More solid numbers from Oromin
Oromin Explorations drills 36 m of 1.5 g/t Au at OJVG
2011-08-17 14:17 ET – News Release
Mr. Chet Idziszek reports
SUCCESSFUL INITIAL DRILLING RESULTS AT OJVG’S NEWEST DISCOVERY – MAMASATO and BEST DRILLING RESULT TO DATE AT SEKOTO
Oromin Explorations Ltd., on behalf of Oromin Joint Venture Group Ltd., has released additional drilling results from the continuing exploration program at the OJVG gold project in Senegal, West Africa. Results presented herein include initial drill holes completed at Mamasato, the most recent discovery at the OJVG gold project, and lateral and depth expansion drilling at the Kinemba, Sekoto and Saboraya discoveries.
Exploration drilling — gold discoveries and targets
Mamasato discovery
OJVG’s most recent gold discovery, Mamasato, is located approximately 4.5 kilometres north of the Golouma deposit and approximately two kilometres southeast of the centre of the Masato deposit. Mamasato is represented by an 800-to-1,000-metre-long, east-west-oriented gold-in-soil geochemical anomaly (more than 100 parts per billion gold) which is coincident with a series of north-northeast- and east-west-oriented quartz vein systems hosted by two or three subparallel sheared and altered zones within a package of mafic volcanics and felsic intrusive units. Mamasato is of compelling interest because it strongly resembles the Golouma deposit, both visually and structurally with the additional benefit of significantly greater depth of oxidation. Oxide depth averages 40 metres below surface and locally reaches 80-metre depths compared with oxide at Golouma which averages 10-metre depths. A key advantage of softer oxide mineralization at the OJVG gold project is in enabling greater throughput rates for the CIL plant. The following represents the most significant results from initial drilling and trenching at Mamasato:
- 2.86 grams per tonne gold over six metres (36 to 42) in DH-985;
- 2.64 g/t gold over five metres (40 to 45) in DH-987;
- 10.11 g/t gold over four metres (50 to 54) in DH-998;
- 3.58 g/t gold over five metres (63 to 68) in DH-1001;
- 2.78 g/t gold over 18 metres in TRX-357;
- 1.18 g/t gold over nine metres in TRX-360;
- 1.35 g/t gold over 15 metres in TRX-361.
To date, 28 drill holes have been completed at Mamasato testing the lateral extent of the alteration zone across a 650-metre strike extent and locally to approximately 250 metres downdip. Results presented above and in the accompanying table represent only a 220-metre strike extent of the currently known target. The Mamasato alteration zone remains open both along strike and to depth.
Sekoto discovery
The Sekoto discovery is located approximately nine kilometres northeast of the Golouma deposit and approximately four kilometres east of the Masato deposit. Sekoto has only recently become the focus of exploration drilling as a potential heap-leach deposit. Drill holes to date have now tested approximately 400 metres of strike length to depths of 100 metres downdip within thicker-than-usual oxide depths ranging between 50 and 75 metres below surface. Previously released results from Sekoto include 0.65 g/t gold over 23 metres and 1.67 g/t gold over 18 metres in RC-899. The following outlines the most recent significant results from Sekoto:
- 0.55 g/t gold over 12 metres (eight to 20) and 1.16 g/t gold over six metres in DH-996;
- 1.50 g/t gold over 36 metres (17 to 53) in DH-999.
The 36-metre intersection in DH-999 is entirely within the oxide zone and represents the best grade-thickness drilling interval received to date from this rapidly developing heap-leach potential deposit.
Previously announced results and complete interval breakdowns for the above-listed Sekoto drill holes are summarized in the accompanying table.
