Thanks for posting this Caliche…this is the very question I asked a couple of days ago.
Glad to see that someone at Oromin is listening. As frustrated as I have been with this company, I still beleive that they will provide a significant ROI.

Sometimes you can get an idea of management’s expectations by looking at numbers. Way back when, they issued 2,320,000 options at 3.25. Clearly they thought that at some point in the future the stock price would be much higher and they would be able to cash them in. But that didn’t happen, nor is it likely to happen. They seem to think so too, because in July they issued themselves 3,870,000 more options; unless you put the worst possible construction on this action (pure greed) it seems likely that these options were replacements for the higher-priced ones. There are 5,000,000 options priced at 1.90 and higher. Remove all these from calculations of shares outstanding and you get 107,000,000. I would like to see all of these options come into play in the case of a buy-out but I don’t see much likelihood of that happening.
Here’s another number, this one from the Oct. 25 financial statement: $3222,560. “The company also paid salaries and benefits of 322,560 to its CEO and one other director for salaried management services and FOR A SIGNIFICANT BONUS AWARD (emphasis mine) in recognition of carrying out the June financing on favourable terms.” Favourable terms for whom? Certainly not the existing shareholders. All we got was 28.5 million shares worth of dilution. With a proper promotional regime in place and some basic understanding of the relationship between drill programs, promotion and financing, this money should have been raised at much higher prices. But it wasn’t, and the Board gives bonus money for a 70 cent financing. No wonder the stock is headed lower while the price of gold climbs.

Again, this is all Intentional and very calculated. I think Chet is one slick operator. have you seen all the comnp[anies he’s involved with, and the way he opens and closes them so often ?
He’s way ahead of everyone ! And hes not ready to sell and go away yet. He’s just going to keep the price way down, so nobody will notice the project. And so he can easily sell his PP’s @ 80 cents. ( too much work to sell at a legitimate sp of 2 bucks or so). He sells this puppy all day long at 80 cents. He can raises millions at 80, and will continue to do for another couple years.
Ya, keep it way down till hes ready to give up all his Perks, and salaries, planes, etc. when hes ready, he’ll start letting out news, and NR’s, and articles and telling the truth abt the company. When hes ready he’ll get it up to 4 or 5 bucks and then hell get his money. But we’ll all be diluted and probably be normal folks and have needed the money for other things after 5 years. So, we’ll be long gone at a GD 80 cents. Sure wish we had a Legal mind here to see if this negligence ,nontransparency, and with -holding pertinent info from shareholders is allowed?

they also re priced the 3.25 options down to a dollar something..1.25 maybe .. cant remember

maya, you are right they did not re price but instead issued more than twice as many at 1/3 the price..

Grandich gave Ole a BUY on his Model Portfolio listings. Didnt say anything else at all. Just listed it as a BUY. On his web site under the Model Portfolie Links to the left side.

Hopefully ole will hire him again., and this is just a prelude to just that. He’s w/ Agoracom, and seems to be pretty hi profile. On lots of News shows in Canada anyway.
Lets contact ole and tell them to HIRE GRANDICH

Goldfather, you’re new around here, huh? Grandich was a waste of money the first time Oromon hired him and so was Agoracom when they hired them to promote the stock, also. (Ok, Agoracom wasn’t hired to promote, but I can’t remember the exact wording of what they were hired to do – regardless, it was pissed-away money.) These people can’t pump what the company doesn’t give them. Without a MAJOR rethinking on Chet’s part (getting away from the “drill and they will come” attitude), hiring someone to promote the stock is worthless. Grandich probably still has the shares he was given the first time; it’s in his interest to list OLE as a Buy.

G1… Mork & Mindy… TOO FUNNY!! Nanoo Nanoo

h1

here it is:

Oromin Explorations Ltd.: OJVG Upgrades Sabodala Gold Project Feasibility Study

January 19, 2010: 09:15 AM ET

Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) –

HIGHLIGHTS

— OJVG Undertaking a Higher Level Feasibility Study Than Initially Planned
— Q2 2010 Resource Update to Form Basis of Upgraded Feasibility Study
— Four Drills Assigned to Feasibility Engineering and Geotechnical Drill
Program
— Three Additional Drills Being Mobilized to Continue Advanced Exploration
and Resource Drilling

Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to provide an update with respect to the feasibility study on its Sabodala Gold Project in eastern Senegal, West Africa. OJVG has increased the scope and technical level for this feasibility study. This will result in it representing a significantly higher level study than the August 2009 preliminary feasibility study and will be more than simply an optimization of the previous study.

