Oracle Mining Announces NI 43-101 Resource Estimate for Oracle Ridge Copper Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2013) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) is pleased to announce an initial Indicated and Inferred Mineral Resource estimate in accordance with National Instrument 43-101 ("NI 43-101"), along with additional assay results from its recently completed underground and surface drilling program, for its Oracle Ridge copper project ("Oracle Ridge" or "Oracle Ridge Project"), located 24 km northeast of Tucson, AZ.

Highlights:

At a 1.0% copper cut-off grade, the NI 43-101 Mineral Resource estimate at Oracle Ridge is:

• 9.9 million tons grading 1.64% copper and 0.43 silver ounces/ton in the Indicated mineral resource category containing 323 million pounds of copper and 4.2 million ounces of silver.
  
  
• 6.9 million tons grading 1.58% copper and 0.41 silver ounces/ton in the Inferred mineral resource category containing 217 million pounds of copper and 2.8 million ounces of silver.
  
  

"The initial Mineral Resource estimate for Oracle Ridge confirms what we have believed since acquisition of the project two years ago - that mineralization in historical zones could be validated and a resource established," said Mr. Alan Edwards, Oracle Mining's CEO. "Oracle Mining plans to resume drilling during the second quarter of 2013 with the goal of expanding and upgrading, if possible, the Mineral Resources."

Mineral Resource Estimate

In early 2013, Oracle Mining contracted Glenn R. Clark & Associates Limited and Barnes Engineering Services to prepare a NI 43-101 Mineral Resource estimate for the Oracle Ridge copper project. Table 1 summarizes the estimated Indicated Mineral Resources at various cut-off grades for comparison purposes, with 1.0% copper used as the base case cut-off grade. Indicated Mineral Resources at the 1.0% copper base case cut-off grade are estimated to be 9.9 million short tons at 1.64% copper. All tonnages in this news release are in imperial (short) tons.

Table 1. Oracle Ridge Project Indicated Mineral Resource Estimate (Diluted)

Cut-off %Cu	Tons Millions	Grade				Contained Cu	Contained Ag	Contained Au
		% Cu	Ag oz/t	Au oz/t	%Cu Equivalent	Millions (lb)	Millions (oz)	Thousands (oz)
0.75	13.5	1.43	0.38	0.004	1.74	386	5.1	59
1.00	9.9	1.64	0.43	0.005	1.98	323	4.2	48
1.25	7.0	1.85	0.47	0.005	2.23	258	3.3	37
1.50	4.7	2.08	0.52	0.006	2.49	197	2.5	27
1.75	3.1	2.33	0.57	0.006	2.77	143	1.8	18
2.00	2.0	2.59	0.63	0.006	3.06	102	1.2	12

• The effective date of the Mineral Resource estimate is March 18, 2013.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
• The base case cut-off grade of 1.0% copper has been estimated to ensure reasonable prospects of economic extraction assuming extraction by an underground mining scenario, projected copper price of $2.80 per pound and estimated total site operating costs of $45 per ton.
• A selective mining unit of 25 x 25 x 5 feet has been used as a dilution allowance for potential extraction methods.
• Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
• Silver and gold grade estimates were based on a less comprehensive data set than the copper grade estimates. Where copper grade estimates exist without accompanying silver or gold grade estimates, the silver or gold grade estimates were assumed to be zero.
• Copper equivalency has been estimated using metal pricing of $2.80 per pound of copper, $28 per ounce of silver and $1487 per ounce of gold. No allowance for metallurgical recovery has been made and copper equivalency is estimated on a contained basis. The formula used is as follows: CuEQ = Cu% + (Ag oz/t x tons at cut-off * $28/ $2.80 * 2000 * tons at cut-off) *100 + (Au oz/t x tons at cut-off * $1487/ $2.80 * 2000 * tons at cut-off) *100.

Table 2 summarizes the estimated Inferred Mineral Resources at various cut-off grades for comparison purposes, with 1.0% copper used as the base case cut-off grade. Inferred Mineral Resources at the 1.0% copper base case cut-off grade are estimated to be 6.9 million tons at 1.58% copper.