Kinemba discovery
The Kinemba discovery is located approximately five kilometres southwest of the Golouma deposit. At Kinemba, drilling to date has intersected zones of potential heap-leach gold mineralization along a minimum strike extent of 550 metres and locally to depths of approximately 200 metres. Previously released results from Kinemba include 2.16 g/t gold over 14 metres in RC-868 and 0.72 g/t gold over 25 metres in RC-889. The following outlines the most recent significant results from Kinemba:
- 2.09 g/t gold over five metres (107 to 112) and 1.66 g/t gold over seven metres (143 to 150) in DH-988;
- 1.07 g/t gold over eight metres (17 to 25) in RC-916;
- 0.76 g/t gold over 13 metres (12 to 25) in RC-917.
Previously announced results and complete interval breakdowns for the above-listed Kinemba drill holes are summarized in the accompanying table.
Saboraya target
The Saboraya target is very favourably located approximately midway between the Kerekounda and Kourouloulou deposits, and is similarly related to dilational shear-hosted quartz veining. Only limited drilling has been completed at Saboraya, testing a strike extent of only 150 metres and to depths of only 100 metres below surface. Previously released results from Saboraya include 8.91 g/t gold over five metres in RC-862 and 3.44 g/t gold over 23 metres in RC-911. The following outlines the most recent significant results from Saboraya:
- 2.84 g/t gold over 18 metres (zero to 18) and 1.55 g/t gold over 10 metres (155 to 165) in RC-912.
Previously announced results and complete interval breakdowns for the above-listed Saboraya drill hole are summarized in the accompanying table.
OJVG deposit resources
Based on the most recent resource update completed on behalf of the OJVG, utilizing drilling data to the end of 2010 and announced in Oromin’s new releases dated May 5, and May 12, 2011, the OJVG gold project hosts an indicated resource of 3,312,000 ounces of gold and an inferred resource of 430,000 ounces of gold, comprising the following:
- The combined Golouma, Kerekounda and Kourouloulou deposits host an indicated resource of 1.38 million ounces (12,748,000 tonnes grading 3.36 g/t gold) and an inferred resource of 180,000 ounces (1,404,000 tonnes grading 4.09 g/t gold).
- The Masato deposit hosts an indicated resource of 1,457,000 ounces (35,531,000 tonnes grading 1.28 g/t gold) and an inferred resource of 130,000 ounces (3,233,000 tonnes grading 1.25 g/t gold).
- The bulk-tonnage/heap-leach deposits host a current indicated resource of 475,000 ounces (20,606,000 tonnes grading 0.71 g/t gold) and an inferred resource of 120,000 ounces (7,046,000 tonnes grading 0.53 g/t gold).
The 2011 OJVG exploration program is continuing with excavator trenching on several new exploration targets and further drilling using three drills, including two core drills testing lateral and depth extension potential at the Mamasato discovery.
Technical supervision
Doug Turnbull, PGeo, is a qualified person for the purposes of National Instrument 43-101 and has verified the data disclosed in this news release. William Bond, PGeo, 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 quality assurance/quality control procedures.
GOLOUMA-STYLE DEPOSITS/DISCOVERIES/TARGETS Drill From To Interval Gold hole (m) (m) (g/t) grade Mamasato DH-985 36 42 6 2.86 Incuding 40 41 1 10.85 DH-987 40 45 5 2.08 52 57 5 2.64 Including 52 54 2 5.51 DH-994 46 53 7 2.09 Including 48 51 3 3.72 DH-997 42 49 7 2.23 DH-998 50 54 4 10.11 Including 52 53 1 36.69 DH-1001 63 68 5 3.58 Including 66 68 2 6.83 72 75 3 2.39 Saboraya RC-912 (ii) 0 18 18 2.84 Including 13 15 2 17.32 155 165+ 10+ 1.55 Including 156 159 3 2.89 RC-862 (i) 80 85 5 8.91 Including 80 83 3 14.54 Including 81 82 1 34.84 RC-909 (i) 31 34 3 3.92 RC-911 (i) 69 92 23 3.44 Including 69 82 11 6.12 Including 69 71 2 26.21 (i) Previously reported. (ii) Drill hole RC-912 ends at 165 metres within a mineralized zone. Mineralized intervals are based on one-metre samples utilizing 0.5 g/t gold cut-off levels with a maximum internal dilution of two metres. The attitude of mineralized intervals varies, and reported mineralized intersections may not represent true widths.