This upgraded feasibility study is on schedule for completion by the end of June 2010. The study, estimated to cost approximately $3.2 million exclusive of geotechnical drilling and environmental permitting costs, is being prepared by SRK Consulting and Ausenco Limited. The objective of the upgraded study is to permit OJVG to fast track development of the Sabodala Gold Project.

Since the completion of the August 2009 study, technical efforts have focussed on updating the resource models and optimizing the project concept. Work to be undertaken from this point onward will refine engineering designs and associated cost estimates. Aspects of the study completed or currently underway include the following:

— Resource models for Masato, Golouma South, and Kerekounda deposits will
have been updated with recent drill results by month end. The resource
models for Golouma West and Kourouloulou deposits will be updated in
February following receipt this month of the outstanding assay results
from 2009 drilling. These five deposits will form the basis for the
production schedule and project economics to be outlined in the
feasibility study.
— Detailed geotechnical investigations will be completed for Golouma West,
Golouma South, and Kerekounda by month end and are in progress on the
other deposits. In order to fast track OJVG’s geotechnical
investigations, three core drill rigs and one reverse circulation drill
rig have been reassigned from exploration drilling to undertake this
very important geotechnical work. These site investigations supplement
previous geotechnical surveys and address pit slope stability,
underground mine stability, tailings dam and water reservoir dam designs
and plant site foundations. Borrow pit areas required to provide
construction earth fill are also being delineated. The entire
geotechnical investigation will be completed by early March and will
permit preparation of the detailed earthworks designs.
— Three additional drills are being mobilised for OJVG’s ongoing resource
delineation program. In addition to the five deposits referred to above
that will form the basis for the feasibility production schedule, the
study will also report resources for two other deposits; Maki Medina and
Niakafiri and, time permitting, the Kobokoto and Koulouquinde prospects.
Also, OJVG is working towards reporting resources for an additional two
new discoveries, Golouma Northwest and Kotouniokolla, after completion
of the feasibility study.
— In house trade-off studies have been completed examining mining
sequences and mill throughput rates and these have been used to provide
direction on the feasibility production scheduling. The Masato-style
bulk tonnage deposits (Masato, Niakafiri and Maki Medina) will be
developed via open pit mining only, while the Golouma-style high grade
deposits (Golouma South, Golouma West, Kerekounda, Kourouloulou) may
entail both open pit and underground mining aspects. For these latter
deposits, the economic transition points between open pit mining and
underground mining are currently being examined on an individual basis
to optimize the mine designs and enable the recovery of additional ore
at depth below the pits.
— The metallurgical testing database has been supplemented with additional
test work for all the deposits, including column leach tests on Masato
oxide ore. Grind size optimization tests have also been undertaken and
confirm that process recoveries in the range of 90 to 96% are realistic.
— The mill flowsheet redesign has been completed based on the
metallurgical test work. The process flowsheet has been simplified and
optimized from that presented in the August 2009 study to reduce capital
and operating costs yet maintain performance. The gravity circuit is no
longer required as the CIL-only process recoveries are very encouraging.
In addition, it is now recognized that the milling of near surface soft
ore will allow an increased mill throughput compared to that when
milling hard ore. The nominal mill capacity will be in the range of 4400
tonnes per day but can be increased to about 7000 tonnes per day when
processing soft ore. This would increase gold production revenue in the
early years of the project when the soft ore is encountered.
— Other engineering related activities currently nearing completion
include issuing the pricing quotation requests for major equipment and
updating the feasibility level mining and milling operating costs.
— Environmental baseline studies are progressing in the disciplines of
hydrology, archaeology, vegetation, and sustainable development
planning. These studies form part of the Environmental Impact and Social
Assessment that will be completed during 2010.

Ken Kuchling, P.Eng., a “qualified person” for the purposes of National Instrument 43-101, has verified the information disclosed in this news release.

Oromin is pleased with the progress made during the last few months and looks forward to completion of the feasibility study in June.

On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.

Chet Idziszek, President

Below in Bold is from the last PR>>>>>>>
But first….Do the experts here (lol) think they have enough funds for this / or is aonther PP needed. I think we were figuring that the last PP ( $6-7 mil) would take them to about Spring,,,, ?

“This upgraded feasibility study is on schedule for completion by the end of June 2010. The study, estimated to cost approximately $3.2 million exclusive of geotechnical drilling and environmental permitting costs, is being prepared by SRK Consulting and Ausenco Limited. The objective of the upgraded study is to permit OJVG to fast track development of the Sabodala Project”

Obviously fast tracking the Project is wonderful. I didnt know they knew the concept. Any analysis here?

