VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 9, 2015) - Odin Mining and Exploration Ltd. (TSX VENTURE:ODN) (the "Company") announces that it has completed the acquisition of the two remaining mineral titles comprising the Cangrejos project by making the final payments owing under an agreement (the "Castro Agreement") with Mr. Francisco Castro Sánchez. Pursuant to the Castro Agreement, Odin also obtained title to certain lands comprising about 168 hectares within the Cangrejos project. The Cangrejos project consists of five consolidated mineral titles (or concessions) covering a total area of 5,594 hectares.
The Castro Agreement required a payment of US$700,000, which was paid on or about July 31, 2015 and two further payments totaling US$742,000: (i) US$378,000 due on January 31, 2016 and (ii) US$364,000 due on July 31, 2016. The Company negotiated a discount on these two remaining payments and, on October 2, 2015, made a single final payment of US$710,000. All of the Company's obligations under the Castro Agreement are now complete.
Odin Mining & Exploration Ltd
Lyle Braaten, Director, VP Legal Counsel
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