Gold Bounce pt 2
well it looks like gold was pushed to the 1135 level again.. and bounced off a second time!
is 1135 the new bottom?
many interesting days ahead.. there are too many dollars floating around to call this rally done ..
im betting we see 2000 gold before x mas 2010!
caliche
Tony,
Even with your figures what is not taken into account is the value of the Sabadala Concession which is still largely unexplored and no doubt rich in potential gold yet to be discovered. Potential bidders and Oromin Management certainly know that to be true.
That for me is the factor that cannot be dismissed in a buyout price and everyone knows it. I still cannot see a takeout for less than $5 a share and think that is cheap.
And what about oour concession in Argentina? Is there any worth to oil companies just because we hit one dry hole?
RiffDoc
Riffdoc,
I want to be with you on the $5+ buyout, (believe me I have been long 2 or more years here) but it just doesn’t make sense that we sit at this ridiculous price here…
something doesn’t add up… something smells?
OT- was the “8 million shares short” corrected?
The 8 million share short would explain the low share price…..
Thanks for your reply Riffdoc. I hope like you said oher factors are taken into consideration that would fairly value the company. It is kind of a catch 22, if you raise more cash(even more dilution) you can explore and drill more, if you do not drill more who knows how much will be left on the table if there is a deal. I also agree that there are probably millions of more ounces in the unexplored parts of Sabadala. Hopefully if there is a deal they can agree on a price that would be mutually beneicial.
I’ve never understood what this Company is doing. They are so non transparent, seem to have very bad marketing,,,,, they seem to not care much for us retail shareholders etc, etc etc. But they did find 4 mil oz of Gold. ( hopefully w/ the NR here soon), and perhaps 5 mil oz by spring. Thats pretty darn good. Hard to do. So they should get some credit. As some one close to the company told me,,, hed rather have a good geologist vs a bad marketeer instead of the reverse. I think it’s safe to say they will have 5 mil oz by spring. So, We have to credit them.
BTW….. just read that IAG is buying a canadien gold project called Westwood. They mention they allotted $350 for production costs, and giving $850 us p/oz Gold. Using those #’s, and 5 mil oz, and the 42% jv, 112 mil shares,,,, and a $200 p/oz profit…. my figures give a b/o sp of………$5.62. I’lll take that any day.
Goldfather:
You make excellent sense! The reason I bought this stock three years ago and have suggested it to friends and even added more shares is that I honestly believed in the end management would find the gold (which they have) . Surely then I thought like Chet has done with his other projects we would all be the beneficiaries of his geological expertise and vision. I am still not convinced this will not happen but the PR does stink! Why a company would not want to promote it’s product is a mystery. Is there a hidden agenda? I hope not. We expect integrity from Oromin just as much as they needed big bucks from shareholders to get this baby going.
I like your numbers Goldfather . Nothing less is satisfactory to this stockholder!
Insider activity..nsider Name: BROWN, IAN DAVID
Insider Relationship: 5 – Senior Officer of Issuer
Ceased to be Insider: Not Applicable
2007-04-20 Options (Common Shares) 200,000….nsider Name: Mallo, David William
Insider Relationship: 5 – Senior Officer of Issuer
Ceased to be Insider: Not Applicable
2009-02-24 Common Shares 61,500
2009-07-10 Options (Common Shares) 595,000…..Insider Name: Sibthorpe, Robert Alan
Insider Relationship: 4 – Director of Issuer
Ceased to be Insider: Not Applicable
2009-07-10 Options (Common Shares) 325,000….Insider Name: Turnbull, Douglas Stewart
Insider Relationship: 4 – Director of Issuer
Ceased to be Insider: Not Applicable
2009-02-24 Common Shares 52,000
2009-07-10 Options (Common Shares) 357,000….DS shows owning no shares or options???All this information is for public viewing on SEDI for free..Shows a lot of confidence in the company they work for?dsh
DSH:
For some reason DS is not considered an “insider”, which is strange, as he sees the NR’s before the rest of the public, but I have spoken to him about this before. Last time we spoke he said he had about 635K shares, maybe more now, but I am sure his basis is a lot lower than ours…
G1
To be a insdier a person MIGHT have to own a certain percentage of shares or possibly sit as a director?Being in the office with news releases might not be considered an insider?If I remember right he is the contact person though?But there MAY be a tax difference between reporting as a invester or insider?Don’t know fore sure?A person could also contract him or herself out and treat it as a bueiness?I am sure its ok..Sure like to be in a deal like that though?Woulddn’t any one else?Lets sign up..See the line up at Chet’s office in the New Year?dsh
FYI……. below is from an IAG PR on their last proposed purchsse of Westwood in canada. Notice the $352 for production costs , and the $850 paid for future price of gold.
