Oromin Announces Positive Drilling Results From Several Aspects of Ongoing Resource Expansion Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/18/10 -- Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) -
New Drill Results include:
-- 15.09 g/t Au over 6 metres at Golouma South
-- 10.14 g/t Au over 5 metres at Golouma West
-- 3.47 g/t Au over 8 metres at Kerekounda
-- 6.45 g/t Au over 15 metres at Masato
-- 1.00 g/t Au over 24 metres at Niakafiri Southwest
Oromin Explorations Ltd. ('Oromin'), on behalf of Oromin Joint Venture Group Limited ('OJVG'), is pleased to provide an update to the ongoing 2010 drilling program at the OJVG Gold Project (the 'Project') in eastern Senegal, West Africa. The current drilling is focused on resource and reserve expansion with particular emphasis on Golouma Style, higher grade gold deposits and initial definition drilling of higher grade gold potential beneath the proposed open pit at the Masato deposit. This program also includes the outlining of additional near-surface oxide heap leach potential at the Masato Style Bulk Tonnage deposits such as at Niakafiri Southwest. The current drill program is presently employing five drill rigs.
GOLOUMA STYLE DEPOSITS
As part of OJVG's intention to expand the Golouma Style deposits' higher grade resources amenable to underground mining, one focus of the current drilling campaign is on defining areas of resource/reserve expansion potential at depth, below the existing Golouma West, Golouma South, Kerekounda and Kourouloulou deposits. The Golouma Deposits' indicated resources contain 1,218,000 ounces of gold. Their mineable reserves total 7,364,000 tonnes containing 960,000 ounces of gold at the diluted grade of 4.06 g/t Au (See July 15, September 22 news releases and November 9 Short Form Prospectus for details).
The new drill results plus those previously reported in Oromin's news release, dated September 22, 2010 are listed below and in Appendix A. These drill results 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. Highlights from this drilling include:
15.09 g/t Au over 6 m at Golouma South in DH-860
7.05 g/t Au over 6 m at Golouma South in DH-862
3.19 g/t Au over 6 m at Golouma South in DH-869
3.79 g/t Au over 4 m at Golouma South in DH-873
8.26 g/t Au over 11 m at Golouma South in DH-519(i)
4.15 g/t Au over 12 m at Golouma South in DH-848(i)
2.67 g/t Au over 7 m at Golouma West in DH-863
10.14 g/t Au over 5 m at Golouma West in DH-868
8.12 g/t Au over 7 m at Golouma West in DH-892
3.47 g/t Au over 8 m at Kerekounda in DH-883
8.02 g/t Au over 11 m at Kerekounda in DH-849(i)
10.19 g/t Au over 3 m at Kerekounda in DH-855(i)
49.82 g/t Au over 7 m at Kourouloulou in DH-837(i)
11.18 g/t gold over 7 m at Kourouloulou in DH-853(i)
(i) Previously reported (see news release dated September 22, 2010)
MASATO DEPOSIT - UNDERGROUND
Drill results from the higher grade underground targets below the proposed open pit at the Masato Deposit are very encouraging and continue to confirm the presence of continuous zones of higher grade gold mineralization potentially amenable to underground mining. As with the Golouma Style higher grade deposits, higher grade resources beneath the proposed open pit at Masato are being remodelled, with emphasis on higher grade, continuous zones of mineralization with a minimal underground mining width of 2 metres.