Table 2. Oracle Ridge Project Inferred Mineral Resource Estimate (Diluted)

Cut-off %Cu	Tons Millions	Grade				Contained Cu Millions (lb)	Contained Ag Millions (oz)	Contained Au Thousands (oz)
		% Cu	Ag oz/t	Au oz/t	%Cu Equivalent
0.75	10.7	1.33	0.35	0.003	1.58	283	3.7	32
1.00	6.9	1.58	0.41	0.003	1.87	217	2.8	22
1.25	4.4	1.85	0.47	0.003	2.17	161	2.0	15
1.50	2.7	2.14	0.53	0.003	2.50	116	1.4	9
1.75	1.7	2.45	0.60	0.004	2.85	84	1.0	6
2.00	1.2	2.73	0.68	0.004	3.18	63	0.8	5

• The effective date of the Mineral Resource estimate is March 18, 2013.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
• The base case cut-off grade of 1.0% copper has been estimated to ensure reasonable prospects of economic extraction assuming extraction by an underground mining scenario, projected copper price of $2.80 per pound and total estimated site operating costs of $45 per ton.
• A selective mining unit of 25 x 25 x 5 feet has been used as a dilution allowance for potential extraction methods.
• Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
• Silver and gold grade estimates were based on a less comprehensive data set than the copper grade estimates. Where copper grade estimates exist without accompanying silver or gold grade estimates, the silver or gold grade estimates were assumed to be zero.
• Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Mineral Resources will ever be upgraded to a higher category.
• Copper equivalency has been estimated using metal pricing of $2.80 per pound of copper, $28 per ounce of silver and $1487 per ounce of gold. No allowance for metallurgical recovery has been made and copper equivalency is estimated on a contained basis. The formula used is as follows: CuEQ = Cu% + (Ag oz/t x tons at cut-off * $28/ $2.80 * 2000 * tons at cut-off) *100 + (Au oz/t x tons at cut-off * $1487/ $2.80 * 2000 * tons at cut-off) *100.

The Mineral Resource model was developed using a total of 588 drill holes, including 83 holes (62 from surface and 21 from underground) drilled on behalf of Oracle Mining during the 2011 and 2012 drilling campaigns and 505 historical drill holes.

The Mineral Resource estimate has been generated from drill hole sample assay results and the interpretation of a geologic model that relates to the spatial distribution of copper in the deposit. Grade estimates are made using ordinary kriging constrained within individually identified geological beds using sample data composited to 5-foot intervals into model blocks measuring 25 feet by 25 feet along strike and down dip and 5 feet perpendicular to the structure. A comprehensive geological model that encompasses all known mineralization was constructed. Within the framework of the comprehensive model, individual skarn beds and the presence of intrusive sills were estimated incorporating LVA (locally varying anisotropy) kriging techniques. Mineralization within each of the individually identified skarn beds was estimated independently using only the assay data identified as being within that skarn bed. The resulting tons and grade represent an estimate of what would be expected to be extracted at the time of mining (i.e. fully diluted). Statistical checks were made to ensure that the level of dilution incorporated into the model was consistent with what would be expected with mining selectivity of 25 x 25 x 5 feet. That is the expected level of selectivity within the underground stopes would be ± 5 feet on the hanging wall and ± 5 feet on the footwall. It is assumed that any additional dilution will be unnecessary when evaluating minable stopes. Resources have been classified using estimation variance and are reported according to the CIM definition standards for Mineral Resources and Mineral Reserves.

Mr. Barnes has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions relating to the Mineral Resource estimate. This verification was done during visits to the Oracle Ridge site and reviewing the data that was produced.

There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources.

A technical report supporting this disclosure will be filed under the Corporation's profile on SEDAR (www.sedar.com) on or before the filing of the Corporation's annual information form for the year ended December 31, 2012. The Corporation plans to resume drilling during the second quarter of 2013. The goal of the drill program will be to potentially expand the Mineral Resource estimate and upgrade Mineral Resources, if possible, to a higher Mineral Resource category.

Qualified Persons

The Mineral Resource estimate has been prepared by, or under the supervision of, Mr. Tracy Barnes, P.E. of Barnes Engineering Services of Golden, Colorado. Mr. Barnes is an independent "qualified person", within the meaning of NI 43-101 and has reviewed and approved the scientific and technical information included in this news release relating to the Mineral Resource estimate.

The assay drill results and geological technical information has been prepared by, or under the supervision of, Mr. Glenn Clark, P.Eng., of Glenn R. Clark & Associates Limited of Ontario, Canada. Mr. Clark is an independent "qualified person", within the meaning of NI 43-101 and has reviewed and approved the scientific and technical information included in this news release relating to the assay drill results and geological technical information.

Messrs. Barnes and Clark will co-author the technical report supporting this disclosure to be filed under the Corporation's profile on SEDAR (www.sedar.com) on or before the filing of the Corporation's annual information form for the year ended December 31, 2012.

Additional assay results reported

Oracle Mining also reports additional assay results that are incorporated into the Mineral Resource estimate above. In the table below, "ODH" holes indicate surface-drilled holes. "OUH" holes indicate underground-drilled holes.

