Oromin PR, objectives for 2010
OROMIN Suite 2000, Guinness Tower, 1055 West Hastings Street, Vancouver, B.C. Canada V6E 2E9
EXPLORATIONS LTD. Tel: (604) 331-8772 Toll-free (877) 529-8475
Fax: (604) 331-8773 E-mail: info@oromin.com
January 29, 2010 Trading Symbol: TSX – OLE
OTC/BB – OLEPF
Web Site: www.oromin.com
Oromin provides Exploration and Development Highlights and 2010
Objectives for OJVG Sabodala Gold Project
Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (OJVG), is
pleased to review exploration and development highlights and 2010 objectives for the OJVG
Sabodala Gold Project in eastern Senegal, West Africa.
Continuing Successful Exploration Results and Development Progress in 2009:
• 212 sq km property position in West Africa’s fastest growing gold camp, with one
operating mine and more than 10 million ounces of gold resources reported to date by
the various Companies with holdings in this camp.
• Oromin has defined 7 gold deposits, 4 new discoveries and 18 gold targets within a 22-
km-long, 5-to-8-km wide, northeast-trending structural corridor within the OJVG
Concession.
• Eastern Side of the Corridor hosts four Golouma Style Higher Grade deposits with
combined open-pit and underground potential, similar to shear-hosted vein-type deposits
hosted in greenstone belts, as occur in Canada’s Kirkland Lake and Red Lake gold
camps and Ghana’s producing gold camps in West Africa. These gold camps are known
for deposits with high gold grades, considerable lateral and vertical extensions and very
long mine lives.
• Western Side of the Corridor hosts three Masato Style Bulk Tonnage open-pit deposits,
numerous similar targets and prospects, as well as the adjacent Sabodala open-pit gold
deposit being mined by Mineral Deposits Limited (MDL) of Australia at its 20-sq-km
concession.
• Existing resource of 2.19 M oz. Indicated and 0.35 M oz. Inferred is based on drilling
only to May 2009 and does not include mineralization drilled below conceptual open
pits used to constrain this resource calculation or drilling of five new discoveries, one of
which, Kourouloulou, has been upgraded to deposit status. For resource details please
refer to Oromin’s News Release dated November 20, 2009.
• Preliminary CIL metallurgical results are excellent, yielding recoveries of 90% at
Golouma West and Golouma South, 95% at Masato and 96% at Kerekounda.
• 184 holes (130 core, 39 RC and 15 exploration holes) drilled since the May 2009
resource calculation to year-end 2009, successfully focused on adding deep higher-grade
underground resources at Kerekounda and other advanced deposits and developing new
higher grade open-pit resources at Kourouloulou and several other recent discoveries.
• Financings totalling $26.9 Million completed in 2009, primarily to advance Sabodala,
resulting in IAMGOLD acquiring a 16% equity stake in Oromin.
2010 Objectives
• Government Mining Permit expected shortly, following recent approval of the
Company’s Strategic Environmental Evaluation (SEE) Report.
• Upgraded feasibility study in progress and scheduled for completion at the end of Q2
2010, to allow OJVG to fast-track development of the project.
• Decision to advance to feasibility rather than optimize the August, 2009 engineering
study based on rapidly expanding potential of the project.
• Q2 2010 Feasibility Study will be based on an updated resource estimate for five
advanced deposits (Golouma West, Golouma South, Masato, Kerekounda,
Kourouloulou) and two other deposits (Niakafiri SE and Maki Medina).
• Feasibility Study to focus on a proposed open-pit/underground mine complex, with
initial production from five deposits feeding a central carbon-in-leach (CIL) mill with a
capacity of 4,400 tonnes per day (TPD). Mill capacity can be increased to about 7,000
TPD when processing soft oxide and saprolite ores.
• Preliminary gold recoveries of 80% for Masato’s oxide mineralization suggest potential
for future heap leach mining. This opportunity will continue to be evaluated, however
the higher daily throughput option (CIL) currently appears more favourable.
• Four drills presently assigned to feasibility engineering and geotechnical drill program.
