Oban Exploration Notes Drill Results at Antamayo and Refocuses on Other Properties

TORONTO, ONTARIO--(Marketwired - Oct. 21, 2014) - Oban Mining Corporation ("Oban" or "the Company") (TSX:OBM) announces that it will take steps to formally terminate its option agreement (the "Agreement") with Mitsui Mining & Smelting Co. Ltd ("Mitsui") with respect to the Antamayo property (the "Project"). Pursuant to the Agreement, Oban had the option to acquire a 70% interest in the Project by incurring an aggregate of US$3,000,000 in exploration expenditures and US$1,000,000 in cash. Oban has completed the final drill campaign of nine holes totalling 6,475 m, which did not intersect significant copper mineralization. The diamond drill program identified two wide zones of skarn alteration in two separate areas, thus verifying that the concept of a blind skarn deposit at depth was correct. However, the mineralization in the system encountered was not significant enough for the Company to justify further drilling.

The full results of Oban's drilling campaigns are available at www.obanmining.com.

The Company will continue its exploration focus on its properties in Peru, which include the Marcahui and Arcopunco projects, while continuing to look for other opportunities.

Qualified Person

Gernot Wober, Professional Geologist, VP of Exploration of the Company and Qualified Person, has reviewed and approved this press release.

For further information about the Project, please see the report entitled "NI 43-101 Technical Report for the Antamayo Copper Skarn Project, Department of Ancash, Peru" dated February 21, 2014 and dated effective January 15, 2014.

About Oban Mining Corporation

The Company is a mineral exploration company focused on the acquisition, exploration, and development of base and precious metal resource properties in the Americas. The Company is actively engaged in the identification, acquisition, evaluation and exploration of mineral properties, and holds options to acquire a 100% interest in four mining concessions covering a total surface area of 1,200 hectares comprising the Marcahui project and options to acquire an interest on the Arcopunco project, all of which are in Peru. The Company is exploring these properties for precious and base metal deposits including gold, silver and copper. The Company holds various interests in properties located in Peru including the Bermejo project, Cevichito project, Magdalena property and other grass root projects (approx. 50,000 ha).