BULK-TONNAGE (HEAP-LEACH) DEPOSITS/DISCOVERIES/TARGETS Drill From To Interval Gold hole (m) (m) (g/t) grade Sekoto DH-996 8 20 12 0.55 34 40 6 1.16 Including 36 38 2 2.89 DH-999 17 53 36 1.50 Including 22 45 23 2.15 Including 24 27 3 4.83 And 26 39 3 6.05 RC-899 (i) 5 28 23 0.65 Including 17 23 6 1.20 56 74 18 1.67 Including 56 60 4 5.29 Including 56 57 1 15.79 82 88 6 0.80 17 29 12 0.84 Including 24 29 5 1.31 RC-901 (i) 60 64 4 1.29 RC-902 (i) 24 28 4 0.65 68 73 5 1.67 RC-903 (i) 11 22 11 0.75 30 34 4 0.50 RC-904 (i) 33 36 3 0.68 49 55 6 0.81 Kinemba RC-914 2 8 6 0.66 22 29 7 0.82 73 85 12 0.70 Including 78 82 4 1.41 107 126 19 0.66 Including 116 124 8 1.02 RC-916 17 25 8 1.07 Including 17 21 4 1.79 RC-917 12 25 13 0.76 Including 13 20 7 1.16 DH-988 45 49 4 0.63 107 112 5 2.09 125 133 8 0.63 143 150 7 1.66 Including 148 149 1 8.50 RC-881 (i) 73 78 5 0.86 110 121 11 0.81 Including 113 115 2 1.62 RC-882 (i) 29 37 8 0.64 55 60 5 1.49 Including 58 59 1 5.56 RC-889 (i) 74 85 11 0.60 Including 80 84 4 1.29 135 160 25 0.72 Including 135 138 3 2.16 Including 136 137 1 5.37 And 153 160 7 1.16 Including 156 159 3 2.02 RC-890 (i) 169 198 29 0.55 Including 169 180 11 0.69 And 192 195 3 1.15 DH-795 (i) 46 51 5 1.92 DH-803 (i) 35 41 6 1.07 141 151 10 2.40 DH-810 (i) 16 21 5 1.73 42 49 7 1.64 (i) Previously reported. Mineralized intervals are based on one-metre samples utilizing 0.2 g/t gold cut-off levels with a maximum internal dilution of four metres. The attitude of mineralized intervals varies, and reported mineralized intersections may not represent true widths.
Where can I start? The pressure from this mini crash we are going through in equities is outweighing the huge increase in the price of gold. Not only ole, but other gold exploration stocks have not taken advantage of this huge, sudden pop in the metal. Us Oromin investors seem like we cannot catch a break. More good results and the constantly rumored buyout yet we trend down instead of up.
Calculations from the last company website presentation dated March 2011 used gold priced at around $1200 per ounce. Now gold is 50% higher and the stock is substantially lower. Logic tells me that this discrepancy will not continue much longer. I have added 3,890 shares at a price of $0.927 between Aug 5th and yesterday Aug 18th. My average is now down a penny to $1.13.
There is a basic rule in investing that states that you should never “marry” a stock. I have long ago ignored that rule with Oromin. In my 24 years of trading I have never done this before but for some reason I trust Chet and I believe that he knows he has something special here. He might even raise $ again if he does not get what he feels is right. The gold is there and will likely continue to grow with further drilling. Once the market settles down and gold corrects some I believe we will bounce back up.
Frustrated yet always positive Tony.
All comments welcome.
Back up the truck and load up at .87 cents a share. Even at a sale at 1.50 that is a very nice gain. All you said is true Tony. If there ever was a bullet proof investment in a perfect storm this is it. Chet will sell this property within 12 months and this is a chance of a lifetime.
This is a quote from the Mackie Research report dated May 16th 2011.
It refers to Oromin’s May 12th press release.
