Oromin continues to hit high grade gold
ADDITIONAL GOLD RESULTS FROM OJVG’S RESOURCE EXPANSION
DRILLING PROGRAM
New Drill Results include:
• 17.14 g/t Au over 14 metres at Golouma West
• 7.68 g/t Au over 27 metres at Golouma West
• 6.90 g/t Au over 7 metres at Kerekounda
• 4.12 g/t Au over 37 metres at Masato
Oromin Explorations Ltd. (“Oromin”), on behalf of Oromin Joint Venture Group Limited (“OJVG”), is
pleased to provide a further update to its ongoing 2010 drilling program at the OJVG Gold Project (the
“Project”) in eastern Sénégal, West Africa. Drilling has been focused on project resource and reserve
expansion with particular emphasis on Golouma Style, higher grade gold deposits and on initial definition
drilling of higher grade gold potential beneath the proposed open pit at the Masato deposit.
Chet Idziszek, President and CEO of Oromin, stated, “The deepest drilling to date at Kerekounda and at
Golouma West has displayed robust grades and widths. The continuity appears excellent, and remains open
to further depth and lateral expansion. We have observed visible gold in numerous drill holes, all within
typical veined, altered mineralized zones. Drilling is presently confirming mineralization below 550 metres
in depth, whereas reserves calculated in the July 2010 Feasibility Study extended to an average depth of only
250 metres. At our Masato targets, the drill program to define underground mining potential continues to
demonstrate excellent continuity of multiple zones. These zones host favourable grades, over widths
amenable to cost-effective underground mining.”
The new drill results, along with those previously reported in Oromin’s December 1, 2010 news release, are
listed below and detailed in Appendix A. These drill results further confirm the continuity of mineralization
and increasing expansion potential for those higher grade Golouma Style deposits down-dip and below the
limits of the resource/reserve block model used for the July 2010 Feasibility Study. Assay highlights from
drilling include:
New Results Previously Reported
26.87 g/t Au over 4 m at Golouma West in DH-905 4.13 g/t Au over 14 m at Kerekounda in DH-896
17.14 g/t Au over 14 m at Golouma West in DH-915 10.05 g/t Au over 14 m at Kerekounda in DH-900
8.77 g/t Au over 5 m at Golouma West in DH-924 5.41 g/t Au over 19 m at Golouma West in DH-901
7.68 g/t Au over 27 m at Golouma West in DH-924
6.90 g/t Au over 7 m at Kerekounda in DH-903
21.20 g/t Au over 2 m at Kerekounda in DH-908
New results from mineralized zones below the proposed open pit at the Masato Deposit continue to extend the
zones of higher grade gold mineralization potentially amenable to underground mining. This mineralization
will be remodelled for the planned resource and reserve update scheduled in Q1 and Q2 of 2011 respectively.
Page 2
Key results from Masato expansion drilling include: (see Appendix B for details)
New Results Previously Reported
2.49 g/t Au over 10 m in DH-902 1.94 g/t Au over 16 m in DH-894
4.12 g/t Au over 37 m in DH-904 6.94 g/t Au over 31 m in DH-895
8.02 g/t Au over 10 m in DH-906 5.49 g/t Au over 3 m in DH-897
2.79 g/t Au over 15 m in DH-909 2.44 g/t Au over 41 m in DH-897
6.52 g/t Au over 5 m in DH-913 2.41 g/t Au over 16 m in DH-899
2.04 g/t Au over 26 m in DH-899
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.
From what I understand in this article, ole will have a resource update in Q1 and also in Q2 2011. How can they have two updates so close together when they usually take almost a year for each update? Maybe their wording or my interpretation of it is wrong. Anyhow, about 5 mil ounces by summer would be nice.
As always comments welcome!
“This mineralization will be remodelled [sic] for the planned resource and reserve update scheduled in Q1 and Q2 of 2011 respectively. ”
If this is the line you are referring to, I read it as the remodeling occurs in Q1 (to include all drill results from 2010) and the resource and reserve update will be released in Q2. JMHO.
tony, I have the answer….. LIES!!
OLE has proven they are bold faced liars, They promise and rarely deliver…
LIES
ole_ole, I believe the resource update is Q1 and updated feasibility including updated reserves is in Q2.
yeah checked:
The Company has engaged SRK to complete a resource update which we expect to issue in Q1 2011 and to complete a reserve and Feasibility Study update which we expect to issue in Q2 2011.
http://www.oromin.com/s/NewsReleases.asp?ReportID=428967
Thanks for your quick response guys!
Tony
dw, what lies? Lot’s of pushed out dates but in the context of finding so much ore I can accept things taking longer. Plus 6 news releases in the last 2 months all great to spectacular makes up, to me, for past transgressions in this area.
On the other hand, in contrast to their great exploration success is the vomitous stock price. They need to present their successes and future plans to the entire investment community in a coherent, succinct, understandable and vigorous manner. No geologist gobbledygook. If they are unable or unwilling to do so, they need to hire someone who can – not worthless Grandich.
In addition, they also need to utilize modern tools like videos, 3D visualizations (CoreBox), social media like facebook & twitter plus an up to date (the maps are pathetically out of date) slick website etc. San Gold just unveiled an updated website – check out the great video & CoreBox 3D visualizations. Maybe not so coincidentally, the stock took off on Friday.
