Mining License Granted!
Oromin Explorations Ltd (2) (C:OLE)
Shares Issued 102,834,885
Last Close 2/16/2010 $0.75
Wednesday February 17 2010 – News Release
Mr. Chet Idziszek reports
GOVERNMENT OF SENEGAL GRANTS 15 YEAR RENEWABLE MINING LICENSE FOR OJVG’S SABODALA GOLD PROJECT
Oromin Explorations Ltd., on behalf of the Oromin joint venture group, has received a mining license from the government of Senegal 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 fast-track 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.
Shortest time span between two news releases….HOLY COW!!!! Maybe Chet did have a New Year’s resolution.
It’s just Olympic fever. Give it a couple of weeks and we’ll be back to the same ol’ mushroom mode…
If it is not obvious to everyone here that “someone” is interested in keeping the price of OLE down, you are idiots….
anonymous has sold this thing down for 2 years(?) from $4 to 75 cents, and they are working very hard to keep it here, in order to frustrate everyone and swindle them into selling.
Why? I don’t know, but my opinion is that they want in on the next “big” PP which will be huge. As I stated before I think 50 million shares or more is coming in March.
It is incomprehensible that this thing is 75 cents, but that is what “mr market” is telling us.
I hold no shares of OLE, sold at 80 cents, over 30 days ago, and feel no rush to buy back in until I see “anonymous” stop “hitting the bid” anytime someone “buys the ask”.
good luck all.
USA Hockey Baby! Take that Chet
West Africa hot at Indaba. Barrick stirs the Africa pot.
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=27952987&l=0&r=0&s=OLE&t=LIST
Azumah managing director Stephen Stone said he expected to see consolidation “up and down the corporate food chain” in West Africa. “There was enormous interest in West African gold stocks at Indaba, and it is very clearly the world gold industry hot spot,” he said. “Where else have 15 new mines come on-stream in the last seven years and where else are five and 10 million ounce resources still being discovered?”
Any chance we get any update before the end of the month. We need a little boost, the entire gold sector is getting pounded here.
Is “not a chance in hell” still considered a chance? 😉 I’d actually say it’s slim and none, but I think I just saw slim walking out the door. Hey, DS, prove me wrong, I dare you!
Like my friend Lloyd Christmas said to miss Samsonite… “So you’re saying there’s a chance”!
I’m not saying it won’t happen, but I won’t be holding my breath. These guys have not been in any hurry for years on news. I’d imagine its’ more of the same. But hey, maybe they’ve had what we in the south call a “come to jesus” meeting to turn things around on deadlines.
kwhurs01
OLE at $.60 US, news must be on the way…
Just read Goldn ‘s Post about .60 Didnt check the sp, but if thats the case…. they’re just setting up for a massive PP. Someone is driving this sp down ( somehow) and there will be a huge PP to take them thru another couple years. And the mgmt somehow will avoid the loss in the diluted shares as they wont be effected thru all they’re options etc.
Big deal… he finds another few million oz findings…. diluted by another 50 mil shares. A billion $$ b/o price diluted is driven down to 3 bucks from a 4 buck price @ $1 bil..( and a bil may be a pipe dream) Do the math….. GD mgmt takes another 2 yrs playing MiningMan,,,, big expense acct…. absolutely no accountability to any one….. strings us all along…..and he finds another 2-3 mil oz. Diluted…. we lose a bunch of money and another 2 years.
Cant believe thay get away w/ this crap. i bet if they were a US company… even w/ all the BS the SEC allows… these guys wouldntd legally be able to getaway w/ this. Go ahead and say theres too much negativity here…. say just sell out and go away…. but watch…. another HUGE this time PP@ 60 cents. Anyone still here 2 yrs from now at the b/o…. they’ll get their 3 bucks from an insider new group. Been a wonderful 5 years !
Lund – 6 cents and dropping
Madison Minerals – 12 cents and dropping
Oromin – 65 cents and dropping…
Chet should stick to prospecting and hire a pro to run his companies as he has no clue. 3 million+ ounces and counting at Sabadola and we are at 65 cents. MDL has 3 million and a market cap of close to 450-500 million while we sit at 70 million. The “Drill and it will come” theory has not worked. Institutions and retail investors are sick of Chet ego trip. I hope we get bought out soon…
G1
I just checked and it is up to .69! Please sell and go away!!!! I do understand your frustration though.