Enhanced economic potential of resources: “At $1,200 gold and a 3 percent DCF or discounted cash flow, project economics were enhanced by $100 milion to $461 million, an increase of 27 percent in value. Due to higher underlying value we are increasing our price target to $3.25 per share.”
They (Mackie) should be coming out with another report soon. Probably after the tech report is finally out. With gold at over $1,800 (over 50% higher than the #’s used in the calculation) does anyone have any idea what the value of the project or the “project economics” are today? Common sense would make me think that it would be much higher.
All comments welcome.
Thanks, Tony
the latest reports are using 1100 gold .. not sure what OLE used in the last one..
The July 2010 Feasibility Study defined a NPV of $361 million using $1200/ounce gold and a 3 % discount rate…..
The Ole May 12th NR referenced the July 2010 Feasibility Study and tried to show the additional impact that the 2010 Optimization Study2 and the Heap Leach Study3 had on the overall project values…
And so OLEPF sells off to .84 per share. How does that compute?
Indygold….Quick answer…..It Doesn’t…..Ole market shareprice most likely will not approach real value until bids are announced for a buyout..IMO
Indygold—-Some here think that those bids may come as early as Sept.2011 while others think after the Feb 2012 election in Senegal………My guesstimation has been more like Nov,2011 for some time now….The longer the buyout takes , the higher the shareprice IMO…
One thing to remember is that the price of gold right now doesn’t do us all that much good. It’s the expected price when this gold comes out of the ground that is important. $1850/oz today doesn’t mean squat if the price is expected to be $1000 when the mine is built.
Something to keep in mind…
ole_OLE——What you say is true……It is also true that if the expected price of gold is $2500 or more when the mine is built , it means a lot…..
Looking at Oles Financials may 31, says they have $12 mil. (@ $1.5 mil p/mo) Partners wanna sell, Invstmt Bnkr hired.
POG still strong… all good signs for b/o soon.
•Peter Grandich stated this on July 22nd 2011 on his site.
•”Oromin is not getting any credit below 350m depths yet I’m told they’re down 1000m and are still in it. The potential is impressive when you crunch the numbers using a consistence grade. Just look at the July 14th press release – 8.63 g/t over 2 metres. at a depth of 1,077-1,079 metres. Adding ounces should be in OLE’s future.”
•In the latest resource update on May 12th Chet stated that they had identified over 721 thousand ounces below the Masato pit. Does anyone know what it will take to certify these ounces NR43 101 compliant? Is it too deep to economically mine? Do they have to continue drilling on a tighter grid or closer drill holes? Those 3/4 million ounces alone would boost the ounces by about 20% to about 4.5 million.
•The following quote is from the June 20th 2011 OLE press release.
•”OJVG’s recent focus has been targeting the expansion of established deposits by conducting wide-spaced deep drilling beneath existing resources at the Masato and Golouma deposits towards delineating down-dip and down-plunge extensions to outlined gold zones. Oromin will continue this program of successful wide-spaced step-out drilling, while concurrently undertaking initial and follow-up drilling of a number of new gold targets and recent discoveries.”
•This is about 6 weeks after the May 12th report was released. This tells me that they are still deep driilling Masato during Q3. Again, one can only guess that they think there is more ounces down there or need more proof to make the ounces compliant.
•Lastly, does any of this NR43 101 compliant giberish really matter to a suitor or can they determine project value solely on individual drill results?
•I would greatly appreciate any responses from Caliche, Maya, Goldfather, Arlene ,Bluestar, Socialbernie, Golden1 and anybody else who cares or has any input.
•Thanks, Tony
Hi Tony…per my Posts, i think its all lined up for Sale now. Partners say Sell… Funds down to at $7.5 mil. (apprx per financials).. $3 mil by thanks giving, and $1.5 by Christmas,,.. Mamasato will take years to prove out, ( all involved realize that) and is great Negotiation as the BS gold… and to be consistent w/ the other 3.74 m oz indicated/inferred they have documented. All has been planned for years, Chets timing is wonderful on the POG, Invstmt Bnkr on board since June, and getting paid big bucks to handle the sale. With all the planning, they know what Price range they will obtain, and the Gold CEO guys all know each other quite well anyway. This is not a fishing expedition by Chet & Co. He’s been a savvy Gold exec for years…. and all is now going according to plan.