If we were to get similar price for a hopeful b/o…. using our #’s….. we’d get $5.60 ps..
Unless Westwood has a production facility ( that ole does not have ) We can only hope.!
“Average annual gold production of 191,000 ounces at an average diluted grade of 7.3 g/t;
Average cash costs of $352 per ounce;
Pre-tax cash flow of $230 million;
Total capital expenditures estimated at $401 million, including amounts already invested;
Pre-tax IRR of 11.3% calculated at January 1, 2009 using a gold price of $850 per ounce and Canadian/US dollar “
IAG’s Westwood…. oops, those are actually #’s to carry out the project and build the facility to produce and refine. They already own it 100%. BUT, it does give us some good #’s to go by.
We have news!!!!!!
Looks like some news is out.
New NR available.
SABODALA PROPERTY RESULTS CONTINUE TO EXPAND NEW
DISCOVERIES AND EXTEND LIMITS OF MINERALIZATION AT OJVG’S
COMBINED OPEN PIT AND UNDERGROUND DEPOSITS
HIGHLIGHTS
• Drilling at the higher grade Epsilon (Kourouloulou) and Kerekounda Deposits continues to
intersect mineralization with grades favourable for underground mining including:
Kourouloulou Kerekounda
– 16.83 g/t gold over 3 metres in DH-560 – 51.71 g/t gold over 1 metre in DH-582
– 29.64 g/t gold over 2 metres in DH-568 – 15.44 g/t gold over 3 metres in DH-591
– 14.50 g/t gold over 5 metres in DH-597 – 4.87 g/t gold over 10 metres in DH-596
• Drill results from the Cloverleaf (Koulouquinde) Prospect suggest that it may become another
higher grade gold deposit with considerable underground mining potential, with recent results
including:
– 13.13 g/t gold over 3 metres in RC-649
– 96.45 g/t gold over 1 metre in RC-653
– 14.24 g/t gold over 7 metres in RC-655
• Successful trenching at a New Discovery of near surface oxide mineralization at Kobokoto South
includes intervals of 1.25 g/t gold over 35 metres, 1.91 g/t gold over 9 metres and 3.42 g/t gold over 5
metres.
Oromin Explorations Ltd. (“Oromin”) on behalf of the Oromin Joint Venture Group Limited (“OJVG”), is
pleased to provide a drilling update and summary for the ongoing exploration program at its Sabodala Gold
Project in eastern Senegal, West Africa. As at December 2009, OJVG has outlined 7 gold deposits and 18 gold
targets within a 22 km long, 5 to 8 km wide, northeast trending structural corridor.
The 2009 drilling program has concluded and the 2010 drilling campaign will re-start in early January 2010.
Since the most recent OJVG resource update in August, 2009, 182 additional RC and core drill holes have been
completed. The focus of the current drilling is the outlining of additional resources at the higher grade Golouma
area deposits for their inclusion in a resource update due in Q2, 2010. These deposits include the most recent
high grade discoveries at Epsilon (“Kourouloulou”) and Cloverleaf (“Koulouquinde”) and the high grade, downdip
extensions of the current indicated resources at the Kerekounda, Golouma West and Golouma South deposits.
All of these deposits host combined open pit and underground mining opportunity.
For more complete results and descriptions of these numerous gold deposits, please refer to previous news
releases dated May 14, 2009, September 9, 2009 and October 7, 2009.
Page 2 of 5
KOUROULOULOU DEPOSIT
Significant gold mineralization at the Kourouloulou (formerly named Epsilon) open pit and underground deposit
was announced in May 2009. Since then 67 additional drill holes have been completed outlining a multiple quartz
vein system over a strike length of 220 metres and to depths of 200 to 225 metres. The Kourouloulou mineralized
zones remain open to expansion along strike as well as to depth. OJVG is drilling the deposit at closely spaced
centres with the focus of outlining Indicated Resources for the planned Q2, 2010 resource update. All of the
recent results and pending results for four additional holes, will be included in the Q2, 2010 resource update.
