Odin Mining and Exploration Limited (“ODN-TSX-V”)
is a Vancouver based Canadian precious
and base metals exploration and development company.
History of Odin Mining and Exploration
Odin’s mining expertise derives from Ecuador since 1979. For a period in the 1990s, it was the largest international employer in the mining sector with nearly 300 local full time employees and gold production of up to 30,000 oz a year from different alluvial placer mines. Surplus cash flow generated from its placer mines of up to US$2m a year was invested in drill programs and exploration seeking the hard rock ore body sourcing Odin’s placer gold, from various locations in Ecuador. Odin’s total gold extraction from all mining activities in Ecuador was 175,000 oz up to 1997. Unfortunately the hard rock searches were unsuccessful, but Odin retains a skeleton infrastructure, and continuity of access to personnel who have decades of experience for Odin in Ecuador.
Following the depletion of Odin’s last alluvial gold mine in late 1997 at Estero Hondo, at a time of US$275 gold price, Odin’s board of directors elected to discontinue all field activities, release all full time staff and to sell its substantial alluvial mining plant. The strategy was to place the Company in as solid a cash position as possible until the gold/minerals market environment improved and it could again utilize its retained interests in Ecuador. This was successful, and over US$2m was raised, after substantial severance was paid.
Since the beginning of 2004, Odin has renewed its geological work on its two separate long term retained mineral interests in Ecuador, namely at areas known as “Cangrejos” and “Plateado”. These interests were both formerly developed in joint ventures with different, North American, publicly quoted, “major”, mining companies.
In June 2004 Odin filed a NI 43-101 report on the mineral rights it holds over the Au-Cu, “porphyry-style” mineralization on its Cangrejos property, which is sited in the Andean foothills of south-western Ecuador.
Odin is currently working on long term negotiations with a number of adjacent mineral rights holders to enlarge the area of mineral rights under Odin’s control, before endorsing the existing recommended exploration programme.
Additionally in June 2004 Odin started fieldwork on a shear-related, gold target at Los Planes in the southern part of the Plateado project area in the Cordillera El Condor of south-eastern Ecuador. This work consisted of systematic soil sampling, geological mapping and rock sampling on cut grids. In the northern part of Plateado project area Odin holds title over the Las Orquideas and Shamataka, Cu-Mo-Au, “porphyry-style” targets. Since that date work currently undertaken on these two targets is for care and maintenance only.
The members of the Company’s board of directors enjoy diverse and substantial experience and expertise including in precious metal, exploration and development companies and in general corporate mergers and acquisitions. They are committed to developing or expanding Odin’s project base to take advantage of existing contact driven new exploration/merger/acquisition opportunities to complement current Ecuador projects with preference for South American opportunities.