There’s a problem with the “… and all is now going according to plan” statement. Someone last summer (?) posted on this forum (not necessarily this message) that David Scott told them that (paraphrasing from memory) “no one expected we’d still be here” in response to why they had to raise more money. Yes, plans change. But don’t think this was Chet’s master plan all along.
ole… ya been a long one… but i brought that up w/ someone a lot highjr than DS, and about 6 mos ago i asked why its taking soo long? i was told its right about on schedule…. i then thought i wish i was told that when i got in 6 yrs ago, that in fact this was going to take this long…. now could be they didnt think they’d have to prove w/ full FS studies etc… and maybe just sell the GD thing a while ago and not do all the work. But , as weve heard, by proving More Gold they get more $$. Coulda sold a long time ago for less $$…… and as always, good Intel here is tough to get. But i think in the last 12 mos, (outside of digging and Geo delays) all has probably gone to plan.
ole_OLE—–Shame on you for questioning the validity of a goldfather post…..He has “a lot higher” sources from which to formulate his impeccable opinions…. LOL
During late 2005 and early 2006 Ole completed a $5 million private placement….Many ,if not all , from Florida …I think Robert Brennan was appointed to the board in April 2006 at the insistance of these investors….He is most likely goldfather’s higher source….but then , why would these people have invested in stock at .85 if they knew the master plan was to be at .86 five to six years later…
wrong again snarlene. and all info i ‘share’ is thru dd i get from several areas and totally available as a matter of public record. Ole mgmt at HQ has been quite open and candid with public info. nice try.
Goldfather—–From what public source did you get ” Its right about on schedule ” You did mention a source higher than DS…….(Maybe it was god ) , but I still believe it was Brennan.who said that…
I was told as well that this is on schedule. That it takes this long to find this much gold and bring it to market to sell to a major. Cant remember who at the company that told me, someone in the IR department or maybe financial department.
Not really sure I am following what everyone is upset about. From what I understand by piecing everything together ager talking to a few different people, getting insight from the AGM, and communicating with OLE`s IR that it appears that the end is near on the buyout.
Did it take longer than planned? Not sure, but I think for all of us that have been in this stock for 5+ years, the answer is yes. But, from a business perspective I believe the company did follow a methodical approach to developing the resource and preparing the company for a sale. It definitely took longer than we all hoped and did cost them with some forced cheap pp`s. But, in the end I think we all should be happy. Based on my calcs and knowledge of where we are at, I am looking for a $3.00-$3.75 buyout price, give or take. I`ve heard others mention prices as low as $1.40 and as high as $5-$7. Eventually we will all know where the buyout prices lands, no need to stress over it. We can`t change that…
This forum is supposed to be for exchanging ideas. Although being on the same page is not always in the cards, any discrepancy in opinions should not be accentuated with any disclosure of names or contacts. Everyone has worked hard to try and get any piece of information that may help us with determining the fate of the buyout. We should all continue to do this and work together.
have followed here lately on a tip,and hope to to be close to the end. Arline ,you seem to be just trying to make trouble lately. Dont know why, you make a lot of noise and dont say or add much. Gold is way high now, but the stock price is still low. Now you blast some posters that seem to have a good grasp of where oromin is going, and have good information. Its better than what you have provided, but you are so critical. Not sure why. Chill out.
rico—O.K. Thx for the critique Best Regards , Arlene2
Wow! I’ve been gone too long. 3 months and everyone is on a rampage? What happened?