BTW Ole…. yes grandich did get hired in the past by them,,,,, but he does have a following, and anything in the form of Company publicity is good. They have a good story, and any communication to the Trade media would raise the stock. I have a theory that Chet isnt going to do anything till hes ready, and when the company is ready.
If he pumps the stock price way before the b/o, it’ll just go back down again, as when the 4 buck hit and dived.
I do worry that he’ll need another PP, and he has to sell it at a low sp like 80 cents. As investors wont buy it any higher. But if in fact the new feas study in June/july comes out w/ a realistic 5 mil oz #…. that’ll be tough to hide and supress…… and even another pp to get $7-8 mil and dilute another 10 mil shares isnt that bad…. if we can get a b/o going at 5 bucks? A Rhodes scholar ( ya rite) at the company told me that majors like to buy out JR’s prior to the Feasability report. Talk about a Concept?

Most recent close prices for C – GRL (adjusted for stock restructures)
Date Ex:Sym Open Hi Lo Close Chg Vol #Tr Bid Ask
2010-01-19 V : GRL 1.37 1.37 1.35 1.35 -0.02 1,353,500 22 1.32 1.37
2010-01-18 V : GRL 1.35 1.37 1.35 1.37 +0.02 1,889,741 54 1.36 1.37
2010-01-15 V : GRL 1.35 1.36 1.34 1.35 -0.03 134,500 16 1.30 1.36
2010-01-14 V : GRL 1.37 1.38 1.33 1.38 +0.03 391,000 43 1.34 1.39
2010-01-13 V : GRL 1.35 1.38 1.35 1.35 -0.02 527,200 43 1.35 1.37
2010-01-12 V : GRL 1.38 1.39 1.35 1.37 +0.02 152,200 26 1.36 1.37
2010-01-11 V : GRL 1.35 1.39 1.33 1.35 0.00 198,200 34 1.34 1.38
2010-01-08 V : GRL 1.38 1.38 1.34 1.35 -0.03 351,600 55 1.33 1.36
2010-01-07 V : GRL 1.31 1.39 1.31 1.38 +0.05 381,775 102 1.36 1.38
2010-01-06 V : GRL 1.30 1.35 1.25 1.33 0.00 493,085 77 1.33 1.34
2010-01-05 V : GRL 1.17 1.34 1.17 1.33 +0.16 659,200 76 1.31 1.33
2010-01-04 V : GRL 1.15 1.17 1.13 1.17 +0.05 230,200 36 1.15 1.16
2009-12-31 V : GRL 1.10 1.12 1.10 1.12 +0.02 11,000 5 1.11 1.15
2009-12-30 V : GRL 1.11 1.15 1.10 1.10 -0.01 43,455 13 1.10 1.15
2009-12-29 V : GRL 1.11 1.11 1.11 1.11 -0.01 500 1 1.11 1.15
2009-12-24 V : GRL 1.14 1.14 1.12 1.12 -0.02 287,500 19 1.12 1.15
2009-12-23 V : GRL 1.08 1.16 1.08 1.14 +0.03 1,340,500 71 1.13 1.15
2009-12-22 V : GRL 1.12 1.12 1.08 1.11 -0.02 50,720 22 1.07 1.11
2009-12-21 V : GRL 1.11 1.13 1.11 1.13 +0.01 69,000 9 1.11 1.13
2009-12-18 V : GRL 1.12 1.15 1.12 1.12 +0.01 40,500 12 1.12 1.13
2009-12-17 V : GRL 1.13 1.13 1.11 1.11 -0.04 34,500 11 1.12 1.13
2009-12-16 V : GRL 1.12 1.15 1.12 1.15 +0.03 259,500 29 1.14 1.15
2009-12-15 V : GRL 1.12 1.14 1.12 1.12 -0.02 38,833 9 1.13 1.14
2009-12-14 V : GRL 1.12 1.14 1.12 1.14 +0.01 58,900 12 1.13 1.14
2009-12-11 V : GRL 1.13 1.15 1.13 1.13 -0.02 27,000 7 1.13 1.14
2009-12-10 V : GRL 1.15 1.15 1.12 1.15 -0.01 261,000 29 1.13 1.15
