Oromin News!
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
March 24, 2010 Trading Symbol: TSX – OLE
OTC/BB – OLEPF
Web Site: www.oromin.com
OROMIN ON SCHEDULE FOR MID-2010 FEASIBILITY STUDY
AND DEVELOPMENT OF THE OJVG SABODALA GOLD PROJECT
VANCOUVER, BC — Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture
Group (“OJVG”), is pleased to report that the Full Feasibility Study for the OJVG Gold Project in the
Sabodala Gold District of Senegal, West Africa, is on track for completion in late June and public
release in early July, 2010.
The Government of Senegal has granted OJVG a 15-year renewable Mining License to proceed with the
project in accordance with the recommendations of the Full Feasibility Study being prepared by SRK
Consulting (Canada) Inc. and Ausenco Canada Ltd.
The Feasibility Study will propose fast-track development of a stand-alone open-pit/underground mine
complex with initial production from five deposits feeding a central 4,400-tonne-per-day (TPD) carbon-
in-leach mill. Recent test work indicates that the mill’s throughput capacity can be increased to more
than 7,000 TPD in the early years of the proposed mine life when processing soft oxide and saprolite
ores.
Oromin is also pleased to report the completion of key Feasibility Study milestones.
• Final resource models have been updated for the Masato, Kerekounda, Golouma West, Golouma
South and Kourouloulou Deposits. The models for these five deposits will be used to define a
reserve estimate that will form the basis of the production plan recommended in the Feasibility
Study. Drilling will continue to define the Niakafiri SE and Maki Medina Deposits and the
Koulouqwinde and Kobokoto discoveries as part of a global resource estimate scheduled to be
completed concurrently with the Feasibility Study. Drilling will also further test the
Kotouniokolla and Golouma NW targets.
• A major phase of metallurgical test work was completed on composite samples of the main ore
types from the Golouma West, Golouma South, Masato, Kerekounda and Kourouloulou
Deposits, yielding favourable leach extraction rates from these five deposits in the range of
88.3% to 96.7%. Crushing and grinding followed by carbon-in-leach (CIL) treatment were
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confirmed as the most efficient and cost-effective process flowsheet. Lab testing indicates that
extraction rates from deposits with multiple ore types will range as follows:
Deposit Gold Extraction Rates
Golouma West 88.3 – 96.0%
Golouma South 88.4 – 94.5%
Kerekounda 94.7 – 96.7%
Masato Fresh Rock 90.3 – 90.7%
Masato Oxide Saprolite 94.5 – 95.9%
Kourouloulou Fresh Rock 95.0%
• Comminution (grinding) test work indicates that during the early years of the proposed mine life,
mill throughput capacity can be increased to in excess of 7,000 tonnes per day when processing
soft oxide and saprolite ores which will be provided from several of the OJVG deposits.
Increased throughput can have a positive impact on the overall project economics and project
payback as a result of increased gold output and cash flow during the early mine life. These
benefits are achieved without incurring significant plant related capital expenditure and have the
net effect of reducing unit operating costs.
• A laboratory column heap-leach test yielded a gold extraction of 82% for Masato’s oxide
mineralization, suggesting potential for heap-leach processing. This opportunity will be further
evaluated; however CIL processing presently indicates better economics with reduced operating
risk for the Masato oxide. Also, heap leach treatment may prove to be an opportunity in the
future as it may provide a cost effective means of treating lower grade stockpile ore that is not
included the Feasibility Study mine plan.
• Recent test-work indicates that a gravity circuit will not enhance total overall gold recovery as
originally envisioned; hence it was removed from the process flowsheet.
• Geotechnical field investigations are complete, including required drilling for open-pit and
underground mine design and the design of the water reservoir dam and tailings dam, plant site
foundations and underground portal sites.
• Operating costs were estimated for the purpose of reserve determination, mine design and
economic analysis. Capital cost calculations are in progress.
• Technical work completed in Q1 2010 will provide the necessary parameters to complete reserve
and resource calculations, evaluate optimal mining methods and finalize the mine design in Q2
of 2010.
