Kerekounda Modeling and Exploration Highlights
This is a copy of the Kerekounda modeling from the new presentation. I am particularly excited about this deposit, its grades are amazing and the deposit consists of at least 3 sheets two of which intersect. With visible gold down to 300 meters in parallel sheets this could be a show stopper! Its proximity to the Golouma deposits is also of interest. It could be a northern extension or could it have some control on the genesis of Golouma, I cant wait to see the new assays!
Also very excited about the conversion of the resources to reserves!
Conversion of Pit Shell Inferred Resources to Mineable Reserves
•Expect great majority of 2.26 million ounce inferred resources to be converted into mineable reserves at Pre-Feasibility (Aug/09)
•Positive underground potential not included in resource calculations
Aggressive 2009 Drill Program to Add Significant Gold
•Resources to date @ 2.26 million ounces average 13 ounces gold/metre
based on 170,000 metres drilled. The planned 2009 program at 100,000
metres will add significant new gold ounces and identify Blue Sky potential
•The new ounces and Blue Sky potential:
•Expansion of 4 existing deposits
•Inclusion of initial resources at other 2 deposits – Niakafiri East and
Maki Medina
•The Niakafiri West, high grade targets in Golouma South – Kerekounda
corridor and the 11+ other Blue Sky targets
Concentrate 2009 Drilling on High Grade + Oxide Potential Gold Deposits
•The Golouma deposits (including Kerekounda at 7.8 g/t gold) average 3.0g/t
gold versus 2.1 g/t gold at MDL’s mine
•The Niakafiri East, Maki Medina and possibly Niakafiri West could have
significant oxide potential for low cost heap leach operation in addition to that
recognized at Masato, estimated at 290,000 oxide ounces and growing
Oromin’s Exploration Success Confirms Significant Gold District
•Two historic gold showings, located on MDL’s property, have evolved over
the last 9 months into a gold district that includes 10 separate gold deposits:
2 controlled by MDL, 6 by Oromin, 1 by Randgold, 1 by Iamgold and
counting. This has created one of the most active and successful gold
exploration areas in Africa
•This activity has peaked the interest of senior mining companies looking for
significant gold acquisitions
New Gold Producer MDL – Surrounded by OJVG Concession
•MDL expects to produce 160,000 ounces of gold in 2009. Their plant is
easily expandable and offers “toll-milling” opportunity for the area
•Geology and gold recovery similar to OJVG’s
Unique Opportunities
•Nearby multiple deposits allow for efficient open-pit mine scheduling.
To date up to 7 potential pits identified with: high grade, oxide and run
of mill grade mineralization
•Gravity circuit for Golouma and Kerekounda deposits provides cost savings
via recovery of free gold prior to CIL processing
•Oxide gold potential at various deposits
•Considerable upside exploration potential compared to neighbours
– MDL and Randgold
FIRST 2009 DRILL RESULTS CONTINUE TO EXPAND SABODALA GOLD DEPOSITS
WIDE-SPREAD HIGH-GRADE ASSAYS REPORTED AT KEREKOUNDA DEPOSIT
HIGHLIGHTS
FIVE DRILLS CONTINUE WORKING AT SEVERAL OJVG GOLD DEPOSITS
SRK’S PRE-FEASIBILITY STUDY CONTINUES ON SCHEDULE TOWARDS Q3
COMPLETION
SUCCESSFUL DEEP DRILLING RESULTS RETURNED FROM GOLOUMA SOUTH,
GOLOUMA WEST AND KEREKOUNDA DEPOSITS
OXIDE POTENTIAL EXPANDS AT MASATO AND MAKI MEDINA DEPOSITS
LATEST DRILLING RESULTS INCLUDE:
o 13 metres of 10.2 g/t gold in DH-426 at Kerekounda
o 10 metres of 8.52 g/t gold in DH-414 at Kerekounda
o 14 metres of 11.23 g/t gold in RC-521 at Kerekounda
o 12 metres of 15.33 g/t gold in RC-535 at Kerekounda
o 9 metres of 12.79 g/t gold in RC-555 at Golouma South
o 10 metres of 8.59 g/t gold in DH-429 at Golouma West
o 5 metres of 46.90 g/t gold in DH-430 at Golouma West
o 9 metres of 13.39 g/t gold in DH-434 at Golouma West
o 15 metres of 2.17 g/t gold in RC-505 at Masato
o 13 metres of 1.53 g/t gold and 16 metres of 1.76 g/t gold at Masato
o 22 metres of 1.44 g/t gold at Maki Medina
Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to announce
additional results from the ongoing step-out and in-fill drilling program at its Sabodala Gold Project in eastern Senegal.
