Oromin hits Bonanza Grade in Africa!
OROMIN Suite 2000, GuinnessTower, 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 12, 2011 Trading Symbol: TSX – OLE
OTC/BB – OLEPF
Web Site: www.oromin.com
ADDITIONAL GOLD RESULTS FROM OJVG’S RESOURCE EXPANSION
DRILLING PROGRAM INCLUDE DEEPEST INTERSECTIONS TO DATE
HIGHLIGHTS
• 46.04 g/t Gold over 11 metres (396 to 407 metres) in DH-927 at Golouma West
represents one of the highest “grade x thickness” intervals drilled thus far
• Two mineralized zones of 5.54 g/t Gold over 8 metres (558 to 566 metres) and 12.2
g/t Gold over 8 metres (590 to 598 metres) in DH-928 at Golouma West represent
the deepest drill intersections thus far
• Additional New Drill Results include:
o 8.79 g/t Gold over 13 metres at Golouma West
o 8.90 g/t Gold over 7 metres at Golouma South
o 9.52 g/t Gold over 6 metres at Masato
o 3.95 g/t Gold over 15 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 drilling program at the OJVG Gold Project (the “Project”) in
eastern Sénégal, West Africa. Drilling in the latter part of 2010 focused on resource and reserve
expansion with particular emphasis (1) on Golouma Style higher grade gold deposits, and (2) 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, “Results from our deepest drilling to date at
Golouma West have confirmed excellent continuity of robust grades and favourable widths. Drilling has
confirmed mineralization in multiple zones to at least 600 metres in depth, which is more than twice the
average depth of 250 metres to which the reserves were calculated in the July 2010 Feasibility Study.
Based on our drilling to date, all of the mineralized zones at the Golouma Style deposits remain open to
depth and along strike.”
The new drill results, along with those previously reported in Oromin’s December 1 and December 15,
2010 news releases are listed below and detailed with included intervals 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. The reserves from the Golouma Style Deposits in the July 2010
Feasibility totalled 960,000 ounces (7.4 million tonnes at 4.06 g/t Au) while indicated resources totalled
1.2 million ounces (10.5 million tonnes at 3.59 g/t Au) and an additional 149,000 inferred ounces (1.1
million tonnes at 4.15 g/t Au) – See our July15, September 22 and November 18, 2010 News Releases
and our November 9, 2010 Short Form Prospectus for details.
Of particular note are drill holes DH-925, DH-927, DH-928, DH-932 and DH-935 which represent some
of the deepest intersections to date at the Golouma West deposit. DH-927 intersected 46.04 g/t gold over
11 metres at 396 metres representing one of the highest “grade x thickness” intervals from drilling thus
far. Hole DH-928 intersected two gold zones at depth, 5.54 g/t gold over 8 metres at 558 metres and the
deepest drill intersection to date, 12.2 g/t gold over 8 metres at 590 metres. Assay highlights from drilling
include:
New Results Previously Reported
Golouma South Kerekounda
8.90 g/t Au over 7 m in DH-929 4.13 g/t Au over 14 m in DH-896
10.05 g/t Au over 14 m at in DH-900
Golouma West 6.90 g/t Au over 7 m in DH-903
9.78 g/t Au over 3 m in DH-919 21.20 g/t Au over 2 m in DH-908
4.36 g/t Au over 16 m in DH-925 Golouma West
46.04 g/t Au over 11 m in DH-927 5.41 g/t Au over 19 m in DH-901
5.54 g/t Au over 8 m in DH-928 26.87 g/t Au over 4 m in DH-905
12.20 g/t Au over 8 m in DH-928 17.14 g/t Au over 14 m in DH-915
8.77 g/t Au over 5 m in DH-924
At the Masato Deposit, new results from mineralized zones below the proposed open pit continue to
confirm and extend the zones of higher grade gold mineralization potentially amenable to underground
mining. The Masato Deposit mineralization will be modelled as a combined Open Pit and Underground
operation for the planned resource and reserve updates scheduled in Q1 and Q2 of 2011 respectively.