• Three additional drills being mobilized to continue advanced exploration and resource
drilling including deeper evaluation targeting higher-grade underground resource
expansion at all of the known deposits.
• OJVG working towards reporting resources at four new discoveries – Golouma
Northwest, Kobokoto, Koulouqwinde and Koutouniokollo – after completion of the
Feasibility Study.
• Regional exploration will aggressively continue to evaluate 18 high-potential gold
targets.
• Environmental and Social Impact Assessment to be completed in 2010.
• Social programs and community consultation have resulted in strong government and
local support for the project and will continue in the years ahead.
Drilling Extends Mineralization at Deposits and Expands Resource Potential
Previous resource drilling (to May 2009) has focused on the Golouma Style Higher Grade
deposits (Golouma West, Golouma South, Kerekounda and Kourouloulou) on the Eastern Side
of the Corridor and the Masato Style Bulk Tonnage open pit deposits (Masato, Niakafiri SE and
Maki Medina) on the Western Side of the Corridor. (See attached map and resource table).
More recent drilling is primarily focused on outlining additional resources at the Golouma area
deposits within the Golouma Style Higher Grade Gold Trend, including drilling the high-grade,
down-dip extensions of current indicated resources at the Kerekounda, Golouma West and
Golouma South Deposits and defining two recent high-grade discoveries, Kourouloulou
(formerly Epsilon) and Koulouqwinde (formerly Cloverleaf).
These deposits are all situated within easy trucking distance of each other. Potential exists for
some of the higher grade deposits to coalesce at depth.
Underground drill testing is generally on 20-metre spacings; initial open-pit testing is on 40-
metre spacings and is reduced to 20-metre spacings where deemed necessary.
The attached tables set out selected historic and recent drilling results at each of the advanced
deposits with existing resources, or which have been or are poised to be upgraded to deposit
status.
Golouma Style Higher Grade Gold Trend
Golouma West Deposit:
• 24 new core holes have been drilled at Golouma West beyond the drill-holes used in last
year’s resource estimate. This drilling has targeted higher grade mineralization as deep
step-out holes, both down-dip and laterally from previously defined Indicated
Resources. Drilling thus far has tested the Golouma West deposit over a strike extent of
1,100 metres and to average down-dip depths of 420 metres. Favourable results have
confirmed expansion opportunities both laterally and to depth at this advanced open-
pit/underground deposit.
• Recent highlights include hole DH-539, which returned 17.54 g/t gold over 10 metres,
and hole DH-617, which returned 10.04 g/t gold over 8 metres. Hole DH-617 is the
deepest down-dip intersection within one of the high-grade shoots comprising the
underground mining opportunity at the Golouma West deposit. The 10.04 g/t gold over
8 metre intersection in hole DH-617 is located at a down-dip depth of 350 metres, 30
metres further down-dip below DH-539, and is an excellent example of resource-
additive higher grade targeting of the underground deep-drilling resource program.
• The Golouma West Deposit remains open for expansion both to depth and to the North
and South on the Western limb.
Golouma South Deposit:
• Nine new core holes have been drilled at Golouma South beyond the drill-holes used in
last year’s resource estimate. This drilling has also targeted higher grade mineralization
as deep step-out holes, both down-dip and laterally from previously defined indicated
resources. Drilling thus far has tested the Golouma South deposit over a strike extent of
650 metres and to average down-dip depths of 250 metres.
• Favourable results to date have confirmed expansion opportunities laterally and at depth
at this advanced open-pit/underground deposit.
• Recent deep drilling results continue to intersect strong mineralization beyond previous
resource outlines including 8.01 g/t gold over 6 metres and 12.24 g/t gold over 7 metres
both of which are in excess of 250 metres depth. The deposit remains open for
expansion both to depth and laterally along trend.
Kerekounda Deposit:
• 24 new core holes and 13 RC holes have been completed to year-end 2009 since the
previous resource estimate, primarily as deep step-outs targeting higher grade
mineralization both down-dip and laterally from previously defined Indicated Resources.
These successful holes have confirmed that the higher grade zones comprising the
combined open-pit/underground deposit remain open to expansion, both laterally and to
depth, providing a future resource expansion opportunity. Drilling thus far has tested the
Kerekounda deposit over a strike length of 390 metres and to average down-dip depths
of 450 metres. Results from these holes will be included in the Q2 2010 resource
update.