AB
At $3 with 10 mil. oz. of gold places a value for us at $300 mil and around $700 mil for the enitre OJV. Using 10 mil oz at 1700 an oz gives a totlal value of 17 Bil.. Doesn’t $3 seem like a pittance? IMHO I expect around $3 plus a stake in the company that buys this area that probably has more like 12mil to 15mil ozs!GLTA and God bless Caliche. I do get we are limited by the fact we have in the ground gold!
I should have posted at $3 the OJV would receive about 1 bil..With a total value of 17 bil or more, still seems on the light side. That being said, it would great if we could find similar discoveries that have been sold for comparison.
CNBC did a story from AngloGold yesterday and they stated they are over 2 miles underground with their South African mine..
Caliche – Have you ever looked at KAT explorations? They are exploring in Newfoundland. Would love to hear your take if you get time or are interested.
CNBC had an interesting segment regarding gold this morning. Hope I am not the only one that saw it. Guest said going back to the gold standard has flaws but is still the right thing to do.
Oromin Late again??? Not sure why they can’t do what they are supposed to, they are too busy granting options together and I guess Chet is on extended vacation. I am really hoping for a buyout, but will never invest with a Chet managed deal again.
http://moneywatch.bnet.com/money-library/sec-filings/olepf/2011/annual-reports/
Filed by e3 Filing, Computershare 1-800-973-3274 – Oromin Explorations Ltd. – Form 12B-25
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FORM 12B-25 SEC FILE NUMBER
NOTIFICATION OF LATE FILING CUSIP NUMBER
(Check one): [ ] Form 10-K [ X ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form 10-D [ ] Form N-SAR [ ] Form N-CSR
For Period Ended: February 28, 2011
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
OROMIN EXPLORATIONS LTD.
Full Name of Registrant
Former Name if Applicable
1055 West Hastings Street, Suite 2000
Address of Principal Executive Office (Street and Number)
Vancouver, British Columbia V6E 2E9
City, State and Zip Code
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
[ ] (a)
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
(b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Qorsubject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c)
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
(Attach extra Sheets if Needed)
The Registrant’s Chief Financial Officer required emergency eye surgery and was unable to complete the final edits in the prescribed time frame.
PART IV — OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Ian Brown 604 331-8772
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s).
[ X ] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof ?
[ ] Yes [ X ] No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
OROMIN EXPLORATIONS LTD.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date August 31, 2011 By “Ian Brown”
Ian Brown, Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
Read more: http://moneywatch.bnet.com/money-library/sec-filings/olepf/2011/annual-reports/nt-20-f/20110831/n58086540/#ixzz1WiUQYK7V
Arlene:
I know I am bit late on this response, but I think Goldfather is an investor just like us trying to find out as much information as possible and pass it on to us. He doesn’t know exactly what is going on, none of us do. If we all knew that over the last 5 years the stock would be flat, I could have saved myself a lot of stress, hair and my blood pressure would be lower.
I have spoke to GFather before and he wants to see this deal gets sold at the highest number possible to offset all of the years of frustration. In regards to your Brennan reference, Brennan has been no help to anyone and extremely quiet as he is just sitting back and waiting for his pay day…
In my opinion, Chet and the directors will make sure they give themselves a nice buyout present. I was extremely frustrated to see Chet and the Board give Chet a $300K bonus for his financing skills for 2010, as he sold a bought deal in the $.80 range and the group just flipped it to MDL for somewhere in the $1.15 range, costing us investors millions.
I feel these day to day responsibilities are part of OLE’s job, they seem to think they should get bonuses for waking up in the morning. It is very frustrating for a shareholder who actually pays for their shares rather then Directors and Management who are given shares or bonuses for business as usual.
I don’t know where the buyout will be. I would love to see them get Arlene type numbers, but I would be happy with Goldfather figures. Although there has been a lot of infighting among us investors, we should all remember we are all on the same side and want to see the biggest buyout possible. No need for name calling or putting people down as I think most of this frustration is due to management not giving a crap about its shareholders, leaving us in the dark, diluting shares at below market prices and not promoting the company. I understand gold in the ground at the end of the day is worth more than worthless PR, but I also think that by not promoting the company, they are financing out these deals at below market prices, if they had some sense of PR, the raises could have been done at much better numbers and the total outstanding shares would be lower, giving us a better buyout price.