The majority of 2009 drilling to date has focused on the lateral and vertical expansion to the high-grade Kerekounda gold
deposit, as well as resource expansion drilling at each of the Golouma West, Golouma South and Masato gold deposits.
Drilling at the Maki Medina gold deposit continues to delineate a near surface, oxidized zone of gold mineralization.
Favourable results at each of these deposits will expand the previously announced inferred mineral resource estimate of
2.26 million ounces of gold (see February 27, 2009 press release) calculated for the Masato, Golouma South, Golouma
West and Kerekounda deposits.
2
Our 2009 Pre-Feasibility Study being undertaken by SRK Consulting is proceeding on schedule with metallurgical,
hydrological, geotechnical, resource evaluation, infrastructure/site development and environmental programs under way
and ongoing.
KEREKOUNDA DEPOSIT
As the following table indicates, favourable widths and high-grade results continue at the Kerekounda gold deposit, a
continuous shear-hosted vein system for which significant results are now available over a minimum 300-metre strike
extent and a minimum down-dip extent of 300-metres, as established by DH-426 and DH-428. Oromin management
continues to be encouraged by this early-stage drilling success at Kerekounda. Based on the present geometry, continuity
and high-grade nature of results received to-date, Oromin considers Kerekounda to be an attractive, early-stage combined
open pit and underground mining opportunity that will enhance and complement previously announced preliminary
resources at the Masato, Golouma West and Golouma South gold deposits.
The following table outlines the significant drilling results recently received from Kerekounda, which include numerous
highly encouraging high-grade values:
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
DH-413 54639N/5474E 060/-60 67-69
incl.68-69
2
1
47.10
92.40
DH-414 54593N/5409E 060/-60 150-160
incl.156-159
10
3
8.52
21.29
DH-415 54616N/5441E 060/-60 116-121
incl.119-120
5
1
12.22
34.36
DH-416 54566N/5381E 060/-60 146-148
181-191
incl.183-184
200-201
225-227
2
10
1
1
2
3.40
4.45
17.58
10.48
7.99
DH-417 54711N/5430E 060/-60 83-85
incl.83-84
2
1
35.32
68.09
DH-418 54600N/5376E 060/-60 169-170
173-182
incl.178-179
1
9
1
84.22
7.79
40.79
DH-419 54692N/5395E 060/-60 119-123
incl.119-120
4
1
7.97
20.16
DH-421 54570N/5446E 060/-60 97-99
141-143
148-149
2
2
1
7.61
19.31
16.14
DH-424 54655N/5415E 060/-60 112-116 4 14.89
DH-425 54546N/5414E 060/-60 186-189 3 5.89
DH-426 54588N/5255E 060/-60 287-300 13 10.12
DH-427 54550N/5289E 060/-60 285-292 7 10.75
DH-428 54622N/5236E 060/-60 296-301 5 6.26
RC-513 54658N/5378E 060/-60 140-146 6 11.16
RC-514 54625N/5363E 060/-60 166-173
177-179
7
2
6.69
17.05
RC-515 54661N/5343E 060/-60 168-175
incl.168-169
7
1
11.29
65.72
RC-517 54632N/5425E 060/-60 221-223
incl.221-222
2
1
10.82
19.78
RC-519 54560N/5500E 060/-60 115-119 4 14.68
3
Mineralized intervals are based on 1-metre composite samples utilizing a 1.0 g/t gold cut-off level with a maximum
internal dilution of 2 metres. The attitude of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
GOLOUMA SOUTH DEPOSIT
Only three additional drill holes were completed at the Golouma South gold deposit in early 2009, as
recommended by SRK Consulting in conjunction with the ongoing Pre-Feasibility Study.