• Drilling highlights include 15.33 g/t gold over 12 metres and 10.12 g/t gold over 13
metres and 25.34 g/t gold over 7 metres. Recent deep drilling continues to return
positive results, notably 7.17 g/t gold over 9 metres and 7.89 g/t gold over 4 metres both
of which are below 350 metres in depth.
• The deposit remains open for expansion both to the south and to depth.
Kourouloulou Deposit (formerly Epsilon):
• 66 new core holes and 3 new RC holes were drilled at this newly discovered open-
pit/underground deposit. This drilling outlined a multiple quartz vein system over a
strike length of 220 metres and to depths of 200-225 metres. Results from these 69
holes (plus subsequent holes completed in advance of the data cut-off date) will be
included in the Q2 2010 resource update.
• Recent highlights include: 23.53 g/t gold over 12 metres, 10.20 g/t gold over 12 metres,
196.27 g/t gold over 4 metres and 24.56 g/t gold over 7 metres.
• The deposit remains open for expansion both to depth and to the west.
Masato Style Bulk Tonnage Gold Trend
Oromin has also completed limited additional drilling at the bulk-tonnage deposits on the
Western Side of the Corridor (see attached map). These deposits are similar to or extensions of
the two main deposits being mined at MDL’s newly commissioned Sabodala Mine, which
reports 3.5 million ounces in total resources.
• Masato: This deposit has significant oxide mineralization and offers excellent potential
to expand existing bulk-tonnage resources (1.22 M oz. Indicated and 71,000 oz.
Inferred) as it encompasses multiple parallel zones traced over 2 km on surface. It also
may have higher grade underground potential, as shown by recent drilling results:
notably 8.92 g/t gold over 9 metres; 14.12 g/t gold over 8 metres; 17.26 g/t gold over 12
metres; and 48.54 g/t gold over 2 metres. Additional deep drilling will further test this
advanced deposit’s underground potential.
• Niakafiri SE: This deposit also has significant oxide mineralization potential and
represents the southern extension of MDL’s Niakafiri Deposit (540,000 oz.) to the
north. The most recent resource calculation has outlined an initial inferred resource of
119,000 ounces at the Niakafiri SE deposit. It is coincident with an 8-km-long gold-in-
soil geochemical anomaly associated with the Masato Deposit to the north, but has only
been tested by limited drilling over a 900-metre extent and remains open for expansion
both along trend and to depth. Resource expansion drilling is planned for the second
half of 2010.
• Maki Medina: Only limited wide-spaced shallow drilling has been completed to date
over a 1.2-km extent. The most recent resource calculation has outlined an initial
inferred resource of 70,000 ounces at Maki Medina. This deposit has significant oxide
potential based on the limited drilling completed and remains open for expansion both
laterally and to depth. Resource expansion drilling is planned for Q1 of 2010.
Emerging Deposits and Priority Targets
The district-scale OJVG Sabodala Project offers excellent potential for significant new deposits,
with 4 new discoveries and 18 targets identified to date (in addition to 7 deposits listed above).
The most advanced of these, Koulouqwinde, is poised to become the newest deposit.
Koulouqwinde (formerly Cloverleaf):
• 20 new RC holes and 1 new core hole have been drilled to follow up previous
favourable results at this high-potential target. Drilling has now tested the
Koulouqwinde vein system over a strike extent of 200 metres and to a down-dip depth
of 150 metres. Koulouqwinde remains open for expansion both laterally and to depth.
Results to date suggest it will soon be categorized as the newest gold deposit, offering
both a higher grade open-pit and an underground mining opportunity for OJVG. The
objective of recent drilling is to gather sufficient drill data for inclusion in the Q2 2010
resource update.
• Significant results from recent drilling include: 14.24 g/t gold over 7 metres and 13.13
g/t gold over 3 metres, 5.89 g/t gold over 5 metres, 16.60 g/t gold over 1 metre, 41.99 g/t
gold over 1 metre and 96.45 g/t gold over 1 metre.
