Mr. Marshall Koval reports

ODIN ANNOUNCES RESULTS OF PHASE ONE DRILLING AT CANGREJOS, ECUADOR-EXPANDS MINERALISED ZONE LATERALLY AND VERTICALLY

Odin Mining and Exploration Ltd. has released results from the company's nine-hole, 3,540-metre phase 1 drill program at its Cangrejos project in southern Ecuador. The Cangrejos gold/copper project comprises approximately 5,594 hectares and is located in the El Oro province of southern Ecuador approximately 30 kilometres southeast of the coastal port city and provincial capital, Machala.

Results demonstrate the continuous nature of the mineralization, highlighted by hole C14-47 that intersected 405.10 metres from surface to the end of the hole grading 0.66 gram per tonne (g/t) gold and 0.09 per cent copper for a gold equivalent grade of 0.82 gram per tonne and including 58 metres grading 1.63 grams per tonne gold and 0.16 per cent copper for a gold equivalent grade of 1.91 grams per tonne.

The results from the initial nine drill holes are shown in the associated table. A map showing the location of the drill holes is provided on the company's website.

                  DRILL RESULTS
                            
Hole        From     To Interval    Au    Cu   AuEq
No.          (m)    (m)      (m) (g/t)     %  (g/t)

C14-47      0.00 405.10   405.10  0.66  0.09   0.82
(length
415.10 m)
including  73.10 131.10    58.00  1.63  0.16   1.91
C14-48      0.00 351.00   351.00  0.51  0.08   0.65
(length
351 m)
including   0.00  19.00    19.00  1.65  0.17   1.94
including 291.00 351.00    60.00  1.08  0.09   1.23
C14-49      0.00 336.00   336.00  0.44  0.11   0.63
(length
407.75 m)
including   6.80  68.00    61.20  1.01  0.10   1.18
including 134.00 176.00    42.00  0.72  0.35   1.29
C14-50     11.00 177.00   166.00  0.47  0.10   0.66
(length
539.55 m)
and       269.00 539.55   270.55  0.78  0.21   1.15
including 337.00 417.00    80.00  1.45  0.18   1.76
C14-51      0.00 344.40   344.40  0.67  0.09   0.83
(length
350.15 m)
including  66.40 114.40    48.00  1.52  0.10   1.69
C14-52      0.00 112.00   112.00  0.32  0.07   0.44
(length
216.55 m)
C14-53      0.00  42.00    42.00  0.21  0.09   0.37
(length
438.05 m)
           90.00 102.00    12.00  0.19  0.08   0.33
          122.00 202.00    80.00  0.29  0.10   0.47
          240.00 288.00    48.00  0.31  0.12   0.53
          338.00 388.00    50.00  0.13  0.05   0.21
C14-54      0.00  19.00           0.48  0.09   0.64
(length
432.05 m)
           53.00 193.00           0.24  0.02   0.28
          227.00 293.00           0.25  0.04   0.32
C15-55                       no significant results
(length
315.50 m)

Odin is encouraged by the current drill results, which are consistent with the company's expectations. Results demonstrate the continuous nature of the mineralization at Cangrejos, making it suitable for a large-scale, open-pit, low-cost mining operation. The company is also anticipating changes to the regulatory and taxation environment in Ecuador and is encouraged by recent dialogue with the government in this regard. Additionally, Odin has initiated a scoping-level metallurgical testing program along with a conceptual project siting and environmental study.

In other corporate news, Leo Hathaway has been appointed senior vice-president and Diego Benelcazar has been appointed vice-president, exploration and corporate development.

Leo Hathaway, PGeo, senior vice-president for Odin, is the qualified person as defined by National Instrument 43-101 for the Cangrejos project. The quality assurance/quality control program is monitored by independent consultant Dr. Bruce M. Davis. Logging and sampling are completed at Odin's secure facility located at the project. The drill core is sawn in half on-site and half drill core samples are securely transported to Acme's sample preparation facility in Cuenca, Ecuador. Sample pulps are sent to Canada for analysis. Gold content is determined by fire assay of a 30-gram charge at ALS Chemex in Lima, Peru, and Vancouver, Canada. Total copper content is determined by four-acid digestion with ICP finish at Acme in Vancouver. Check assays for gold were done at ALS Chemex Labs in Vancouver and Lima, Peru. Odin inserts standards, blanks and duplicates selected on a random basis into the sample stream.

Mr. Hathaway has reviewed and approved the contents of this news release.