The following table outlines these drilling results, including the deepest mineralization intersected to date in RC-
557:
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-520 54560N/5500E 060/-60 91-96 5 22.62
RC-521 54646N/5398E 060/-60 137-151
incl.147-151
14
4
11.23
25.54
RC-525 54685N/5468E 060/-60 48-60
incl.49-52
12
3
6.47
16.97
RC-529 54559N/5500E 060/-60 54-57 3 4.47
RC-531 54610N/5425E 060/-60 133-140
incl.135-136
7
1
18.92
94.44
RC-532 54580N/5395E 060/-60 167-170
incl.168-169
175-177
192-197
incl.193-195
3
1
2
5
2
6.55
17.30
12.91
8.96
19.03
RC-533 54615N/5510E 060/-60 24-26
53-56
60-65
incl.64-65
2
3
5
1
8.79
4.59
3.24
10.79
RC-534 54536N/5466E 060/-60 94-97 3 8.04
RC-535 54627N/5458E 060/-60 86-98
incl.93-97
12
4
15.33
33.90
RC-548 54450N/5505E 060/-50 58-60 2 3.95
RC-551 54484N/5490E 060/-60 91-93 2 7.86
RC-562 54667N/5314E 060/-65 207-217
incl.207-208
236-237
10
1
1
3.91
20.92
21.06
RC-563 54641N/5308E 060/-60 211-214 3 13.30
RC-564 54605N/5328E 060/-60 217-224
incl.222-223
7
1
13.88
52.67
RC-565 54588N/5338E 060/-60 200-203
216-221
incl.216-217
3
5
1
11.51
11.29
26.22
RC-566 54684N/5304E 060/-60 192-198
incl.192-193
6
1
6.13
28.28
4
Mineralized intervals are based on 1-metre composite samples utilizing a 0.5 g/t gold cut-off level with a maximum internal
dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized
intervals varies and reported mineralized intersections may not represent true widths.
GOLOUMA WEST DEPOSIT
A total of eight additional drill holes were completed at the Golouma West gold deposit in early 2009, as
recommended by SRK Consulting in conjunction with the ongoing Pre-Feasibility Study. As at Golouma South,
these holes represented some of the deepest mineralization intersected to date in the central portion of the Golouma
West deposit.
The following table outlines the significant drilling results from this limited drilling:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.5 g/t gold cut-off level with a maximum internal
dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized
intervals varies and reported mineralized intersections may not represent true widths.
MASATO DEPOSIT
Seventeen drill holes recommended by SRK Consulting are currently under way at the Masato deposit as part of
the ongoing Pre-Feasibility Study. Results are pending.
Favourable results from two previous drill holes, RC-505 and RC-506, completed at the southern portion of the
Masato deposit should expand and enhance the oxide mineralization component of this extensive deposit. Both of
these recent holes intersect good thicknesses of oxide gold mineralization to considerable depth, as outlined in the
following table:
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-555 52593N/4999E 110/-64 159-168
incl.159-160
9
1
12.79
40.16
RC-556 53002N/4985E 110/-61 123-125
208-211
2
3
1.73
6.11
RC-557 53058N/4955E 110/-59 248-265
incl.257-263
17
6
3.50
8.01
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
DH-429 53328N/4639E 015/-58 262-272
incl.266-269
279-286
incl.279-181
10
3
7
2
8.59
23.94
2.03
5.09
DH-430 53299N/4673E 015/-60 283-288
incl.284-285
5
1
46.90
165.60
DH-431 53329N/4680E 015/-60 247-259 12 7.06
DH-434 53265N/4706E 015/-60 304-313
incl.304-305
9
1
13.39
35.00
RC-559 53261N/4786E 015/-59 245-248 3 2.65
5
Mineralized intervals are based on 1-metre composite samples utilizing a 0.25 g/t gold cut-off level with a maximum
internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of
mineralized intervals varies and reported mineralized intersections may not represent true widths.