Drill Hole	From (feet)	To (feet)	Interval (feet)	Cu (%)	Au (oz/ton)	Ag (oz/ton)	Zone	Azimuth	Dip
ODH-047	188.8	202.1	13.3	0.93	0.003	0.24	2	205	-45
includes	188.8	191	2.2	1.71	0.009	0.51
ODH-047	245	267	22	1.53	0.007	0.43	2	205	-45
includes	250	255	5	2.2	0.01	0.65
ODH-047	281	291	10	1.28	0.01	0.27	1	205	-45
includes	286	291	5	1.61	0.012	0.37
ODH-047	356.6	384.5	27.9	1.27	0.001	0.19	1	205	-45
includes	379.5	384.5	5	1.87	0.001	0.27
ODH-052	119.3	134.6	15.3	2.66	0.014	0.52	2	250	-67
includes	124	129	5	3.84	0.02	0.75
ODH-052	156	172	16	1.08	0.007	0.17	2	250	-67
includes	168.5	172	3.5	1.71	0.012	0.34
ODH-052	214	216.5	2.5	1.47	0.008	0.21	2	250	-67
ODH-052	259	262	3	1.37	0.014	0.25	1	250	-67
ODH-053	172.1	195	22.9	2.05	0.007	0.51	2	301	-60
includes	182	192	10	3.02	0.012	0.79
ODH-053	225	248	23	1.64	0.006	0.44	2	301	-60
ODH-053	294.2	355	60.8	1.67	0.007	0.55	1	301	-60
includes	294.2	305.9	11.7	1.48	0.016	0.37
includes	315	355	40	2.01	0.006	0.68
ODH-054	78	84.5	6.5	2.47	0.016	0.79	4	335	-60
ODH-054	154	184	30	2.51	0.014	0.52	2	335	-60
includes	159	169	10	3.59	0.019	0.86
ODH-054	204	221	17	1.5	0.006	0.33	2	335	-60
ODH-054	291.8	321	29.2	1.05	0.009	0.25	2	335	-60
includes	291.8	299.3	7.5	1.92	0.017	0.52
includes	309	314	5	2.01	0.012	0.37
ODH-055	141.3	151	9.7	2.25	0.008	0.65	2	220	-65
ODH-055	175	191.3	16.3	2.01	0.01	0.66	2	220	-65
includes	184.9	191.3	6.4	3.14	0.016	0.97
ODH-055	204.5	228	23.5	0.76	0.003	0.24	2	220	-65
includes	204.5	209	4.5	2.49	0.011	0.89
ODH-055	252	329.6	77.6	2.03	0.007	0.49	1	220	-65
includes	252	287	35	1.87	0.007	0.47	1
includes	298	329.6	31.6	2.67	0.008	0.59	1
ODH-056	72	78	6	1.56	0.01	0.5	4	170	-45
ODH-056	145	155.7	10.7	2.9	0.022	0.97	2	170	-45
includes	145	152	7	3.71	0.029	1.29
ODH-056	171.3	174	2.7	1.18	0.014	0.62	2	170	-45
ODH-057	116	122	6	1.01	0.001	0.78	4	45	-77
ODH-057	249	261.5	12.5	2.12	0.006	0.61	2	45	-77
includes	249	254	5	3.16	0.011	0.86
ODH-057	298.7	307	8.3	1.3	0.003	0.49	2	45	-77
ODH-057	419	471	52	1.92	0.009	0.71	1	45	-77
includes	448	458	10	3.13	0.008	0.53
ODH-058	474	477	3	1.48	0.0004	0.89	1	320	-45
ODH-058	523	530.9	7.9	3.06	0.0004	0.6	1	320	-45
includes	527.7	530.9	3.2	3.57	0.0004	0.4
ODH-059	123	149.5	26.5	2.19	0.012	0.47	2	220	-45
ODH-059	271.8	275	3.2	1.09	0.007	0.27	1	220	-45
ODH-060	491.2	500	8.8	1.71	0.001	0.54	1	350	-55
ODH-061	129.5	142	12.5	1.27	0.003	0.85	6	0	-90
includes	137.2	142	4.8	2.4	0.005	1.81
OUH-10	275.5	303.6	28.1	1.53	0.007	0.41	4	290	-10
includes	278	288	10	2.44	0.01	0.65
OUH-10	318	323	5	1.23	0.001	0.15	2	290	-10
OUH-10	392	397	5	1.22	0	0.04	2	290	-10
OUH-11	262	268.1	6.1	2.61	0.014	0.82	4	265	-4
OUH-11	345	350	5	1.24	0.005	0.26	Endo- skarn	265	-4
OUH-12	Encountered only sub 1.0% copper mineralization						4	265	-18
OUH-15	Encountered only sub 1.0% copper mineralization						2	280	-12
OUH-16	257.4	267.2	9.8	1.29	0.007	0.67	4	300	-15
includes	257.4	262.4	5	1.53	0.008	0.77
OUH-17	136	157	21	1.81	0.01	0.71	4	300	-35
includes	146	155	9	2.72	0.016	1.18
OUH-18	184.8	208	23.2	1.13	0.004	0.41	4	220	-12
includes	184.8	188.2	3.4	1.79	0.006	1.17
includes	203	208	5	1.64	0.004	0.44
OUH-18	257	281	24	2.67	0.011	0.75	2	220	-12
includes	257	270.3	13.3	3.44	0.015	1.03
OUH-19	127.7	136	8.3	1.95	0.004	0.83	4	220	-35
OUH-20	235	240	5	1.31	0.002	0.31	4	250	-12
OUH-21	225.8	239	13.2	2.2	0.009	0.9	4	235	-23
OUH-21	251	278	27	1.54	0.005	0.36	4	235	-23