Key results from Masato expansion drilling include: (see Appendix B for included intervals)
New Results Previously Reported
2.09 g/t Au over 11 m in DH-916 6.94 g/t Au over 31 m in DH-895
4.38 g/t Au over 7 m in DH-918 2.44 g/t Au over 41 m in DH-897
2.09 g/t Au over 21 m in DH-918 2.41 g/t Au over 16 m in DH-899
3.90 g/t Au over 16 m in DH-921 4.12 g/t Au over 37 m in DH-906
3.95 g/t Au over 15 m in DH-922 8.02 g/t Au over 10 m in DH-906
9.52 g/t Au over 6 m in DH-926 2.79 g/t Au over 15 m in DH-909
2.87 g/t Au over 9 m in DH-930 6.52 g/t Au over 5 m in DH-913
The 2011 exploration drilling program has commenced and the planned Q1 resource update is now
underway.
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 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.
Appendix A
Golouma Style Deposits
Drill Grid Azimuth/ From – To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
GOLOUMA DH-929 53129N/14953E 114/-65 240-247 7 8.90
SOUTH incl.245-246 1 29.70
254-256 2 6.11
GOLOUMA DH-919 53307N/14654E 015/-80 383-386 3 9.78
WEST incl.384-385 1 22.70
394-400 6 3.40
DH-925 53280N/14625E 015/-70 386-402 16 4.36
incl.386-392 6 8.14
DH-927 53279N/14625E 015/-75 396-407 11 46.04
incl.396-399 3 161.31
incl.398-399 1 434.60
DH-928 53819N/14379E 215/-65 204-210 6 2.43
incl.204-205 1 7.82
558-566 8 5.54
incl.561-564 4 7.78
590-598 8 12.20
incl.593-596 3 26.91
DH-932 53290N/14614E 015/-75 412-425 13 8.79
incl.412-417 5 16.78
incl.414-415 1 45.76
DH-934 53803N/14333E 208/-76 224-229 5 6.72
DH-935 53290N/14314E 015/-80 429-438 9 5.90
incl.429-434 5 9.10
incl.433-434 1 24.14
RC-817 53682N/14298E 099/-67 155-171 16 6.52
incl.157-166 9 9.87
incl.157-159 2 15.79
and 163-165 2 15.46
DH-905* 53784N/14202E 128-62 55-56 1 7.15
142-144 2 5.01
280-284 4 26.87
incl.280-281 1 50.05
and 283-284 1 55.23
DH-910* 53239N/14646E 015/-70 413-418 5 2.53
DH-911* 53262N/14699E 015/-70 373-378 5 2.20
DH-915* 53307N/14654E 015/-75 354-368 14 17.14
incl.354-356 2 39.15
and 361-363 2 63.52
Appendix A (continued)
Golouma Style Deposits
Drill Grid Azimuth/ From – To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
DH-915* 53307N/14654E 015/-75 354-368 14 17.14
incl.354-356 2 39.15
and 361-363 2 63.52
DH-924* 53753N/14368E 213/-69 196-201 5 8.77
incl.196-198 2 15.74
337-344 7 1.78
411-438 27 7.68
incl.411-422 11 15.27
incl.414-419 5 26.95
incl.414-415 1 50.70
451-454 3 3.58
DH-901* 53781N/14204E 144/-64 195-199 4 2.90
incl.198-199 1 6.86
315-350 35 4.03
incl.324-343 19 5.41
and 324-330 6 7.66
KEREKOUNDA DH-903* 54445N/15344E 055/-71 326-333 7 6.90
342-344 2 7.17
DH-908* 54416N/15349E 055/-71 328-330 2 21.20
incl.328-329 1 41.36
DH-896* 54484N/15298E 055/-78 124-125 1 13.75
363-377 14 4.13
incl.363-369 6 8.26
DH-900* 54461N/15311E 055/-71 334-348 14 10.05
incl.337-341 4 29.85
incl.339-340 1 67.76
*Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 1.0 g/t gold cut-off levels with a maximum internal
dilution of 2 metres. The interval from 411 to 438 in DH-924 has 5 metres of interval dilution below the 1.0 g/t gold
cut-off level. The attitude of mineralized intervals varies and reported mineralized intersections may not represent
true widths.
