Thanks for the update. I know we all eagerly await the new resource estimate and the next set of drilling results from Kerekounda.

I posted the question at Agoracom sometime ago as to what is the value of the gold play. I have come up with to get $20 @ share, the entire project must sell for $3 bil.. What makes up getting to $3 bil is the hard part. Any guesses? I really like this blog amd my hat goes off the Caliche..

Kerekounda results will be included in the update for sure. I hope to see more results on kerekounda shortly, before the end of march! But i agree it is looking to be a very profitable month for us all

Where do you see this release?

Oromin estimates 2.26 mm oz Au inferred at Sabadola

2009-02-27 20:10 EST – News Release

Mr. Chet Idziszek reports

RESOURCE UPDATE AT SABODALA ADDS 860,000 INFERRED GOLD OUNCES

Oromin Explorations Ltd., on behalf of the Oromin Joint Venture Group (OJVG), has provided a resource update for the various gold deposits at its Sabodala property in eastern Senegal. The resource update has been completed for the Masato, Golouma West, Golouma South and Kerekounda deposits, and is in progress for the Niakafiri and Maki Medina deposits. The resource estimate update has outlined an inferred mineral resource containing 2.26 million ounces of gold. This represents a 61-per-cent increase over the initial resource estimate completed in July of 2008, which outlined an inferred mineral resource of 1.40 million ounces of gold at the Golouma West, Golouma South and Masato Deposits (see news in Stockwatch dated July 24, 2008).

The following table outlines the inferred mineral resources based on drilling to the end of 2008:

INFERRED MINERAL RESOURCE ESTIMATE Deposit Cut-off grade In situ In situ grade Contained metal Au (g/t) tonnage Au (g/t) Au (oz) Golouma West 0.5 6,900,000 2.55 570,000 Golouma South 0.5 2,400,000 3.52 270,000 Kerekounda* 4.0 400,000 7.81 100,000 Goloumas total As above 9,700,000 3.01 940,000 Masato 0.5 35,400,000 1.16 1,320,000 *For the purpose of this initial resource estimate for Kerekounda, the assays were conservatively capped at 30 g/t due to the sparsity of the data available at the time of the estimate. The mineral resource estimate for Kerekounda is reported at a cut-off grade of 4.0 g/t in view of its potential for underground mining. As an example of the high-grade nature at the Kerekounda deposit, previously released results include 48.68 g/t gold over 4 metres in DH-367 and 52.61 g/t gold over 9 metres in DH-360. This National Instrument 43-101 compliant Mineral Resource Estimate update has been prepared by Lions Gate Geological Consulting Inc. (LGGC). All grade interpolation has been carried out using Inverse Distance Squared methodology into 3-dimensional block models. Ali Shahkar, P. Eng., of LGGC is the Qualified Person responsible for this estimate update.
Kerekounda Deposit – A new high-grade deposit

The initial inferred resource estimated from diamond and RC drilling completed to the end of 2008 at Kerekounda was based on 27 drill holes along a 250-metre strike extent to a depth of approximately 200 metres. Since December and subsequent to this resource estimate, an additional 47 drill holes have been drilled at Kerekounda extending the mineralized zone from 250 to 500 metres along strike and from a depth of 200 metres to 300 metres down dip. Nearly identical alteration and mineralization is being observed in the majority of the new drill holes including the three deepest holes (DH-426, DH-427 and DH-428) designed as down-dip tests ranging from 55 to 130 metres down dip from previous intersections of the Kerekounda mineralization. All three of these deep core holes intersected the Kerekounda style veining and alteration at predicted depths, with thicknesses of up to 13-metre core length. Visible gold was observed in all three of these drill holes. Due to the encouraging results to date, drill rigs have been dedicated to completing tightly-spaced in-fill and step-out drilling at Kerekounda.

Masato Deposit – 1.3 million ounces with possible heap leach potential

Since the initial NI 43-101 resource estimation was undertaken, the majority of Oromin’s drilling has been at the Masato Deposit where 170 holes were completed in addition to the 146 utilized previously. Results from this more recent drilling has been one of the factors that has pushed the inferred resource at Masato over 1.3 million ounces, of which 0.29 million ounces (7.6 million tons grading 1.18g/t gold) are near surface oxide resources. In addition to current metallurgical test work being conducted on samples of the sulphide mineralization at Masato, Oromin has initiated a metallurgical evaluation of the oxide portion of the Masato resource to determine whether heap leaching is a viable option for treating near surface material. Please refer to the attached schedule to note the grade improvement at Masato utilizing a 0.75 and 1.0 g/t gold cut-off grade.

Golouma Deposits, (including Kerekounda) – Approaching 1 million ounces at 3.01 g/t gold grade

The updated resource estimate has resulted in a 12 % and 30% increase in ounces at the Golouma West and Golouma South Gold Deposits respectively, in addition to improving the overall grade for these two key deposits.

Chet Idziszek, President and CEO, stated, “We are of course extremely pleased with the additions to the resource base attained by our drilling since last year’s initial estimate. In eight months, May through December 2008, we have established a 61% increase – that is, 860,000 more ounces of gold.

“Our Masato resource has grown now to 1.3 million ounces. This is an excellent development at Masato where we now see an opportunity for low-cost heap-leach processing of a considerable portion of the deposit.

“Our new estimate includes for the first time resources from Kerekounda. This is developing as a substantial target with high gold grades which could support an underground mine, and contribute to early cash flows and more rapid payback. Clearly we are very happy to be dedicating more drill-rig time and budgets to this fourth deposit.

“This report is based on drilling through December 2008. Vigorous drill programs continue, and we look forward to ongoing results and our next resource update.” Ali Shahkar, P. Eng., of Lions Gate Geological Consulting Ltd., a “qualified person” for the purposes of National Instrument 43-101, has verified the data disclosed in this news release. William Bond, P. Geo., also a “qualified person” for the purposes of National Instrument 43-101, has supervised geologic field procedures. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.

To find out more about Oromin Explorations Ltd., visit http://www.oromin.com. Please refer to the maps which set out the Sabodala deposits and zones under “investor info/articles and reports” on the website, and our previous news releases, for additional project information.

“This report is based on drilling through December 2008.”
I guess the delay was not due to getting as much of the current drilling as possible in the report – which means the Kerekounda results they have been focusing on this year are not included???

h1

thats right .. the 47 holes they have done since the christmas break are awaiting assay and will be included in the next update. also they will be focussing more drills on the deposit to grow it as quickly as possible .. stay tuned kerekounda is the most exciting thing i have seen in a long time!