Kobokoto South
• Kobokoto South is part of the broad Kobokoto target area which is comprised of
multiple gold-in-soil geochemical targets within windows of a lateritic-covered plateau
measuring at least 2,500 by 3,000 metres.
• Recent trenching at Kobokoto South has confirmed near-surface oxide mineralization
similar to that occurring at the Masato, Niakafiri SE and Maki Medina Deposits (Masato
Style Bulk Tonnage deposits). Trenching highlights include: 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. Additional
trenching and exploration drilling are planned for Q1 2010, with resource drilling to
follow in Q2 2010.
Koutouniokollo
• This newest priority target is situated south of the Golouma West, Golouma South,
Kerekounda, Kourouloulou deposits and the Koulouqwinde target within the Golouma
Style Higher Grade Gold Trend. New trenching results show potential for both bulk-
tonnage and higher grade deposits within two separate mineralized trends. Trenching
has thus far tested the 200 metre by 400 metre gold-in-soil geochemical target, which is
coincident with a topographic high within a very extensive area of lateritic cover.
• Trenching of the bulk-tonnage NE-oriented structure returned 1.45 g/t gold over 36
metres. Trenching of the higher grade NW trend returned 2.84 g/t gold over 3 metres;
16.37 g/t gold over 3 metres and 42.76 g/t gold over 3 metres. Additional trenching
through the lateritic cover along the mineralized trends is planned for Q1 2010, with
initial resource drilling to follow.
Golouma NW
• This priority target consists of a northwest-trending, shear-hosted quartz vein system
coincident with a gold-in-soil geochemical target measuring approximately 450 metres
by 100 metres. Initial drilling results include 6.66 g/t gold over 5 metres and 2.21 g/t
gold over 10 metres. More drilling is planned for Q2 2010.
Feasibility Study
The Feasibility Study being prepared by SRK Consulting and Ausenco Limited is estimated to
cost $3.2 million, exclusive of geotechnical drilling and environmental permitting costs, and is
scheduled for completion by the end of June 2010.
The upgraded study will examine mining sequences, production schedules and project
economics for the bulk-tonnage Masato Deposit and four higher-grade open-pit/underground
deposits — Golouma South, Golouma West, Kerekounda and Kourouloulou (and possibly
others) — and also include further metallurgical testwork to confirm CIL-only process
recoveries in the range of 90% to 96% for these five deposits. See our January 19/2010 news
release for further details.
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. TSL Laboratories in Saskatoon carried out all assaying under industry-
standard QA/QC procedures.
To find out more about Oromin Explorations Ltd., visit www.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
“Chet Idziszek”
Chet Idziszek, President
Cautionary Statement
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and
objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without
limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove
to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could
cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR
with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of
management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should
conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks
associated with mineral and oil & gas exploration, price volatility in the commodities we seek, and operational and political risks.
Another release of what seems like really good news, except its released after the close on a Friday night. I just don’t get these guys timing strategy other then it isn’t effective. It seems like Chet is trying to get the ducks in a row and put out more press releases, problem is no one is listening to him anymore.
kwhurs01
Good News….. they posted good results. They said they would release news at the end of the month…. for once, they followed up w/ what they said…… Nice.
Caliche or any geologist types here…. can you estimate what kind of Gold OZ we’re talking here now. From my estimates…. we now ahve 3 mil oz…. and add the last announcement at Christmas results abt another 1 mil…. totals 4 mil …. and add the current drilling to At June,,, we shoukld have 5 mil + …. whats wrong w/ that. Wish thjey would promote that. if they did… we certqainly wouldnt be at 60 cents… we’d be at 2 bucks. Why cant they get that word out.
With taht said… i dont know why someone doesnt buy em now. !!!!
hi goldfather..
sorry to tell you i cant give you any idea of ounces.. oromin only releases “selected” results.. the holes that are kept quiet are either blank or being held back for some reason..i cant make any kind of guess with only half of the picture..the selected results are even scrambled .. all the hole numbers are mixed up and out of sequence..if someone wanted to put all the hole data into a spreadsheet with the grid locations we could see how many holes were not selected.. but could not still give any ounce count without knowing how their grid system is arranged..