Key results from Masato expansion drilling include: (see Appendix B for details)
1.94 g/t Au over 12 m in DH-859
6.12 g/t Au over 15 m in DH-864
5.13 g/t Au over 3 m in DH-867
3.18 g/t Au over 5 m in DH-872
1.36 g/t Au over 14 m in DH-874
6.78 g/t Au over 2 m in DH-875
2.17 g/t Au over 6 m in DH-875
2.85 g/t Au over 5 m in DH-875
3.38 g/t Au over 4 m in DH-876
3.46 g/t Au over 3 m in DH-877
4.05 g/t Au over 10 m in DH-878
2.45 g/t Au over 8 m in DH-879
4.13 g/t Au over 2 m in DH-881
3.03 g/t Au over 4 m in DH-882
4.73 g/t Au over 2 m in DH-884
4.12 g/t Au over 4 m in DH-884
2.08 g/t Au over 11 m in DH-884
2.86 g/t Au over 4 m in DH-885
2.02 g/t Au over 8 m in DH-885
2.21 g/t Au over 4 m in DH-888
2.10 g/t Au over 14 m in DH-888
1.74 g/t Au over 14 m in DH-888
1.44 g/t Au over 12 m in DH-890
4.35 g/t Au over 10 m in DH-890
3.29 g/t Au over 14 m in DH-890
3.78 g/t Au over 9 m in DH-890
5.31 g/t Au over 3 m in DH-890
2.21 g/t Au over 10 m in DH-891
5.14 g/t Au over 5 m in DH-891
3.16 g/t Au over 7 m in DH-891
1.98 g/t Au over 11 m in DH-891
2.99 g/t Au over 3 in DH-893
2.01 g/t Au over 15 m in DH-893
2.56 g/t Au over 9 m in DH-270(i)
3.60 g/t Au over 7 m in DH-277(i)
2.56 g/t Au over 28 m in DH-279(i)
5.70 g/t Au over 9 m in DH-335(i)
3.21 g/t Au over 19 m in DH-439(i)
6.47 g/t Au over 23 m in RC-201(i)
2.18 g/t Au over 43 m in RC-208(i)
7.89 g/t Au over 7 m in RC-384(i)
3.32 g/t Au over 10 m in RC-408(i)
8.86 g/t Au over 25 m in DH-312(i)
5.24 g/t Au over 5 m in DH-736(i)
6.92 g/t Au over 6 m in RC-295(i)
(i) Previously reported (see news release dated September 22, 2010)
In the Feasibility Study completed by SRK Consulting (Canada) Inc. ('SRK') and filed in July 2010, only the near surface, open pittable portion of the indicated resources at Masato was converted to reserves that would be mined and blended with higher grade gold reserves from the Golouma Style deposits prior to CIL treatment. The Masato Deposit's measured and indicated resources contain 1,640,692 ounces of gold. The open pittable mineable reserves total 10,154,000 tonnes containing 460,000 ounces of gold at a diluted grade of 1.41 g/t Au (See September 22, 2010 news release and November 9 Short Form Prospectus for details).
MASATO STYLE BULK TONNAGE DEPOSITS
There are currently five Masato Style Bulk Tonnage deposits: Masato, Niakafiri Southeast and Niakafiri Southwest, Maki Medina and Kobokoto, of which only the Masato deposit open pit resources and reserves was included in the 2010 Feasibility Study economic analysis. Also, new discoveries have been recently confirmed at Kinemba and Koutouniokollo (see news release dated September 22, 2010). All of these deposits are located over a 13 kilometre known strike length on the west flank of the northeast trending structural corridor that runs through the OJVG project. Drilling has recently commenced at the Niakafiri Southwest deposit where 24 new holes have been drilled over a current strike of approximately 300 metres, of which only results for RC-791 are currently available. Key recent results from these Masato Style Bulk Tonnage deposits include: (see Appendix C for details)
1.00 g/t Au over 24 m at Niakafiri SW in RC-791
1.26 g/t Au over 21 m at Niakafiri SE in RC-790(i)
1.86 g/t Au over 7 m at Kobokoto in RC-778(i)
0.87 g/t Au over 63 m at Kobokoto in RC-783(i)
0.73 g/t Au over 32 m at Kobokoto in RC-784(i)
1.28 g/t Au over 10 m at Kobokoto in RC-787(i)
1.59 g/t Au over 12 m at Kobokoto in RC-788(i)
2.32 g/t Au over 9 m at Kobokoto in DH-836(i)
1.59 g/t Au over 5 m at Kobokoto in DH-838(i)
(i) Previously reported (see news release dated September 22, 2010)
ENGINEERING STUDIES ON HEAP LEACH RESERVE POTENTIAL
OJVG has contracted Ausenco Solutions Canada Inc. ('Ausenco') which is completing a desktop study and valuation of the Project's heap leach potential for the Masato style bulk tonnage deposits. The study will set out the criteria that can be used to define additional resources that would be amenable to heap leach treatment. Oromin believes there is additional reserve potential in lower grade oxide resources that were excluded from the reserves in the Feasibility Study as they did not meet the economic cut-off grade criteria (i.e. 0.7 g/t Au cut-off grade was used for Masato open pit reserves) to be treated at the proposed CIL plant.