Sorry for the long winded message, I hope to see some positive news regarding a buyout soon. Whether Arlene ot Gfather is right, I would like to move on and re-invest in some other gold companies as I feel the price of gold will be strong for years to come.
Take care,
G1
G1—Good post with some excellent food for thought which I agree with 100%…..Thx for your time and efforts…
G1—-BTW , Re Price of Gold— Job Report is due out before markets open tomorrow….If report not good ,as I suspect ,Fed will most likely have some form of QE3 announced NLT their Sept meeting IMO…..which will indeed affect price of gold positively….Sept. could then be A MONTH TO REMEMBER for us all…. Best Regards , Arlene2
I sure hope so, seeing $1,800 gold and a .90 stock is extremely frustrating…
For Rico , (here is some more “noise”) …I do not believe that Ole has yet rec’d any official/formal offer……I do believe conversations have been, and are , taking place with each side outlining what is required for a buyout to be in excess of $5 / share…..These conversations have been and are influencing what actions Chet has been recently taking in the Senegal concession over the past few months..Also believe formal offer will be forthcoming yet this year.. all just IMO
Arlene:
Good call on the jobs report. With gold up another $50., it sucks not seeing Oromin in the green.
G1
G1..I surely do agree……Although it may increase 20% or more yet this month , it will never approach its real value until buyout offers announced. …. IMO
Looks like DOW INDUSTRIALS may drop big come next Tuesday….If they do it will probably negatively impact price of gold as well as gold shares TEMPORARILY.(1-2 days).. I still strongly believe Sept will see some really large increases in both price of gold and gold shares even if DOW continues on down after Tues & Wed…Our time is near ….GLTA
I mentioned here on Aug 26th that they have not gotten any credit for anything under 350 meters. Again, this is very important because it would dramatically increase the ounce count. In my opinion, all the “blue sky” opinioins out there are worthless until you get to around 5 mil ounces measured and indicated. Gold under 350 meters has not even been mentioned or certified as inferred. I would beleive that potential suitors prefer certified ounces instead of all of this “blue sky” speculation. My gut tells me they raise again before too long and hold off for another 6 to12 months or so. Everyone knows they are running out of $ so the bids will be low for now since the pressure is on Oromion. It is obvious to me that Chet does not want to be forced to sell. Management is in a tough position and some important decisions will have to be made soon. Maybe diluting another 7 to 10% or 11 to 15 million shares at around $1.00 ($11 to 15 million) can bring us 100% higher bid next year. Not a bad tradeoff. Again no one here wants this thing to go to $3 more than me. I just do not see it in the near future. I have not nor will I sell a single share until all is said and done. In fact I added some in the low $.90’s last month as did Chet. The bottom line is that we need more money and or more proven ounces as soon as possible. Once again I hope that my view is too conservative.
Comments please!
Thanks Tony
Tony, Think you are wrong on this one, but – Hey! I think we all have been second guessing this one and most of us are disappointed we stayed in as long as we did. But, who the heck knows… The bottom line is that we cannot change a thing about this board, they are fixed and stubborn in so many ways. I am not sure they will be able to raise funds at $1.00 any longer – Chet has lost a lot of respect among the investment community!! Remember the last one was at $1.30 and look at where we are now??? Don’t think that is agroup to go and ask money from???
Okay, I swore to stop looking at this stock and more so swore to not get involved in the B.S. and here I am once again sucked in 🙂
Blue Sky will be a huge part of the sales price. Tony, I too get to the point I don’t want to read the posts about Oromin but so far I continue to do so. Chet is a great geologist and as I think all realize loves to find gold and probably will continue to do so until either his wife says no or he just gets to old. I for one will continue to hold this stock for as long as it exists. GLTA!