Caliche:
In the past, you had a decent relationship with management. Have you recently spoken with them regarding their plans?
G1
for sure more than 5 million oz’s, however,
with the rumours of the “rejected” buyout at $1.25 a month or so back, it is obvious they are want to “prove up” more oz before selling out….
the problem? with all the drills turning, the $3.2 million feasibility plan, the managers salaries, other overhead and after paying chets personal taxes (unfrickenbelievable), they will not have enough money to make it to June and the feasibility plan.
i still believe a huge PP will have to be forthcoming in March, like 50 million shares, for $30 million (thought $40 million a week ago, but share price has dropped).
thus retailers, myself included are bailing (i sold most at 80cents), why not get out and buy back at 65 cents in March when the PP is announced.
a buyout will occur at $2 in Dec or Jan
$2 at 175 million shares is that about right for 43.5% of 5million + ounces?
It is interesting to see how everyones buy out date continues to gert pushed out year after year…
goldn1 .. I do get frustrated sometimes, especially when they put out news Friday after the bell, but they did keep their target date and that was news by the end of the month. I have found lately, that a call to DS makes me feel a whole lot better about this stock rather than depending on speculation!!! Recently he has been very prompt on returning my call and despelling rumors that I read. I have had a lot of money invested in this stock for a long time and I believe that we are on the homeward stretch, and I for one will be glad when this comes to an end as owning this stock has not been one of my better choices!!!!! That being said, I think getting that mining permit will finally get this POS stock moving up for a change!!! I believe this news release will create some attention very soon!!
IMHO this gold play has two years to go and Chet has every intention of mining it if he feels that it is economically worth doing.
Cliff….
youre one of the few that has gotten a dialogue w/ them. Would you care to elaborate any at all. Cliff i think we all ( old timers who boughty hi) have the mind set as yours. The FASTTRACKING
btw… I saw a repeat of the Friday PR this morn at Goldseek.com
thats a first (i think)
Cliff….
youre one of the few that has gotten a dialogue w/ them. Would you care to elaborate any at all. Cliff i think we all ( old timers who boughtyhi) have the same mind set as yours. The FASTTRACKING buzz word has gotten our attention. But cant really figure it out…. Think most of us just want this to be over…. and the new nite mare will be that they try to Mine it themselves…. and take another 2-4 years. But I guess,,, if that spikes the sp to 2.50… i wont care… i’ll sell.
Much appreciated Cliff, if you can keeep up the dialogue and reporting here…. no one else can get thru to these wonderful professionals only interested in helping and serving the share holders.
…… btw… I saw a repeat of the Friday PR this morn at Goldseek.com
thats a first (i think)
Cal,
Do you have any info on Lund? I’ve been looking for info and can only find the releases from Q3 last year. They now have two gold properties right? How do properties like that stack up against the ones OLE has? I know we expect OLE’s to continue to grow maybe towards 10MM. Lund’s are both Canadian as much as I can tell. Any info or projections on oz would be appreciated.
Thanks,
Kwhurs01
I would also appreciate any information about Lund. I believe they only have one gold play at this point.
I would also appreciate any information about Lund. I believe they only have one gold play at this point…..
better luck next phase or find another new project…..I feel their best chance of pulling something out of the hat is Madison Minerals?It about the only company of theirs that hasn’t been through the washing machine..that is lately..LGD will need a project….What should have happened way back is..When Oromin was over the $3.00 mark the powers above when they aren’t sitting in their fancy cars might just have put a thinking cap on..but their wasn’t a market?The warrants and options etc should have been exercised?But no they waited until they feel through the floor..and look what’s happening now..Cannot get the stock over .80?Lund should have also got a property along with Oromina and maybe a couple others to create an area play?dsh
Best thing that can happen is for Chet to clean house.Then get someone in there that might be willing to put in a full day and knows how to run things..BEFORE ITS TO LATE.dsh
Last 1 trades today
Time X Price Chg Vol Buyer Seller Markers
09:46:01 V 0.075 0.01 1,000 7 TD Sec 7 TD Sec KL…………WOW A WHOPPING 1000 SHARES..Way to go DS..