MAKI MEDINA DEPOSIT
The Maki Medina deposit is coincident with a gold-in-soil geochemical anomaly covering approximately 1.2
kilometres in strike extent. To date, the northern 400 metres has returned the most favourable drill results.
Previously released results from Maki Medina included 2.51 g/t gold over 13 metres in DH-394, 2.30 g/t gold
over 11 metres in DH-395 and 1.85 g/t gold over 10 metres in RC-433. Much of the mineralization identified
thus far at Maki Medina is oxide in nature, which is potentially heap leachable, similar to a significant portion of
the Masato deposit mineralization.
The following table outlines the significant results recently received from Maki Medina:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.25 g/t gold cut-off level with a maximum
internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of
mineralized intervals varies and reported mineralized intersections may not represent true widths.
Outlook
Oromin’s further and ongoing 2009 drilling plans include an aggressive evaluation to expand the high-grade
Kerekounda gold deposit, to outline and define oxide mineralization potential at various other known gold
deposits, and to initiate the systematic evaluation of other structural-geochemical targets throughout the Golouma-
Kerekounda region.
Technical supervision
Doug Turnbull, P. Geo., is a qualified person for the purposes of National Instrument 43-101, and has verified the
data disclosed in this news release. William Bond, P. Geo., is also a qualified person for the purposes of National
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-505 58980N/4555E 110/-50 29-44
incl.30-38
57-66
15
8
9
2.17
3.62
1.24
RC-506 59055N/4585E 110/-50 1-6
12-25
incl.12-19
65-67
72-88
incl.72-79
96-100
5
13
7
2
16
7
4
1.10
1.53
2.32
1.58
1.76
2.83
1.59
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
DH-406 54101N/2075E 110/-50 8-15
49-55
7
6
2.43
4.39
RC-549 54177N/2098E 110/-50 50-61
incl.55-60
11
5
1.22
1.82
RC-550 54149N/2049E 110/-50 8-30
incl.8-16
22
8
1.44
2.69
RC-571 54149N/2049E 110/-70 65-71 6 1.12
RC-572 54111N/2036E 110/-50 64-66
79-84
2
5
1.55
2.24
6
Instrument 43-101, and 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.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
“Chet Idziszek”_________
Chet Idziszek, President
Cal:
Is this statement below from you or Oromin? If it is from Oromin, how recent in it and do you think Oromin may be giving a hint with this statement?
“•This activity has peaked the interest of senior mining companies looking for
significant gold acquisitions ”
Let me know if you have heard any rumors up there….
Take care,
G1
Oromin’s Exploration Success Confirms Significant Gold District
•Two historic gold showings, located on MDL’s property, have evolved over
the last 9 months into a gold district that includes 10 separate gold deposits:
2 controlled by MDL, 6 by Oromin, 1 by Randgold, 1 by Iamgold and
counting. This has created one of the most active and successful gold
exploration areas in Africa
•This activity has peaked the interest of senior mining companies looking for
significant gold acquisitions
that is straight from Oromin.. it is taken from the updated corporate presentation..updated feb 28 i think ..
not much else to say except i think kerekounda will turn out to be the star of the show 🙂
Caliche/Anyone—-When is the AGM scheduled for ’09….July ??? We are now almost four months into the new year and we have received zero news releases/updates on Santa Rosa and only two on Sabadola (Feb & Apr)…With 4-5 drills running in Sabadola , it is my strong opinion IR is not doing a competent job of keeping current investors appraised re progress , let alone trying to attract new investors…I sincerely hope that those who are fortunate enough to be able to attend this meeting will get this message across to the Ole mgmt team in a forceful ,but positive , manner… Is it really too much to expect a once a month update on current Oromin “happenings”..We may not have seven million shares , but I do believe some/many of us have a larger portion of our total wealth tied up in this company than that amount of total wealth those seven million shares represents of that person’s wealth…We do want and DESERVE better treatment for the faith , trust and respect that we have demonstrated by lending them our monies…It is past time that Ole mgmt. return some of that respect….Comments???