MALLARD….No he shouldndt sell and go away ! Who the hell are you ? Mgmt ? At 69 cents… he should sit and be quiet, and take a very unacceptable performance by this Company.????? Maybe for a while we all should be patient, and acceptable of what the Company is doing.? But for how long? 4-5 YRS???This has been a underperforming company for many years now. They should be accountable??? If it was a larger Public Compaany, mgmt would be fired by now. Tell me… how mmany company mgmts have behaved like these guys,,, and continue to show a Horrible Under performing stock,,,, continue to make NO money for the life of the Project…. and not get fired.
How many other companies have taken this long to perfoirm,,, and the share holders just sit and keep quiet? C’mon ! These guys are doing the worst job,,, and of course they are trying to stay under the radar. Who wouldnt with their performance. Youre probably one of them. ! they NOW have perhaps 4 mil oz of gold… and Blue Sky Projections of 5-6 mil OZ… with Gold at historical prices…. and No one knows about it.
By all means I bet 95% of us here will sell as soon as we can. get rid of this nite mare. I think everyone has left the bldg here anyway,,,, i dont hear many saying the co is doing a good job. I hope YOU lose a ton of money like us…. and then lets hear your understanding words.
I have heard mgmt is now under huge fire for the negligence and shoddy job they are doing. Started w/ the retraction they had to make by the Canadien SEC. They had no legal right to make that report…. and the mid East money in the other 57 % took notice…. and now a disgusting 69 cent sp. ……Ya c’mon. Everybody just be quiet and sell and go away !!!!!!!
and No one knows about it…What do expect with the brain dead IR department they have?Or ca you call it that.Its been a complete disaster from the word go?They have tried at least 5 attempts and what did the company get..A few good trips to the US & Europe?But the best part is that Chet continues to pay Oromin’s money for the performance.Op’s forgot that’s not his money..but he sure throws it around like it is?.He about brain dead as the rest?I don’t know how Nell puts up with him..but I guess money talks and the rest walks..My cat has got more brain’s then the whole bunch put together.They are thinking about running a mine..they cannot run a out house..dsh
Forgot to mention their other TWO DOGS..Lund Gold (LGD) & Madison Minerals (MMR)..Want to tie up some more money with them for the 10 years buy them..I wouldn’t buy them with his money..That’s how good they are.dsh
DSH…. unfortunately he’s not stupid > he got our money. And they’ll drive the sp down again , and sell a Huge Pp like Topotheridge said they would. He knows greed, and another sucker will step up and pay the 70 cent PP price. I even think they’ll dust off the old Joke Book called the “Oil Play”. Bring Dr Haimila out of his Argentinian retirement, and pay him to say the oil is there,,,, we just missed the last time. Hell, for 70 cents suckers will line up to watch two Cons for the price of one. You watch…. chet needs more time and money…. that’ll happen. He’s not going anywhere. Just to stick around and get a big salary, play big shot, play mining man w/ his employees for his other companies under the ole pay roll. He’ll do a 50 mil diluted PP, find another 2 mil oz for a total of 6-7… and sell out at 150 mil diluted sahres for less money to the share holders in sp than he could get now if he promoted it.
Gold near Historical prices ! They have a lot of Gold ! Nearly 4-5 mil OZ ! And the SP is at 69 Cents !!!!!….. compared to a hi of $4 about three years ago …. And Something doesnt smell ?
I am someone who feels being positive is better than being negative. As I said in my last post, I understand the frustration but your attitude sucks, IMHO.
Mallard. Yes my attitude towards this stock sucks. I used to have a very up beat , positive and encouraged one a few years back. But it’s been over 5 yrs that I’ve been in now. Gotta be candid…. this company is bad news. i’ve lost a lot of money, and opportunity costs. Wish i never got in,,,, and cant wait till it gets anywhere near 2 bucks. And you’ll never hear me again.