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_March_skarn.pdf.

The drilling intervals were calculated using a 1.0% copper cut-off grade and may include internal waste and accordingly are not representative of the true width of mineralized intercepts. The mineralized intercepts have been used in the model for the Mineral Resource Estimate. As the holes cut the mineralization at different angles, they all have different true widths. In general, they 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. There are no drilling, recovery or other factors that could materially affect the accuracy or reliability of the data.

Data Verification

The Corporation maintains a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. The sample size varies depending on the geology and the mineralization. In general, the samples are predominantly about 5 feet long. One-half of each drill core is maintained for future reference and one-half of each drill core is sent for analysis. Half-core samples are shipped to Skyline Assayer and Laboratories ("Skyline"), in Tucson, Arizona, or SGS Minerals Services Geochemistry in Vancouver ("SGS"), both ISO/IEC 17025 accredited laboratories. Each lab is contracted to complete all sample preparation and assaying and is independent of Oracle Mining. Samples are analyzed employing acid digestion and AA for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, Skyline and SGS run a series of standard and blank samples and provide the results of these assays to us. The Corporation periodically submits the pulps of the samples assayed by our primary labs to ALS Chemex Labs Ltd. in Reno, Nevada for check analysis.

Mr. Clark has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions. Verification included QA/QC procedures review, inspection of drill core and review of assay certificates. This verification was done during visits to the Oracle Ridge site and reviewing the data that was produced. In addition, a visit was made to Skyline Labs early in the drilling program.

Note: All financial information in this news release is reported in United States dollars, unless otherwise noted.

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 project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.

Cautionary Note Regarding Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Oracle Mining does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Corporation's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "intends", "anticipates" or "does not anticipate", "goal" 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. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to: our Mineral Resource estimate for the Oracle Ridge Project; the estimates of cut-off grade and the factors underlying including projected copper prices and estimated total operating costs; expected level of selectivity within underground stopes; our plans and expectations for the Oracle Ridge Project including our plans relating to completion of a further drilling program and further exploration and development of the Oracle Ridge Project; the timing or completion of any work on the Oracle Ridge Project, including timing of commencement and completion of our proposed drilling program; and our goal to expand the Mineral Resource estimate and upgrade Mineral Resources, if possible, to a higher Mineral Resource category. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: our assumptions regarding copper, base metal and precious metal prices; accuracy of Mineral Resource estimate and Mineral Resource modelling; accuracy of cut-off grade and assumptions underlying thereto, including projected copper prices and estimates of total operating costs; dilution allowance assumptions; success of future drilling programs; reliability of drilling, sampling and assay data; representativeness of mineralization; accuracy of metallurgical testwork; our ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain timely receipt of regulatory approvals.

By its very nature, forward-looking information involves 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 forward-looking information. Such factors include, but are not limited to: risks relating to our estimates of Mineral Resources and cut-off grade and factors underlying, proving to be inaccurate; our dependence on the Oracle Ridge Project; risk that we are unable to enforce our legal rights under existing agreements, permits or licences or are subject to litigation or arbitration that has an adverse outcome; risk there are changes in project parameters as plans continue to be refined; risks related to the actual results of exploration and development activities; our historical experience with development-stage mining operations; changes in commodity prices, and particularly copper prices; receipt of necessary permits and licences; regulatory changes; risks related to the uncertainty of timing of events including delays in obtaining governmental approvals or financing or in the completion of project development studies; we are affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays, accidents, labour disputes and other risks inherent in the mining industry; dilution to shareholders from any equity financings; the availability of capital on acceptable terms, or at all; availability of materials and equipment; lack of revenue and commercial production; increased indebtedness and events of default thereunder; competition for properties, capital, skilled personnel and resources; uninsured risks; defects in title; influence of significant shareholders; foreign operations; adequate infrastructure in the jurisdictions in which we operate; opposition to mining activities; fluctuations in currency exchange rate, as well as those factors discussed in the Corporation's annual information form dated April 13, 2012, for the year ended December 31, 2011, 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 forward-looking information, 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 information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.