OROMIN POSITIVE GRADE AND THICKNESS
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
Web Site: www.oromin.com E-mail: info@oromin.com
March 3, 2011 Trading Symbol: TSX – OLE
OTC/BB – OLEPF
INITIAL 2011 DRILLING RESULTS CONTINUE PROVIDING POSITIVE GRADE
AND THICKNESS INTERVALS AT THE OJVG GOLD PROJECT
HIGHLIGHTS
New Drill Results include:
• 15.66 g/t Gold over 7 metres at Masato
• 5.15 g/t Gold over 10 metres Masato
• 46.75 g/t Gold over 2 metres at Golouma West
• 9.25 g/t Gold over 4 metres at Golouma West
Oromin Explorations Ltd. (“Oromin”), on behalf of Oromin Joint Venture Group Limited (“OJVG”), is
pleased to provide the initial results from its 2011 exploration drilling program at the OJVG Gold Project
in eastern Senegal, West Africa. Current drilling commenced in mid-January 2011 and plans for 2011
include: broader-spaced lateral and depth extension drilling to the five primary gold deposits at Golouma
West, Golouma South, Kerekounda, Kourouloulou and Masato; follow-up drilling at recent discoveries
such as Kinemba and Koutouniokolla; and initial drilling evaluation at many of Oromin’s new prospects
including Saboraya, Kourouloulou South and Mankana.
Chet Idziszek, Oromin’s President and CEO, stated, “we continue to expand the known limits of our
deposits at an aggressive pace. Our increasing knowledge of the geology and the continuity of
mineralization observed in our step out drilling to date is giving us even greater confidence to step out
much more widely on a number of zones, particularly at depth, than we would for resource delineation.
Our main focus for 2011 will be to demonstrate how deep and far out along strike these mineralized
systems at the Golouma and Masato deposits extend beyond the limits of the current resource models.
Also included in our plans for 2011 will be the evaluation of a number of new targets. We are eager to
receive our first drill results from these areas and are very encouraged by what we are seeing from initial
drilling at Saboraya, Kourouloulou South and the 950 zone at Golouma West.”
The new drill results, along with those previously reported in Oromin’s February 3rd, 2011 news release
are listed below and detailed with included intervals in Appendix A and B. These drill results further
confirm the continuity of and increasing potential to expand mineralization 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.
Golouma Style Deposits
New Results Previously Reported (February 3, 2011)
Golouma West Kerekounda
46.75 g/t Au over 2 m in DH-950 7.51 g/t Au over 2 m in DH-946
9.25 g/t Au over 4 m in GWGT-11-01 Golouma South
4.03 g/t Au over 4 m in GWGT-11-01 14.30 g/t Au over 8 m in DH-937
5.30 g/t Au over 10 m in DH-938
6.84 g/t Au over 9 m in DH-938
3.08 g/t Au over 11 m in DH-942
Golouma West
5.23 g/t Au over 12 m in DH-907
6.13 g/t Au over 12 m in DH-939
15.24 g/t Au over 2 m in DH-941
5.85 g/t Au over 5 m in DH-941
2.99 g/t Au over 11 m in DH-943
3.01 g/t Au over 17 m in DH-944
10.26 g/t Au over 3 m in DH-947
6.00 g/t Au over 28 m in DH-948
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
bulk mining. The Masato Deposit mineralization will be modelled as a combined Open Pit and
Underground operation for the planned resource update scheduled in Q1 of 2011.
Masato Deposits (Underground)
New Results Previously Reported (February 3, 2011)
15.66 g/t Au over 7 m in DH-949 1.99 g/t Au over 26 m in DH-936
2.20 g/t Au over 11 m in DH-949 16.39 g/t Au over 1 m in DH-945
5.15 g/t Au over 10 m in MASGT-11-01 3.00 g/t Au over 6 m in DH-946
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.
In addition, Oromin announces that it has granted stock options to employees, consultants, management,
directors and officers entitling the purchase of up to 4,650,000 shares of Oromin under its Stock Option
Plan. The options are exercisable at a price of $1.30 per share until March 3, 2016.