Information is good but concentrating on the exploration side is better. I am holding out for quantity of oil and gold and then how much we are able to sell both Santa Rosa and Sabodala oil and gold for.
Mallard:
Concentrating on the exploration side is great, but by not focusing on shareholder value it will hurt Oromin in the short term and long term.
I have been told that Oromin is in the process of obtaining additional funding to take them through at least the prefeasibility study. Therefore, for every $10 million they raise at say $.70, it will increase the float by 14,285,000 shares or approximately 20% of the current float. Then you have to add in the $7-15 million in warrants that they will give consistant with the previous raise and you have an increase in the float by 23-30 million shares for just $10 million, or up to a 50% increase. The last time they raised about 25 million, I don’t think they will need that much, but by just focusing on the exploration and not the enhancement of Shareholder value we all lose in the end…
It has been a frustrating few years, but if you expected $10 bucks in the past, you may be lucky to get 5.
G1
Such optimism! Caliche, what is your take?
It is the truth. Spoke to the company today about the raise…
I really hope they dont dilute us right out of our well deserved profits. We have all been here for so long and a big dilution would essentially rob us of our payoff for staying loyal shareholders.
I would suggest that they wait for the results of santa rosa before acting on another dilution..if it hits we could finance exploration from revenues on the oil or finance much higher and limit the dilution
it is bothersome that we cant get out of the rut we are in .. we added 800K ounces and have a really killer deposit on our hands in kerekounda and no one seems to care..we need to get out of this under the radar situation.. many companies are starting to move on lesser results than oromin ..
Cal:
It would make sense to wait until we see if Santa Rosa hits, at least then they can raise at a much better number with far less dilution, but from what I heard yesterday from the Co., they said it should be down before Santa Rosa results…
Doesn’t make much sense, but that is what I was told.
Hopefully, if you talk to them, they will change there mind as I believe they still have 6-7 million in the bank…
G1
I almost fell out of my chair when I read they are looking at doing a funding now. The only plausible reason I saw for their lack of IR was that they did not care about short term prices. If you are telling me they are planning a PP soon then I can’t rationalize why they would not make an effort to expand the shareholder base and attempt to get the price higher. Incompetent is too kind of a word. Does anyone know if Peter Grandich is still under contract with Oromin? I know he dropped Lamancha last year because even though they had a producing property and were undervalued, he couldn’t believe the lack of shareholder concern on the part of management and dumped them. The situation with Oromin is even worse. Peter has a blog on Agoracom so I will ask for his opinion.
Hi G1 .. unfortunately they do not listen to me I have been on the phone with them in the past and have also made suggestions in person to be dismissed out of hand. They have made SOO many mistakes we have lost count. You would think a team that came up under Muray Pezim would have picked up a thing or two on how to run a market. The property however has been good enough we overlooked the incompetence on the PR/IR side. With the stock taking on water like the titanic i see an awful dilution in the near future. If it is not taken up 100% by insiders i think we are in terrible trouble. It bothered me that they didn’t buy at .40 and i think it will be a death nell if they don’t take the whole placement at .50 (my guess.. probably for about 40 million shares …gawd i hope im wrong ) It is criminal that they are doing a placement and stealing the long term shareholders profits 5 meters from the finish line!!
Just thinking about a PP at this time makes me want to puke……….If the bulk of it goes to insiders , that just may shed some light on why such poor PR/IR……(Maybe it was with some malice forethought..)
I understand that there are several houses interested in participating in the financing. Not sure where you guys are getting the $0.50 PP price or the $20 million financing amount. I highly doubt, given the interest, that it will be at that level if it is done. And they certainly don’t need $20 million. JMHO.