Depth By Price
Bid
Orders Volume Price
1 1,000 0.76
1 4,000 0.72
2 15,000 0.71
2 20,000 0.70
1 10,000 0.67
Ask
Price Volume Orders
0.76 37,500 3
0.77 18,500 1
0.78 10,000 1
0.79 15,000 1
0.80 22,900 2…..Someone is going to high open it this morning..In other words going to put a 1000 share bid against a 37500 offer at .76 (the price could change on opening)..Sometimes this is done to make a stock look strong?Not saying its the company, directors or insiders.Could be someone playing.dsh
Brett Resources closes $26.09-million financing
2010-02-04 08:25 PT – News Release
Shares issued 91,991,758
BBR Close 2010-02-03 C$ 1.98
Mr. Patrick Soares reports
BRETT RESOURCES INC. COMPLETES $26,092,500 BOUGHT DEAL FINANCING
Brett Resources Inc. has closed its bought-deal equity financing (the offering) for gross proceeds of $26,092,500. A syndicate of underwriters led by Dundee Securities Corp., together with Canaccord Financial Ltd. and Cormark Securities Inc. (collectively, the underwriters), purchased a total of 12,425,000 common shares at a price of $2.10 per share. The underwriters received a 5-per-cent cash commission. As previously announced, the company granted to the underwriters an overallotment option to purchase up to an additional 1,863,750 common shares at a price of $2.10 per share to cover overallotments. The overallotment option is exercisable by the underwriters, in whole or in part, until March 8, 2010.
The company intends to use the net proceeds of the offering, together with the company’s working capital, primarily for acquisition, exploration and development of its Hammond Reef property at Atikokan, Ont.
We seek Safe Harbor………….No this is not OLE…But a real company by a real group..There is life after this dog.Sorry i cannot print what i really think of??dsh
WELL, Here wqe go again……OLE gets see’s the worst everytime the market tumbles. There never seem’s to be a bright light at the end of the tunnel with this stock?
What Gives On This Thing?????
Any comments about the recent rumored $1.25 offer for the company?
regards comments at $1.25
what rumors of $1.25 buyout?
This quote is from the latest Oromin press release.
— Decision to advance to feasibility rather than optimize the August, 2009 engineering study based on rapidly expanding potential of the project.
I believe that “rapidly expanding potential” says a lot. When they say” feasibility rather than optimization” of the project, Ibelieve these words also say a lot. This can be interpreted in a very positive way. They oviously have a good estimate of what they have as far as ounces and it is much more than 2 to 3 mil ounces. Why say rapidly expanding unless they recently, or since the last report(May 2009), have dicovered much more gold. Maybe they knew this all along and have been trying to keep a buyout from happening at a low price. In my humble opinion all of these scenarios bode well for the near term future of this company. 75% chance they sell, 25% chance they mine. Any comments are greatly appreciated.
Thanks and good lucj to all.
Tony
Thanks Tony…. someones alive out there. Too bad we’re all hanging on every exact word this company puts out. They wont tell us a gd thing in person. But maybe, and hopefully youre right. That those words can be very encouraging. Also hope they follow thru on their word to put out news end of february. So many of us have gotten so burned here,,,, and it seems never ending. If anyone out there has any wisdom at all…. please come forward and share.
I think hteres a few that have beeen here a long time… but nevre post.
Does it look that Chet is just digging in his heels…. and wont sell out till he gets 7-8 mil oz gold? But we might have a lot of gold right now… but he never reveals it. We havent had an oz count in a long time…. and the lsat one had to be recanted,,, b/c it wasnt done correctly.
Are we getting a b/o in a year… or 2 yrs total? ( or is everyone else sold and gone by now)
I have been in OLE since 2005 and have plans not to leave. I posted not to long ago that we are looking at probably two more years. I feel that Chet is looking at the long range price of gold going up and additional onces in the ground to be considered resource onces. He has lots of money to back him up and he will stay until he thinks the price is right or mine it himself. IMHO any investor in OLE that is not willing to wait two more years should sell and go elsewhere. I am really tired of the negitivity. Also, has anyone noticed that the web site has Update in Process under Projects / Santa Rosa tab? I am hoping they have found an investor for that project.