Significant results include the following:
Kourouloulou Deposit
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-170* 53568N/5486E 030/-50 76-79 3 50.39
RC-176* 53590N5454E 030/-50 51-56 5 19.97
RC-578* 53553N/5375E 030/-50 56-68 12 10.20
RC-579* 53501N/5345E 030/-50 192-204
209-217
12
8
23.53
16.54
RC-637* 53565N/5383E 030/-50 35-42 7 24.56
DH-456* 53528N/5337E 030/-50 104-106 2 13.09
DH-505* 53559N/5396E 030/-45 40-44 4 81.10
DH-520* 53553N/5410E 030/-45 48-51 3 27.79
DH-522* 53553N/5410E 030/-60 52-56 4 196.27
DH-524* 53553N/5410E 030/-75 161-162 1 58.02
DH-540 53563N/5435E 030/-50 93-95 2 29.26
DH-544 53568N/5417E 030/-45 77-79 2 14.13
DH-557 53777N/5527E 360/-45 41-43 2 7.04
DH-560
53601N/5515E 030/-50 78-81
incl.79-80
3
1
16.83
45.28
DH-568
53818N/5547E 360/-65 47-49
incl.48-49
2
1
29.64
50.91
DH-579
53582N/5408E 030/-70 24-30
incl.27-30
105-107
6
3
2
6.87
11.95
6.61
DH-581 53600N/5419E 030/-70 65-67 2 6.17
DH-588
53512N/5388E 030/-65 83-84
182-183
1
1
35.39
15.50
DH-592 53545N/5406E 030/-65 147-148 1 6.17
DH-594 53545N/5406E 030/-80 203-204 1 6.53
DH-597
53574N/5422E 030/-68 38-43
incl.42-43
103-108
incl.103-105
5
1
5
2
5.35
17.70
14.50
33.66
* Previously Released
KEREKOUNDA DEPOSIT
To the end of the OJVG’s 2009 drill program, a total of 28 additional holes have been completed at the
Kerekounda open pit and underground deposit beyond those included in the August 2009 resource update. The
majority of these holes were deep step-outs targeting higher grade mineralization both down-dip and laterally
from previously defined Indicated Resources. Successful drilling results from these holes, including the most
recent, will expand the mineralization beyond previous resource outlines which should further enhance the
underground mining opportunity at Kerekounda.
Furthermore, these successful drill holes confirm that the higher grade zones comprising the Kerekounda deposit
remain open to expansion both laterally and to depth, providing a future resource expansion opportunity. All of
Page 3 of 5
the recent results and pending results for two additional holes will be included in the Q2, 2010 resource update.
Significant results include the following:
Kerekounda Deposit
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-458* 54677N/5409E 060/-60 112-122 10 7.15
RC-463* 54701N/5457E 060/-70 66-73 7 25.34
RC-535* 54627N/5458E 060/-60 86-98 12 15.33
DH-415* 54616N/5441E 060/-60 116-121 5 12.22
DH-424* 54665N/5415E 060/-60 112-116 4 14.89
DH-426* 54588N/5255E 060/-60 287-300 13 10.12
DH-468* 54584N/5209E 060/-50 311-318 7 12.45
DH-488* 54541N/5204E 060/-54 360-369 9 7.17
DH-578 54552N/5242E 060/-60 322-324 2 12.59
DH-582 54461N/5396E 060/-68 274-275 1 51.71
DH-589
54513N/5288E 060/-59 308-311
335-336
3
1
8.35
9.00
DH-591
54484N/5298E 060/-60 312-315
incl.314-315
340-344
incl.342-343
3
1
4
1
15.44
43.09
7.89
23.89
DH-596
54584N/5191E 056/-53 325-335
incl.328-331
10
3
4.87
7.89
DH-605 54577N/5232E 059/-62 319-321
incl.320-321
2
1
28.05
53.10
* Previously released
GOLOUMA WEST AND GOLOUMA SOUTH DEPOSITS
At the conclusion of OJVG’s 2009 drill program, a total of 33 additional holes had been completed at the
Golouma West and Golouma South open pit and underground deposits, beyond those holes included in the
August 2009 resource update. The majority of these holes targeted higher grade mineralization as deep step-out
holes both down-dip and laterally from previously defined Indicated Resources. Successful drilling results from
these holes, including the most recent sequence of holes, will expand mineralization beyond previous resource
outlines, enhancing underground mining opportunities at both deposits.
