Oracle Mining Corp. Files First Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/15/12 -- Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN)(PINKSHEETS: OMCCF) (OTCQX: OMCCF) (FRANKFURT: OMC) announces the filing of its financial results for the quarter ended March 31, 2012. This media release should be read in conjunction with the unaudited condensed consolidated interim financial statements and notes thereto for the quarter ended March 31, 2012, and the management's discussion & analysis ("MD&A") for the quarter ended March 31, 2012, both available on SEDAR at www.sedar.com.

For the three months ended March 31, 2012, the Corporation had a net loss of $4.9 million compared to a net loss of $3.9 million for the three months ended March 31, 2011. The increase in net loss compared to the prior period is primarily due to an increase in exploration and evaluation expenditures, particularly drilling and underground development activities, as well as an increase in general and administrative costs resulting from additional professional and consulting fees, investor relations and listing and filing costs.

During the quarter, the Corporation completed a private placement for 7,800,000 common shares of the Corporation at a subscription price of C$1.25 per share raising gross proceeds of C$9.75 million. There were no significant financing activities for the comparative period in 2011.

Cash and cash equivalents as at March 31, 2012 were $12.5 million compared to $7.9 million as at December 31, 2011. Working capital was $10.6 million as at March 31, 2012, compared to working capital of $6.0 million as at December 31, 2011.

During the quarter ended March 31, 2012, the Corporation invested approximately $0.3 million in plant and equipment compared to $0.2 million in the comparative period in 2011. Most expenditures consisted of equipment at the Oracle Ridge Copper Mine project in southern Arizona.

All financial information for the quarter ended March 31, 2012 is prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in United States dollars unless otherwise noted, including this media release. Please refer to Note 2 and Note 21 of the December 31, 2011 and 2010 audited annual financial statements for more information.


About Oracle Mining Corp.

Oracle Mining Corp. (TSX: OMN)(PINKSHEETS: OMCCF) (OTCQX: OMCCF) (FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km north of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked deep-value projects to achieve superior shareholder returns.


Forward-looking Statement Disclaimer

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", 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. By their very nature forward-looking statements involve 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 the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's annual information form 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 those described in forward-looking statements, 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 statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.



Contacts:

Oracle Mining Corp.
Mr. Carlos Escribano
Chief Financial Officer
604-689-9293 or Toll-free: +1-855-689-9282

Oracle Mining Corp.
Mr. Jason Mercier
VP Corporate Secretary
604-689-9261
info@oracleminingcorp.com
www.oracleminingcorp.com