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-950 53404N/14203E 345/-74 576-578 2 46.75
WEST 716-721 5 1.51
GWGT-11-01 53770N/14326E 165/-65 177-181 4 9.25
incl.179-180 1 19.15
320-356 36 1.28
incl.336-347 11 2.41
incl.336-340 4 4.03
DH-907* 53818N/14182E 150/-60 428-440 12 5.23
incl.435-439 4 8.58
474-487 13 2.47
DH-939* 53472N/14270E 359/-66 424-436 12 6.13
incl.424-430 6 10.43
incl.428-430 2 14.90
450-451 1 8.50
DH-941* 53267N/14678E 013/-71 356-358 2 15.24
incl.356-357 1 28.88
365-370 5 5.85
DH-943* 53687N/14280E 104/-75 186-193 7 3.31
198-209 11 2.99
incl.200-203 3 6.25
incl.202-203 1 12.43
DH-944* 53494N/14275E 359/-65 384-401 17 3.01
incl.387-389 2 6.51
and 398-401 3 7.13
DH-947* 53312N/14602E 015/-75 408-411 3 10.26
incl.410-411 1 19.08
418-419 1 11.45
DH-948* 53552N/14334E 014/-71 201-206 5 2.34
213-241 28 6.00
incl.219-228 9 10.25
and 234-241 7 7.36
*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 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-949 60008N/14597E 113/-70 200-207 7 15.66
Incl.200-201 1 99.47
226-236 10 1.38
Incl.231-234 3 2.36
289-300 11 2.20
Incl.295-299 4 4.12
MASGT-11-01 59958N/14525E 165/-60 261-271 10 5.15
275-276 1 5.35
DH-936* 60476N/14786E 095/-70 192-218 26 1.99
incl.204-206 2 7.63
and 213-217 4 3.63
DH-940* 60052N/14570E 110/-70 242-246 4 2.25
269-272 3 1.93
DH-945* 59994N/14632E 114/-65 135-136 1 16.39
*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.
dw—You have sound basis to doubt my opinions as Ole has been very dissapointing in the past…..However, if you were in Chet’s shoes and sincerely believed upwards of 10 million ounces could be proven up in this concession , would you have sold out at 2 or 3 million ounces proven…..or even been concerned with aggressive marketing tactics at that time ??? He has been a winner several times over before this and I do not have big doubts that he will be once again…I know you want me to be right ….. I think we will know shortly (meaning yet this year)…..Best Wishes and NO , I do not think you are being rude or mean…..
dw—On Wed gold finished flat to slightly down while Ole closed flat to slightly up….I expect both gold and Ole to be up Thurs…….We shall see in a few hours….
Hi DW
well my thought s are on ole that chet fucked everything up in the name of … what..pride? i think he wanted a 10 million ounce deal to go out on and is now stuck in a dogpile of problems.
IF he drilled kerekounda first (he should have since the locals left a giant gaping hole in the ground where they mined 1 ounce ore before ole got the property) he could have struck when the iron was hot and sold for $5 or $6 years ago..everyone (including me) would have piled into lund for another round…
i thought that was where he was heading with the flow throughs on LGD, make the profits on ole and shelter them with flow through financing form LGD.. i should have known it was folly when he didnt participate with any size in the lund financings.. (I did) much to my sorrow
anyhoo..whats done is done..
david has a way of keeping people in this stock .. thats why i stopped talking to him..dont need my head clouded by greed of 10 dollar dreams..
one final thought .. think of the property he could have bought 8 or however many years ago for the 150 million they have dumped into the ground at sabodala…they would be a producing mid tier by now and probably have a nice sized offer on the table..
like it or lump it thats what i think.. thanks for asking DW
happy trading and warmest regards to all!
caliche
Arlene, time has told smart money sold on news. They got back in March 16th @ 1.07. That’s an easy $12000. Enough to gift a grandkid his yearly $13k.
Smart money has played this stock well if you ask me.
cs—-GOOD , then smart money owns Ole…….YEAH !
Hmmmmmmm
Gold Up – Stock price down
Guess that factor isn’t working for this stock again…….