Still here, but not much to talk about. I have been here since 2005 also. Hurry up and wait.
Doublem2
Strong rally in gold has started this week……My previous guess of 1300 in Q-2 ’10 should easily be met..Also people starting to pay more attention to gold exploration companies…The next NR , later this month , could/should prove very fruitful…I , too , have been here five years……..HOWEVER , I anticipate b/o Q-3 ’10 (no info , just my opinion) Good Luck & Best Wishes to all…
I’m still here also. I spoke to DS a couple of weeks ago, and he suggested that everything is still on track and that more gold was found. I guess we are just in a waiting game.
Q3 2010 would be fine by me but I don’t this project will be far enough along for maximum payout.
Roro…. can you elaborate at all on ” everything is on track” per ds. Sounds good,,,, but what does that mean.? On track for what? On track for a start up mining program… on track for getting the feasability finished….. on track for another pp…. on track for a b/o…. on track for the next PT late Feb ? etc etc.
Glad you have a dialogue there…. any more info or insights would be appreciated
thanks
Lota shares traded today…. 170 thou at tsx, and over 100 thou US. Thats a lot. Gotta be a positive. Saw big blocks of 10 thou a crack. Still at 75 cents…. but someones interested.
the day the oil play bombed and became a duster it sold 1 mil shares. Went from 1.25 to about 55 cents in one day. I think Dr Himala bought a place in Palm Beach w/ the shares he dumped 2 yrs ago.
NEWS RELEASE…..
GOVERNMENT OF SÉNÉGAL GRANTS 15 YEAR RENEWABLE
MINING LICENSE FOR OJVG’S SABODALA GOLD PROJECT
Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”),
is pleased to report that the Government of Sénégal has granted OJVG a Mining License for its
Sabodala Gold Project.
The award of the Mining License is a critical milestone for development of the OJVG Sabodala
Project and comes on the heels of the January 25, 2010 approval by the government of the
Company’s Strategic Environmental Evaluation (SEE) Report. The Mining License, which is for a
term of fifteen years and renewable thereafter, will permit mining operations to begin in accordance
with the recommendations of a full Feasibility Study currently being prepared by SRK Consulting
and Ausenco Limited. The study scheduled for completion in June of this year will examine fasttrack
development of a proposed open-pit/underground mine complex, with initial production
from five deposits feeding a central, 4,400-TPD carbon-in-leach mill which can be increased to
about 7,000 TPD when processing soft oxide and saprolite ores.
OJVG is grateful for the support of the Government of Sénégal and looks forward to the
completion of the Feasibility Study in June.
To find out more about Oromin Explorations Ltd., visit http://www.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
“Chet
looks like we have a mining license!!!!!
WOW! Great news, but what’s the catch? I mean, it isn’t Friday (is it?) and it’s not after the market closed? Well, it has been pretty cold lately. Maybe Hell has finally froze over…
The License…. but what does this mean to us? and the stock? Obviously they can now start building the Production facility, and makes them more than just a tiny Exploration deal.And makes them look like they are going forward and not just looking for a b/o. Where are they going to get the $300 mil needed to build the plant? Hardly have enough to keep digging.
For a B/O… this helps having the License and making it smoother i guess for the Major…. anyone have any more insights? Is this License difficult o obtain?
BTW… Roro… still waiting back to hear what DS meant by “everything on track”
Comment by goldfather on February 16, 2010 1:45 PM
Roro…. can you elaborate at all on ” everything is on track” per ds. Sounds good,,,, but what does that mean.? On track for what? On track for a start up mining program… on track for getting the feasability finished….. on track for another pp…. on track for a b/o…. on track for the next PT late Feb ? etc etc.
Glad you have a dialogue there…. any more info or insights would be appreciated
thanks
Goldfather, he just said that he did not know why the stock was so low, because the new is good and the project is continuing in a positive direction.
Roro
Goldfather, he just said that he did not know why the stock was so low, because the new is good and the project is continuing in a positive direction.
Roro