Samples of doing it right:
http://www.sangold.ca/s/Ops.asp?ReportID=406279
http://www.sangold.ca/s/Ops.asp?ReportID=409464&_Type=Operations-Items&_Title=Inside-the-Core-Box
So far, all Oromin has to offer is to cry that “they don’t know why the stock price is so low”.
In their ignorance, they are demeaning a great world-class project & at the same time emptying the pockets of their long suffering but loyal stockholders.
We need to start a campaign to get this fixed. I will be calling Dave Scott today & politely but unrelentingly present my case. Anybody else in?
Any predictions on ole stock price in april 2011, july 2011 etcc…
Thanks
If the news is good, I am sure we will be looking at .50 cents or less 🙂
Okay – I am being a smartass now!!!!
Enjoy the Season 🙂
Maya,
I sent you a private message over at Stockhouse about a week ago. Please check your inbox.
tony,
In the context of management doing nothing to boost the stock price, I don’t think prognostications about price are useful. Obviously great exploration results plus a 43-101, a feasibility study, a 15 year mining license, 3.5 million ounces of resources & gold blasting to all time highs are not enough to get the stock moving up.
A good small start would be to get their now boring & way-out-of-date web site shaped up. A world-class gold project deserves a best-of-class web site.
HAPPY HOLIDAYS TO ALL….HERE’S WISHING EVERYONE A HEALTHY AND ENJOYABLE WEEKEND…..
$1500 spot gold price in Q-1 looking good at this point….Now if we can just get close to that 5 million ounces proven in the Resource Update in Q-1…….and maybe even add some PR from senior analysts during Q-1 , Ole share price will look a lot different than todays $1.06 ….I believe ALL will happen…IMO
With gold prices expected to hit around $1450 next week , we just may see that $1500 price very early in Q-1…Ole share price getting closer to the dramatic upswing…Anxious to see release of Resource Update( less than 60 days away hopefully)…
socalbernie—Any news to report on your conversations with DS re revamping Oromin website?? Do you think Ole will release assay reports this month on drilling results late Nov/early Dec ??
Outlook for price of gold in 2011 per James Turk………..Low for year will happen in Jan………$1800 by end of Q-1 and $2000 by end of Q-2…….He is really bullish !!………..GO < OLE < GO
Assume James Turk is overly bullish and the gains in gold are only half what he is predicting……..That still means gold at $1600 by end of Q-1 and $1700 by end of Q-2…..
*DJ Oromin Exploration Target Raised To C$2.89 From C$2.10 By Mackie >OLE.T
.
(END) Dow Jones Newswires (212-416-2400)
January 04, 2011 09:35 ET (14:35 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.- – 09 35 AM EST 01-04-11
**Brought to you by Scottrader, a product of Scottrade Inc**
ahhh, more good news… explains the miserable performance today
Cliff, thanks for the heads up.
Looks like brokers got the wire yesterday morning.
Here’s the brief wsj online article also at 09:35 ET:
http://online.wsj.com/article/BT-CO-20110104-705976.html
Here are the Mackie analyst’s articles:
http://www.mackieresearch.com/research/bio.php?e=jmcclintock
Nothing new!
Hopefully there will be at least a brief explanation forthcoming from McClintock.
The previous recent target increase was only $2.10 from $2.00 (5%) presumably based on the heap leach potential & NPV increase (November press releases).
This increase of $2.10 to $2.89 (37.6% – is huge!), presumably due to the two December press releases on the high-grade drill results.
At this rate the target will be $5.00 in no time at all .
I expect more high-grade drill results soon. Kerouloulou should be a blockbuster and maybe the same from Kerekounda.
The Mackie articles are for Mackie clients only (I am not). However, Oromin has posted 4 of the major ones on their website here:
http://www.oromin.com/s/Articles_and_Reports.asp
Absolutely amazing that this upgrade did nothing for the stock price or volume today & yesterday even with the big drop in gold.
Harry—I guess it all depends on your milestones……Mine say Ole has held up pretty well in 2011 as gold is down a higher percentage this new year than Ole….
My opinion is that gold will trade in the range $1365 to $1390 for a week or two and then start a new , bigger , leg up towards the end of this month….Still believe gold will hit $1500 in Q-1…
On Jan 7 2011 Kitco News published the results of a poll among 24 gold “experts”.They each listed their thoughts for HIGH and LOW for this year.The average of all is as follows:High-$1632…Low-$1268 with the average for the year being $1457…If average is true , gold will average 19% higher in 2011 than the average in 2010…
OLE defies words…
cannot believe it is sinking below $1…
back to the penny stocks….
Top… I agree.
I’ve been looking at Fronteer Gold (FRG)…They have around the same Total resources but it is across 3 different sites and the largest site sontains mostly refractory ore, not sure think their resources are 43-101 compliant yet. Much of their “excitement” is from the Long Canyon site in Nevada with only 1.2M oz. They have 150M shares outstanding, running a drilling program of $20M per yr (same)… and they’re trading around $11.
Go figure.
h1
ADDITIONAL GOLD RESULTS FROM OJVG’S RESOURCE EXPANSION
DRILLING PROGRAM INCLUDE DEEPEST INTERSECTIONS TO DATE
IMHO this should provide a 20 to 30% pop in the share price….
how much you wanna bet less than a 5% pop or even down for the day?
Not sure I want to take that bet. Not with Oromin’s history…
Well, I will take the 15% today as long as we see another 20-30% tomorrow………
It is about time we atart looking at higher prices again…… What is scary now, we see these larger gains is always followed with one huge day of losses……… Strategic loss creation???