Based on the favourable results from recent drilling at Golouma West and Golouma South, expansion
opportunities both laterally and to depth have been confirmed. All of the recent drilling results, plus additional
pending results for four additional holes, will be included in the Q2, 2010 resource update. Significant results
include the following:
Golouma West Deposit
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
DH-434* 53265N/4706E 015/-60 304-313 9 13.39
DH-517* 53355N/4658E 015/-70 275-279 4 6.27
DH-526* 53355N/4634E 015/-70 302-305 3 9.94
DH-539* 53299N/4673E 015/-67 311-321 10 17.54
DH-587
53574N/4408E 016/-60 120-137
Incl.128-132
146-149
17
4
3
2.84
5.41
3.10
DH-590 53510N/4370E 016/-62 237-242 5 4.07
* Previously released
Page 4 of 5
Golouma South Deposit
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-555* 52593N/4999E 110/-64 159-168 9 12.79
RC-557* 53058N/4955E 110/-59 257-263 6 8.01
DH-519* 53163N/4959E 110/-60 262-273 11 8.26
DH-523* 53138N/4959E 110/-67 275-280 5 5.55
DH-528* 53095N/5008E 110/-60 200-204 4 12.52
DH-545 52958N/5135E 110/-60 38-46
incl.38-42
8
4
4.29
6.04
DH- 548
52949N/5108E 110/-60 51-55
incl.54-55
4
1
4.71
13.99
* Previously released
KOULOUQUINDE PROSPECT
Recent drilling at the Koulouquinde Prospect (formerly named Cloverleaf) is indicating that this prospect may
become the newest gold deposit offering a higher-grade open pit and underground mining opportunity for OJVG.
The intent of the recent drilling program at this prospect is to have enough drill information to be included in the
Q2, 2010 resource update.
Oromin has recently completed 16 reverse circulation holes at the Koulouquinde (Cloverleaf) prospect to follow
up previous favourable results of 41.98 g/t gold over 1 metre in RC-642 at the North Koulouquinde zone and 6.78
g/t gold over 5 metres in RC-644 at the Main Koulouquinde vein system. Available results from the recent
drilling listed in the accompanying table are all from the Main Koulouquinde vein system, except for RC-653
(96.45 g/t gold over 1 metre) that is from the North Koulouquinde zone. Drilling has now tested the Main
Koulouquinde vein system over a strike extent of approximately 200 metres and to depths of approximately 125
to 150 metres below surface. Both the Main Koulouquinde and North Koulouquinde zones remain open to
expansion. Results are pending for six of the holes recently completed at the Koulouquinde prospect.
Significant results from the recent drilling at the Koulouquinde prospect are summarized in the following table:
Koulouquinde Prospect
Drill Hole
Grid
Co-ordinate
Azimuth/
Dip
From – To
(m)
Interval
(m)
Gold
(g/t)
RC-648 52365N/4485E 340/-68 16-19
125-126
3
1
5.18
7.00
RC-649
52380N/4525E 340/-50 74-77
incl.74-75
3
1
13.13
29.46
RC-653 52705N/4418E 220/-50 156-157 1 96.45
RC-655
52382N/4480E 015/-50 48-55
incl.48-51
incl.49-50
71-72
143-144
7
3
1
1
1
14.24
30.92
66.53
9.19
30.86
NEW DISCOVERY
KOBOKOTO SOUTH PROSPECT
Kobokoto South (formerly named Gamma) is an open-ended NE-SW trending, > 50 ppb gold-in-soil Geochem
anomaly measuring a minimum of 1,300 metres in strike extent containing a high value of 1,990 ppb gold. Rock
sampling results include values of up to 6.33 g/t gold and 7.48 g/t gold within the soil anomaly.
Page 5 of 5
Oromin recently completed a series of twelve excavator trenches covering a 1,000 metre strike extent of this
Prospect. Field observations indicate that hosting geology, alteration, structure and mineralization are very
similar to the near-surface oxide mineralization previously observed in trenches and drilling at the Masato,
Niakafiri and Maki Medina deposits. Favourable trench results from this phase of exploration include:
• 1.85 g/t gold over 4 metres in TRX-329
• 1.21 g/t gold over 11 metres, including 2.39 g/t gold over 3 metres in TRX-330
• 1.91 g/t gold over 9 metres, including 3.59 g/t gold over 2 metres in TRX-332
• 1.85 g/t gold over 5 metres in TRX-334
• 2.03 g/t gold over 5 metres in TRX-335
• 1.25 g/t gold over 35 metres, including 23.53 g/t gold over 1 metre, 3.64 g/t gold over 1
metre and 2.58 g/t over 3 metres in TRX-336
• 3.42 g/t gold over 5 metres in TRX-337
Additional trenching and drilling evaluation is planned for Kobokoto South in next year’s exploration program.
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
Instrument 43-101, and has supervised geologic field procedures.
Mineralized intervals for reported drill hole intersections are based on 1-metre samples utilizing a 1.0 g/t gold cutoff
level. 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.
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 Corporate
Presentation in the “Investors/Presentations” section of 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