Appendix B
Masato Deposit Results
Drill Grid Azimuth/ From – To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
MASATO DH-916 59618N/14428E 115/-67 161-172 11 2.09
incl.168-171 3 4.02
235-244 9 1.73
incl.241-244 3 3.40
DH-918 59581N/14447E 115/-67 191-198 7 4.38
206-228 22 2.01
incl.206-214 8 3.30
DH-921 59613N/14451E 118/-67 204-220 16 3.90
incl.206-212 6 6.41
incl.206-208 2 12.69
DH-922 59593N/14425E 115/-67 170-177 7 2.70
incl.171-173 2 6.19
227-242 15 3.95
incl.227-236 9 6.23
incl.227-228 1 30.28
DH-926 59568N/14513E 115/-67 50-52 2 4.00
66-72 6 9.52
99-109 10 1.73
incl.99-101 2 4.79
DH-930 59562N/14530E 115/-67 55-64 9 2.87
incl.55-59 4 5.63
DH-902* 59452N/14436E 115/-82 186-196 10 2.49
incl.186-189 3 4.24
202-205 3 1.78
267-280 13 2.27
incl.267-270 3 4.25
DH-904* 59432N/14420E 115/-60 157-161 4 2.28
184-193 9 2.16
incl.184-186 2 4.70
DH-906* 59432N/14420E 115-70 207-244 37 4.12
incl.211-229 18 7.04
incl.223-229 6 14.57
incl.226-228 2 35.53
264-274 10 8.02
incl.271-272 1 55.21
DH-909* 59432N/14420E 115/-76 237-241 4 1.70
249-268 19 2.00
incl.252-255 3 4.02
Appendix B (continued)
Masato Deposit Results
Drill Grid Azimuth/ From – To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
and 266-268 2 4.49
282-297 15 2.79
incl.282-292 10 3.38
incl.282-285 3 4.18
DH-913* 59648N/14465E 115/-77 169-174 5 6.52
180-182 2 4.60
220-228 8 2.42
DH-894* 59530N/14422E 115/-80 190-209 19 1.06
incl.204-208 4 2.06
252-268 16 1.94
incl.253-256 3 4.18
DH-895* 59509N/14422E 115/-73 110-123 13 1.80
incl.115-119 4 3.29
incl.115-116 1 9.12
163-194 31 6.94
incl.163-167 4 9.71
and 178-194 16 9.95
incl.181-189 8 17.11
incl.182-183 1 49.04
DH-897* 59444N/14490E 115/-68 62-65 3 5.49
103-112 9 1.84
incl.109-112 3 3.60
125-166 41 2.44
incl.129-130 1 36.11
and 137-143 6 4.84
incl.139-141 2 10.50
DH-899* 59444N/14490E 115/-82 114-120 6 1.76
Incl.118-119 1 6.05
185-201 16 2.41
Incl.185-189 4 4.61
216-242 26 2.04
Incl.222-231 9 3.64
Incl.223-224 1 16.87
*Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 0.5 and 1.0 g/t gold cut-off levels with a maximum
internal dilution of 4 metres. The attitude of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
This will add a huge number of oz to this next estimate, our blue sky is becoming even clearer
Caliche, congrats on 300k hits and thank you for this great site! Can you elaborate more about the “bonanza grade” report ole just published? Was it because of the depth the gold was found or the amount of gold? Lastly, can you give us a guesstimate on the ounce count by mid year considering the 3.5 mil figure that is public now? Thanks again and continued luck with NES and your other positions.
Tony
tony–Re “bonanza grade” , read socalbernie’s Jan. 12 post on Stockhouse for starters…..(Caliche will also probably elaborate)…….My guess for proven ounces of gold through all drilling year end 2010 is 5 million ounces….We will know more when Resource Update is released in approx 45 days…
Interesting article about Teranga & Oromin:
Teranga in good neighbourhood but needs exploration success
http://bit.ly/f81yuw
Check out my comments on this over at stockhouse
Oromin’s neighbor Terranga started at buy by Cormark with a $3.50 target. This might bring some more attention to the Sabodala region and help OLE.
Tony
Nice strength today in the face of weak gold. Maybe there is some more good news in the pipeline as far as ounces in the near future. Where is goldfather?
Tony
Hey Tony…. still here. Waiting for the Rec Update, hopefully soon. Should be a good Pop for the sp.