Weak economic data and increased prospects for some form of Q3 (although it may not be called that) should help spot gold to set new all time high(not adjusted for inflation) by end of Sept….May see a week or so of sideways movement before heading towards $2000…But , higher it will go !!
Very nice corporate update!.9 million plus ozs. Sweet!
Mallard where is the corporate update? Who gave you that information?
Corporate Presentation can be found on the Oromin website( check presentations under the major heading of investors) Also on the Oromin Stockhouse bulletin board , socal bernie points out some of the more pertinent items..
Indy – Page 23 (Upside opportunites)
Try this link guys for the Oromin Presentation in Vail. Again, Oromin refers to the project in terms of 9 Million ounces.
http://www.gowebcasting.com/conferences/2011/09/14/precious-metals-summit/day/2
When you get there, click on LAUNCH the presentation and you can listen to the 22 minute audio portion.
http://www.gowebcasting.com/conferences/2011/09/14/precious-metals-summit/day/2
This is old news but the upside for ounces is huge.
This is from the May 12th release on Sedars:
“The infill drill spacing was tight enough so that
the majority of the deep resource expansion at Masato could be categorized as indicated
resources. As a result, OJVG has successfully outlined 721,460 ounces of indicated gold
resources below 2010 Feasibility Study open pit at a grade of 2.1 g/t gold.”
That is a lot of gold at a really good grade for that amount. Notice that they mention INDICATED GOLD RESORCES.
Also from Sedars in the same release:
“At the OJVG’s three largest deposits, the current 0.3 g/t gold grade shell solids extend to an
average depth of only 350 metres below surface. To date, the Golouma (Golouma West and
Golouma South), Kerekounda and Masato deposits have now been successfully intersected at
depths of 900 metres, 560 metres, 490 metres and 565 metres respectively, and all remain open
to depth. (See attached representation of the Golouma Deposit-South deep drilling results to
date). Although insufficient drilling has been conducted to allow classification of this mineral
potential as a resource, the OJVG has targeted these contiguous extensions to the known deposits
with their current drill program and estimated the potential quantity of gold mineralization
beneath the current resource estimates. These deeper potential zones of mineralization have been
defined by extending the known dimensions of the 1.0 g/t gold resource grade shell solids down
dip to a minimum of 675 metres and a maximum of 1000 metres below surface. It should be
recognized that the zones listed have been intersected by multiple drill holes, are areas where
current knowledge of mineralization is sufficient to indicate that these zones are economically
viable, and only represent the down dip potential of the listed deposits. The table below lists the
potential of each of these zones. There are numerous additional targets within the OJVG Gold
Project, including the recent discoveries, that are not included in the list below.”
ditional Mineral Potential at Golouma, Kerekounda and Masato.
ditional Mineral Potential at Golouma, Kerekounda and Masato.Deposit Tonnage Range (Kt) Grade Range Au (g/t)
Golouma 12,000 to 24,000 3 to 5
Kerekounda 2,000 to 3,500 5 to 6
Masato 10,000 to 20,000 1 to 1.5
Most of the juniors have been getting drilled (pun intended) lately. I guess I am just trying to come up with some positive numbers here, but…..as it says up there.
“It should be recognized that the zones listed have been intersected by multiple drill holes, are areas where
current knowledge of mineralization is sufficient to indicate that these zones are economically
viable, and only represent the down dip potential of the listed deposits.”
EVEN HALF OF THAT WOULD BE HUGE!!
As I said a couple of weeks ago, this is going to be a long drawn out process of more drilling and more waiting because I do not think that Chet has been offered anything close to what he believes this concession is worth.
We are just about due for some of our monthly seemingly irrelevant drill results. Sorry about the rambling but I just wanted to vent and hope you guys have some comments!
Thanks, Tony
Where did everyone go.
I am still very bullish on gold ending up 2011 at $2000 to $2250 per ounce. Everyone just hit the reset button when the FEDS put a new spin on a weak economy, Realtiy will once again set in and prices will zoom upward. As far as OLE goes, look to the end of the year for answers!!