Corresponded with Peter Grandich. He is still under contract and loves the “under-promotion” . I can’t convince him that their IR is weak. He loves managment and the property. Attributes the share price to the awful junior market. He is not aware of the PP but said he wouldn’t know until we did. He is a patient man and so am I so I will stay on for now.
Thanks for the legwork stateside!..
im pretty patient too but i must admit its wearing thin… and the word of a placement here with no effort to get the share price out of the toilet has me frustrated to say the least ..
as for grandich i really admire his macro predictions .. he has been right more than wrong in the last few years but his support of oromin has also been weak .. it didnt make it to his list of the best stocks to own this year also the first time i saw him on tv he mentioned oromin and said it was one of the best exploration plays around and in the SAME breath said NOT to buy it just because you saw some guy on tv mention it!?
if it was my co and i was paying him to promo the stock i would have cancelled his options and cut him off the payroll right there ..
anyhow like i said only a drop in the bucket of mistakes we have counted over the years..
fingers crossed for only a minimal reaming on the placement that is IMHO unnecessary until after the oil is drilled since oromin gets a free ride on the first 3 holes!!!!
The PP will alledgely be completed before any drilling in Santa Rosa…..Is it possible/probable that the drilling has been significantly delayed…Maybe lack of equipment availability will not allow it to start Q2 ’09..Just a thought…Any comments??
This company is fucking bullshit. They have has Santa Rosa for 10 god damn years rode up and down the oil spike and still nothing!!!!!!!!!!! Why cant these idiots grease the right wheels and git er done!! There are hundreds of mining companies mining in Argentina why the fuck cant these idiots drill one friggin hole..dont give me the bullshit the cant find a rig or pipe or whatever! The world economy is in a shitstorm and they cant fina a rig! give me a break I saw one rig on the side of the road today at a city works project and they cant find one, im sure if i gave it 20 min on the internet i could get us a contract to drill!!!!!!!!!!
Idiots and assholes thats what we are dealing with
And now a dilution PP criminals are what they are!!
billybob
Remember Oromin only funds 50% of the costs so a $10 million drilling program will only require $5 million from Oromin’s coffers.
http://seacoast-consulting.com/site/2009/04/17/revisiting-and-old-friend/#more-191
Armstrongs take on Oromin.
Doublem2
After reading the posts?I am going to bite my tongue..probably land up in jail for what I am thinking of this group.Wonder why Grandich who believes and always speaks of the one above never mentioned OROMIN in his picks of stocks?Yet is GREEDY enough to take money from the company for what?Makes you wonder? DSH
Goldn 1—Any more inputs from your contact re actual start of drilling in Santa Rosa? …i.e. Is it still a “go” for late April/early May…..Have they located a rig yet? …Appreciate your inputs..
Exploration Expenditures
2008 Phase III budget – US$26,000,000
2007 Phase II expenditures – US$14,000,000
2006 Phase I expenditures – US$10,000,000
2005 Preliminary expenditures – US$1,000,000….With this kind of money being spent on the property?You would think we would have more to show for it?Also this would have been an opportunity for the company to OWN its own equipment?Someone is sure making big dollars down their?You would have thought the management would have been smart enough to set up their own drilling company?Just thoughts..but makes you wonder?DSH
Arlene:
Sorry to report, but now it is looking like late May/Early June… Rig is secured, a final
permit was needed. So your thinking was right, the PP could be the result of the delay in Santa Rosa. Although I would still like them to wait and see if they hit. I was hoping Otto/Oromin would hit there date on this one as it has been 9 years, but I guess it will be another month or so…
G1
Otto energy is having a stockholders meeting where if I am reading their press release correctly, they are trying to raise cash. Could it be that the reason Santa Rosa is taking so long is that they are short of cash? I rolled my eyes when I heard that one more. once again, final document had to be signed. How many one more final documents are there going to be? And now probably June before drilling? This is really getting old.