Potter (BA, MSc, DIC, MBA, FGS, MAusIMM, MIMMM, CEng) on a single project basis, on both the above prospects.
Initial preparation work has already begun. The first set of independent assay results on Los Planes are expected in August, and on Tres Picachos in September.
UPDATE ON ODIN’S REMAINING AREA OF MINERAL INTEREST IN ECUADOR
Cangrejos
Odin’s remaining area of interest in mineral concessions is also in Ecuador at “Cangrejos”, in the western foot of the Andes, El Oro Province. It lies 20km South of Guayaquil (population 2m) Ecuador’s principal economic centre and principal port. Odin’s interest is current and is over mineral rights over 4,756 Ha. of exploration concessions.
This area of interest was formerly part of larger area of interest in a joint venture between Odin and Newmont Overseas Exploration Limited. The property is considered to be highly prospective for porphyry type Au/Cu mineralisation related to Miocene age intrusive.
There is no further exploration work planned or budgeted for the area at this stage pending negotiations with adjacent mineral rights holders.
The approximate position of both Odin’s areas of interest (Plateado and Cangrejos) can be reviewed on Odin’s website, plotted on a map of Ecuador prepared for Odin internally.
Funds
As at May 27, 2004 Odin had approx. US$970,000 in cash and cash equivalents (i.e. not including amounts held in Ecuador against future monthly expenditures there).
