Wexford mails take-over bid to Oro Mining Ltd. Shareholders

/NOT FOR DISSEMINATION IN THE UNITES STATES OR THROUGH U.S. NEWSWIRES/

GREENWICH, CT, July 5, 2012 /CNW/ - Wexford Capital LP ("Wexford") announced today that its managed private investment funds, Wexford Spectrum Trading Limited ("WST") and Wexford Catalyst Trading Limited ("WCT"), have filed a formal offer to acquire any or all of the outstanding shares of Oro Mining Ltd. ("Oro Mining") (TSX-V: OGR) with Canadian securities regulators and has mailed its offer and related documents to Oro Mining shareholders.

The Offer

Pursuant to the offer, Oro Mining shareholders will receive $0.11 in cash per common share of Oro Mining.  The offer will be open for acceptance until 5:00 p.m. (Eastern time) on August 9, 2012, unless extended, varied or withdrawn.  The offer is subject to certain conditions, including there being no adverse material change to Oro Mining.  Wexford intends that any common shares of Oro Mining taken up under the offer will be taken up and paid for 80% by WST and 20% by WCT.  Full details of the terms and conditions of the offer are set out in the formal offer and take-over bid circular.

The offer represents a premium of 57.1% over the closing price of common shares of Oro Mining on the TSX Venture Exchange on June 13, 2012, the last business day before Wexford announced its intention to commence a take-over bid, and 76.3% over the 60-day volume weighted average price of common shares of Oro Mining of $0.0624 on the TSX Venture Exchange.

Additional Details of the Offer

Full details regarding the offer are included in the formal offer and take-over bid circular mailed to Oro Mining's shareholders in accordance with applicable securities laws.  Copies of the offer, take-over bid circular and related documents are also available through the internet at www.sedar.com.

Blake, Cassels & Graydon LLP is acting as legal counsel to Wexford, WST and WCT.

This press release does not constitute and offer to buy or invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of Oro Mining.  Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada.

Cautionary Note Regarding Forward Looking Statements

Certain statements contained herein are "forward looking statements" within the meaning of applicable securities laws. Often, but not always, forward-looking statements may be identified by their use of forward-looking terminology such as the words "plans", "expects", "expected", "projects", "believes", "anticipates", "intends", "estimates", "scheduled" or other similar words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to known and unknown risks, uncertainties and other factors which could cause actual results, performances or achievements to differ materially from future results expressed or implied by such forward looking statements.  Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the following: Wexford's assessment of the effect of an offer on Wexford, Oro Mining and on the shareholders of Oro Mining, the satisfaction of any conditions to an offer; the timing and prospects for shareholder acceptance of an offer and the implementation thereof; discrepancies between actual and estimated resources; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of mineral exploration; defective title to mineral claims or property, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. Accordingly, undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.

SOURCE Wexford Capital LP

For further information:

Wexford Capital LP
411 West Putnam Ave.
Greenwich, CT 06830
USA
Telephone: (203) 862-7000

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Wexford Capital LP

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