Mr. Jose Vizquerra reports

OBAN MINING ELECTS NOT TO PURSUE TEMEX ARRANGEMENT IN RESPONSE TO OFFER FROM LAKE SHORE GOLD

Oban Mining Corp. has received notice of termination from Temex Resources Corp. of the arrangement agreement dated June 29, 2015, made between Oban and Temex. Oban has not exercised its right to match the Lake Shore proposal and has received notice of termination from Temex, together with a payment of the termination fee of $691,856.

"While Oban was excited about the possibility of combining with Temex and is disappointed to learn the decision taken by Temex, we committed to remain disciplined with respect to this process, and our decision not to match the Lake Shore proposal is consistent with that commitment," said Jose Vizquerra, Oban's president and chief executive officer.

Oban continues to enthusiastically pursue timely completion of the proposed business combination involving Oban, Eagle Hill Exploration Corp., Ryan Gold Corp. and Corona Gold Corp., pursuant to an arrangement agreement between Oban, Eagle Hill, Ryan and Corona dated June 29, 2015, and the up-to-$20-million private placement to Osisko Gold Royalties Ltd.

The arrangement, together with the Osisko private placement, will result in a well-capitalized company with approximately $65-million in cash and cash equivalents, together with high-quality advanced gold development assets and development opportunities in highly prospective regions of Ontario and Quebec. Shareholders in the combined company that will result from the arrangement and the Osisko private placement will be in a position to participate in future value creation and growth opportunities arising from the combination and will be in a position to assess attractive opportunities to further consolidate the Canadian junior gold marketplace. Oban believes this platform provides a good basis for rerating based on the combined company's size, diversity of assets and broader shareholder base.

Completion of the arrangement is subject to, among other things, receiving the requisite shareholder, court and stock exchange approvals, including the approval of the TSX.

Additional information relating to the arrangement, the Osisko private placement and the combined company can be found in the management information circular of Oban dated July 20, 2015, which is available under Oban's issuer profile on SEDAR.

Shareholder questions

Shareholders who have questions regarding the arrangement or who require assistance with voting may contact Laurel Hill Advisory Group, the proxy solicitation agent, by telephone at 1-877-452-7184 (North American toll-free) or 416-304-0211 (collect outside North America); or by e-mail at assistance@laurelhill.com.

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