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• Field work for the Environmental Impact Study is nearing completion. SRK is compiling and
translating information gathered from various environmental specialists completing specific
baseline studies.
Exploration and drilling programs will continue, which will allow other deposits to be added to the
overall reserve base and extend the mine life beyond the years of operation proposed in the Feasibility
Study.
Chet Idziszek, Oromin’s President and CEO, states: “With the geotechnical drilling program complete
and engineering work well in hand, we are excited to be able to refocus our drilling efforts back on
exploration and resource expansion.
“The economic potential of the project as presented in the Feasibility Study will only represent a portion
of this project’s overall value,” says Mr. Idziszek. “Much of the project’s upside remains to be defined
in targets that have yet to be fully evaluated, such as Niakafiri SE, Maki Medina, Koulouqwinde,
Kobokoto, Kotouniokolla and Golouma NW. With the addition of a RAB drill rig to the six core and
reverse circulation drill rigs operating on site, we are now able to continue resource drilling of the
foregoing targets and quickly test a large number of other geochemical and geophysical targets on the
property.”
Ken Kuchling, P.Eng., Vice President of Engineering for Oromin, a “qualified person” for the purposes
of National Instrument 43-101, has verified the information disclosed in this news release.
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 public markets, mineral exploration, price volatility in the mineral commodities we seek, and operational and political
risks. Readers are advised not to place undue reliance on forward-looking statements.
option grant time….
Oromin Explorations grants options for 860,000 shares
2010-03-31 14:41 ET – Options Proposed
Mr. Chet Idziszek reports
Oromin Explorations Ltd. has granted stock options to employees, consultants, management, directors and officers entitling the purchase of up to 860,000 shares of Oromin under its stock option plan, subject to regulatory approval. The options are exercisable at a price of 65 cents per share until April 1, 2015.
The remainder is available to Stockwatch subscribers.
WTF? Here we go again with the Management team getting a nice little bonus for doing what? HIRING A PR GUY!!!!!!!!!!!!!!!!
I suspect a chunk of those options will be going to Grandich. Just a guess.
now wait for the retraction that says….
sorry it is not 860 000 but 8 600 000 options….
management regrets the error.
I was thinking the exact same thingh………………… I hate the 860,000 but also thoughgt it was low for what this management team has been pulling.
CLASS ACTION LAWSUIT????????? Anyone interested?
I think Grandich got 250,000 options last time, plus a monthly fee.
Looks like DS needed more time to sharpen up his golf game… At least Grandich will put out an opinion on the stock, with price targets, etc. The only thing is that companies have to buy his opinion, so they are a bit biased.
G1
I’ve been here for nearly 5 yrs now and looking at a sickly 60 cents. All the potential , and all the Gold they have (but wont promote)… price of Gold etc etc. …. i could go on. BUT………. at least Grandich is back on board. Thats a very good thing. He seems to have a lot of exposure,,,, a followed NL, and on that Canadien TV news show a lot……. for the first time in a long( w/ grandich) I have some hope I may get ‘close’ to getting my money back here. Shows mgmt is making an attempt….. Maybe this is a new beginning. I’ll give them another chance.
If any mgmt or Grandich is listening…. it seems to take so little to egt this going again : A sincere letter to shareholders from mgmt addressing a bit of the past problems and low sp. Some bright , hopeful and encouraging comment ( s) for the outlook for the near/ term future. Stress the legitimate assets of this Company , the location, the Gold , the Mega Mine potential of Sabodala, etc etc…. It really has some great potential. Just get out and tell it….. They could Promote the hell out of this and get the sp up to 2 bucks and get a b/o for a double 4 at least. ….. we’ll see.
I agree .. the bottom is probably in .. the options are set
i figure we will drift higher to about .90 and get resistance. chew through that and it should be time for the feas report .. i hope its a good one!
Gotta say I’m excited. This was a nice move by management. The stock hit its high when Grandich was a the helm (of PR). I look for favorable things in the future.