E-Mail to Ole Mgmt;
The sp continues to be horrendous. Your Co supposedly has 4.4 mil Oz gold (now)
Why is the sp so Low? Many feel you purposely Hide info, to suppress the sp, in order to sell more Cheap shares to raise money. Another PP on the way ?…. and will you again Delay the
Resource Update (first promised for year end 2010) , now promised for March…
The sp was doing well and increasing at 1.43 this fall. Then you purposely stopped the momentum w/ a PP at $1.30. It has continued to crash ! Why another PP when you had just finished the previous PP.??
A response would be appreciated for a change.
A Share Holder
News:
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=29209742&l=0&r=0&s=OLE&t=LIST
Goldfather—Eight NRs in less than three months (Nov 16 to Feb 3 )…I don’t believe Oromin “purposely hide info to suppress the sp”…..I also do NOT believe another PP is “on the way” …I do believe they have enough monies to see them through 2011 (and they just may be bought out before then)…Resource Update this quarter most likely to show five million ounces proven through 2010 drilling…And more high grade drilling now in progress should show even more positive results through end of Q-1 2011…..Oromin is currently in process upgrading/updating website…..Oromin Indaba…….Oromin presently hosting senior analysts on-site visit at Senegal…..Up dated feasibilty study due out Q-2 2011…..What more is it you want them to do at this time ?????
Arlene – as much as I absolutely enjoy your enthusiasm (it actually reminds me of me when I first got into this stock), unfortunately over the past 6 years we’ve heard all of this before: the promised updates, the missed deadlines, the “we’ve got plenty of money” and 3 months later comes a huge PP/dilution.
I’ll believe it when I see it. Until then, Chet et al’s past performance does not make me feel all warm and fuzzy.
Amen Ole….
remembering its a Penny stock, and many followers are the “stupid is as stupid does” mentality.
The rhetoric from OLE/Chet seems to be a bit more upbeat…
“… If subsequent drilling does confirm additional continuity and similar grade to a depth of say 1,000 metres, we would expect this to have a significant, positive impact on the resource base…” & “…have confirmed continuity of mineralization to depth in multiple zones which we expect will also have a positive impact on the resource base at Masato.” .”
Don’t remember positive “if” statements & “we expect” comments from the company before…
Who knows!!!
h1
hoosier1, Chet is using rhetoric in the sense of effective use of language as opposed to undue exaggeration or bombast. What he is saying is absolutely sound based on similarity to structures in Carlin, Red Lake, Kirkland Lake etc. How about this for rhetoric: “5 million ounces on the way to 10 million ounces!” Sounds outrageous but it’s true – sadly hardly anyone knows about this.
arlene, also PDAC March 6-9
ole_OLE, with the current large number of shares outstanding, the dilution of a pp would no longer be overly harmful like it used to be.
maybe no buyout in 2011 (or ever?)
chet says
“We are also very encouraged by continuing to make new discoveries, such as at Saboraya, which will provide drill targets throughout 2011 and, we expect, beyond.”
Socal:
I agree…I intended to use “rhetoric” for its true denotation… not in a grandiloquent manner.
Chet was effective in communicating the definitive likelihood of much greater resources…whereas, I would say, his past communications have been more obtuse, with regard to the potential resources.
h1
ole_OLE—My post was not meant to generate enthusiasm………It was meant to point out to Goldfather current status and to inquire what more he thought Oromin mgmt could do now…….Goldfather should take responsibility for his own decisions……He could have elected to not ever buy in or to sell for around $4/share which Ole has hit a couple of times since he bought ….Ole was and is a great buy and just because the share price did not hit Goldfather’s pre-determined goal in the timeframe wanted by Golodfather does not give him justification for blaming someone other than himself for his own actions……As for Chet’s past performance , it is outstanding with every other project he participated in and I fully expect this project will be another winner…Check his history…
Caliche – What is the purpose of PDAC? Is this not where one would go in the hopes of finding a buyer for your prospect? Is this not a developement show? Thoughts?
Whats going On w/ Ole ? 1.7 mil shares, now at 1.32 ca, and 1.37 US. Early announcement? Somethings Up. 500k shares yesterday… any hunches?
Maybe our big day is coming. Nice jump today!
Last week’s NR plus hosting a group of senior analysts on site in Senegal plus Indaba plus speculation on Resource Update within 30 days just may be part of the reason……
Plus price of gold going up……Many believe it will reach $1500 (or more) yet this quarter……..And Ole DOES have a lot of PROVEN gold in the ground !!!