2009-12-09 V : GRL 1.09 1.18 1.07 1.16 +0.06 537,800 70 1.12 1.16
2009-12-08 V : GRL 1.12 1.12 1.10 1.10 -0.05 124,000 36 1.09 1.10
2009-12-07 V : GRL 1.17 1.17 1.13 1.15 -0.04 569,000 74 1.13 1.14
2009-12-04 V : GRL 1.22 1.22 1.18 1.19 -0.03 44,900 9 1.19 1.20
2009-12-03 V : GRL 1.22 1.24 1.16 1.22 -0.02 236,100 54 1.21 1.22
2009-12-02 V : GRL 1.26 1.26 1.21 1.24 0.00 469,000 81 1.23 1.24
2009-12-01 V : GRL 1.22 1.26 1.21 1.24 +0.03 385,250 96 1.23 1.25
2009-11-30 V : GRL 1.21 1.24 1.20 1.21 -0.01 137,805 45 1.20 1.22
2009-11-27 V : GRL 1.20 1.24 1.20 1.22 -0.02 205,000 36 1.20 1.23
2009-11-26 V : GRL 1.21 1.24 1.17 1.24 0.00 612,200 138 1.22 1.24
2009-11-25 V : GRL 1.20 1.24 1.20 1.24 +0.01 190,000 47 1.23 1.25
2009-11-24 V : GRL 1.24 1.24 1.20 1.23 -0.02 187,900 47 1.21 1.23
2009-11-23 V : GRL 1.25 1.30 1.20 1.25 0.00 178,300 34 1.21 1.27
2009-11-20 V : GRL 1.21 1.28 1.20 1.25 0.00 172,500 48 1.22 1.26
2009-11-19 V : GRL 1.21 1.26 1.19 1.25 -0.01 225,800 65 1.21 1.28
2009-11-18 V : GRL 1.29 1.29 1.20 1.26 -0.03 131,400 30 1.21 1.28
2009-11-17 V : GRL 1.25 1.29 1.20 1.29 +0.01 176,050 37 1.26 1.29
2009-11-16 V : GRL 1.25 1.31 1.25 1.28 +0.03 376,550 43 1.25 1.28
2009-11-13 V : GRL 1.25 1.28 1.25 1.25 -0.01 184,472 48 1.25 1.27
2009-11-12 V : GRL 1.24 1.26 1.15 1.26 0.00 1,090,900 95 1.22 1.26
2009-11-11 V : GRL 1.17 1.26 1.17 1.26 +0.13 292,100 59 1.20 1.25
2009-11-10 V : GRL 1.25 1.26 1.13 1.13 -0.14 438,000 161 1.13 1.16
2009-11-09 V : GRL 1.19 1.39 1.16 1.27 +0.12 2,137,615 305 1.22 1.27
2009-11-06 V : GRL 1.19 1.25 1.14 1.15 -0.02 341,200 173 1.14 1.18
2009-11-05 V : GRL 1.17 1.25 1.14 1.17 +0.06 115,150 36 1.15 1.17
2009-11-04 V : GRL 1.18 1.25 1.10 1.11 -0.14 327,025 62 1.10 1.16
2009-11-03 V : GRL 1.18 1.28 1.15 1.25 +0.08 136,300 27 1.20 1.28
2009-11-02 V : GRL 1.23 1.30 1.17 1.17 -0.03 67,500 14 1.17 1.20
2009-10-30 V : GRL 1.25 1.25 1.12 1.20 -0.03 102,425 26 1.20 1.23
2009-10-29 V : GRL 1.16 1.24 1.13 1.23 +0.10 316,900 55 1.22 1.24
2009-10-28 V : GRL 1.25 1.25 1.12 1.13 -0.06 189,180 45 1.13 1.14
2009-10-27 V : GRL 1.29 1.29 1.15 1.19 -0.08 400,100 75 1.15 1.20
2009-10-26 V : GRL 1.27 1.33 1.23 1.27 -0.02 216,980 60 1.23 1.27
2009-10-23 V : GRL 1.27 1.32 1.24 1.29 -0.01 152,050 33 1.25 1.29
2009-10-22 V : GRL 1.30 1.33 1.30 1.30 -0.03 57,000 10 1.25 1.30
2009-10-21 V : GRL 1.34 1.40 1.31 1.33 -0.02 82,050 13 1.30 1.35
2009-10-20 V : GRL 1.33 1.35 1.29 1.35 -0.01 63,250 21 1.30 1.35
2009-10-19 V : GRL 1.42 1.42 1.32 1.36 -0.04 32,500 7 1.35 1.36…………….When I spoke to the office that was until I hope i got a little smarter…All I heard was that there WAS NO MARKET.. of course you might have to put in a full day..But maybe someone else who has a interest in the project just might have woken Chet up..dsh