Wexford Takes Up Oro Mining Shares

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

GREENWICH, CT, Aug. 10, 2012 /CNW/ - Wexford Capital LP ("Wexford") announced today that Wexford, through two private investment funds, Wexford: Wexford Spectrum Trading Limited ("Wexford Spectrum") and Wexford Catalyst Trading Limited ("Wexford Catalyst"), has taken up approximately 60,857,551 common shares of Oro Mining Ltd. ("Oro Mining"), representing approximately 31.63% of the issued and outstanding common shares of Oro Mining (the "Shares"), under its offer (the "Offer") to acquire any and all of the Shares of Oro Mining for $0.11 per Share that was formally announced on July 4, 2012.  All Shares tendered to the Offer were taken up.  The Shares were taken up 80% by Wexford Spectrum and 20% by Wexford Catalyst.

Together with Shares previously owned, Wexford Spectrum and Wexford Catalyst now own approximately 101,448,551 Shares and 17,045,500 warrants expiring February 17, 2014, representing approximately 52.73% of the issued and outstanding Shares, or 56.58% of the issued and outstanding Shares on a partially diluted basis.  Each warrant entitles the holder to acquire one fully paid and non-assessable Share at any time prior to February 17, 2014 at a purchase price of $0.20 per Share; provided, however, that Wexford Spectrum and Wexford Catalyst shall not be entitled to exercise any of such warrants at any time where, following such exercise, Wexford Spectrum and Wexford Catalyst would collectively hold more than 19.9% of the then issued and outstanding Shares, unless Oro Mining has received shareholder approval thereof in accordance with the requirements of the TSX Venture Exchange.

All of Wexford's Shares and warrants of Oro Mining are held through Wexford Spectrum and Wexford Catalyst, each a Cayman Island exempt company.  Wexford does not own any Shares with respect to which control is held by other persons or companies other than Wexford Spectrum and Wexford Catalyst.

The purpose of the take-over bid was to increase Wexford's ownership interest in Oro Mining through an offer to acquire any or all Shares.  Wexford may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of Oro Mining.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Oro Mining's profile on the SEDAR website www.sedar.com.

SOURCE: Wexford Capital LP

Wexford Capital LP
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