OLE is a loser and it will continue to lose until they get rid of Chet as the manager and CEO of this stock.
David Scott is pipe dreaming – We are looking at maybe “MAYBE” 5 million ounces, yet stock prices are climbing out of control and we are back into the teens again.
Arlene – are you really looking at the facts or are you just hoping and wishing this stock does something??
The US Stock OLEPF drops .06 on one 3000 trade.
Hey Chet – Who’s driving this stock for you buddy, get me a couple million shares and I will drive it down for you too!
dw—–Yes there was overall weakness in mining shares today , despite gold / silver gains………$hit happens sometimes , but the norm still is gold up/mining shares up and gold down/mining shares down…(even for Ole) …. Do I hope and wish Ole stock goes up? HELL YES ! ……..Do I look at the facts? Absolutely ! , but you and I just interpret them differently…..Could I be wrong?..YES ….Could you be wrong? YES …..But I also believe that a healthy exchange of viewpoints is good for all…Keep them coming….Best Regards , Arlene2
I’ve been in this $hit for over 5 years. If I’d bought Apple instead (at the same time & dollar amount as OLE), I’d be living the dream. Instead, I’m facing foreclosure.
dbhalo — If you bought “over 5 years ago” you had at least two chances to more than double your money at $4 + ….one in early 2007 and one in early 2008…..At a minimum , you could have sold half your shares and got all your monies back…..Your problem , I suspect , is greed , not Ole mgmt…
It’s a new week and a new frame of mind – Let’s see what happens this week.
I am seeing gold rising out of control this week and all weeks following, inflation is on the horizon like a black cloud hanging over the next mountain range and most people are sitting around thinking Obama is the Savior of all the World. When this HOPE falls and they can’t see the light due to the black cloud taking over the Valley things are going to get ugly, GOLD will be off the charts – will OLE???
America is in trouble and we will drag the other Countries down with us. Already they are talking about China being in big trouble as they are seeing inflation about to run out of control as they have no checks and balances in their economy – Yet, we have Obama and his Administration this week state that the U.S.A. needs to abandon the current checks and balances within our Government —– I see Dictator in the near future if we don’t all stand up across the U.S.A. , Canada, Mexico, China, Japan, Europe. Obama is he dark cloud we all are fearing ——
Back to GOLD, OLE needs to pump this puppy up and sell to a producer by year end – If they don’t – I think we all loose!!
Just an opinion!!
dw—–Looks like today will be another abnomaly from norm…i.e. overall weakness in mining shares , despite gold gains…….NES down .10 and Ole up .01 as of this post……Most mining shares down….
I called it correct, Today the Obama Administration is being found out – The frauds and the deception to the World is being uncovered. GOLD will be screaming upward, yet I still believe that stock prices will be held down. OLE has poor management, but after July 1st we will see the stock price of OLE become unleashed due to GOLD prices and the Political environment. As Caliche states – The clock is ticking and GOLD may spike at the $2,000 range by year end…. I base this on the financial issues of U.S. and if anyone has noticed the Racial Tensions now present in our land … This along with so many other issues is going to cause unrest in America and then there will be the defeat of Obama in 2012 which will cause riot racial wars in America………………..It’s time to buy the Minors and watch your dollars explode!!
dw—Here’s a couple of near term milestones to watch for in gold’s relentless thrust upward………..APRIL 2011…$1500…….and JUNE 2011..$1600
dw–I believe gold will meet both those milestones…..
GOLD Up, almost at the $1500 range………….OLE Down, What a shocker!!
GOLD will hit over $2000 per Ounce by end of year 2011…
GOLD will hit $2400 Per Ounce by 2012 Elections in U.S.
dw–Yes , we are painfully aware that most all gold stocks went down today including Ole down .02 ……Any thoughts on the Resource Update due out shortly ??
watching NES while being STUCK in Ole is Painful to say the least. Absoluitely a Silly comparison all along. “Stupid Is as…. and Ole means Dog in Chinese.
Caliche
Good call on NES- Congrats- wished i would have picked some up-