RESOURCE AND RESERVES UPDATES Q1 AND Q2 2011
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. The scope of the updated study will not only reflect the updated reserves and underground mining potential at Masato, but also examine anticipated improvements to the plant design that result from ongoing optimization studies presently being carried by Ausenco and inclusion of the results of the current drilling program to year end 2010.
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, 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
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Golouma Style Deposits Results
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Gold
Drill Grid Azimuth/ Interval Grade
Deposit Hole Co-Ordinate Dip From-To (m) (m) (g/t)
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GOLOUMA DH-857 53117N/14926E 110/-60 286-288 2 4.46
SOUTH DH-860 53139N/14905E 110/-60 286-292 6 15.09
incl.289-290 1 35.99
310-316 6 3.85
DH-862 53144N/14865E 110/-60 352-358 6 7.05
incl.355-357 2 18.29
363-366 3 2.77
DH-866 53095N/14900E 110/-60 276-280 4 2.91
incl.279-280 1 9.14
370-371 5 2.39
DH-869 53119N/14870E 110/-60 320-326 6 3.19
370-371 1 8.09
DH-873 53043N/14933E 110/-60 284-288 4 3.79
DH-519(i) 53175N/14942E 110/-60 262-273 11 8.26
incl.271-272 1 44.86
DH-848(i) 53200N/14952E 123/-61 257-269 12 4.15
incl.261-267 6 7.06
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GOLOUMA DH-863 53272N/14845E 015/-60 232-239 7 2.67
WEST incl.237-239 2 6.67
DH-865 53095N/14598E 015/-75 337-339 2 4.28
DH-868 53718N/14303E 107/-78 210-215 5 10.14
incl.211-213 2 16.99
DH-889 53745N/14302E 110/-77 203-206 3 3.06
DH-892 53822N/14185E 148/-64 330-337 7 8.12
incl.330-331 1 47.55
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KEREKOUNDA DH-883 54674N/15222E 060/-60 276-284 8 3.47
DH-849(i) 54484N/15298E 055/-69 322-333 11 8.02
incl.327-332 5 13.85
DH-855(i) 54505N/15199E 060/-62 372-375 3 10.19
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KOUROULOULOU DH-837(i) 53475N/15309E 030/-65 275-282 7 49.82
incl.280-282 2 164.47
and 281-282 1 287.80
DH-853(i) 53530N/15384E 035/-70 197-204 7 11.18
incl.203-204 1 65.29
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(i) 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.
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Appendix B
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Masato Deposit Results below planned open pit
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Gold
Drill Grid Azimuth/ Interval Grade
Deposit Hole Co-Ordinate Dip From-To (m) (m) (g/t)
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MASATO DH-859 59812N/14504E 110/-63 204-216 12 1.94
incl.206-208 2 4.86
59827N/14462E 110/-63 226-241 15 6.12
incl.230-236 6 11.63
and 235-236 1 36.68
DH-867 59820N/14483E 110/-63 185-188 3 5.13
206-221 15 2.06
229-230 1 28.26
DH-872 59867N/14443E 111/-62 164-169 5 3.18
DH-874 59679N/14463E 111/-62 189-203 14 1.36
incl.189-195 6 2.06
DH-875 59720N/14466E 110/-63 166-168 2 6.78
180-186 6 2.17
215-220 5 2.85
DH-876 59750N/14503E 110/-63 203-207 4 3.38
DH-877 59712N/14488E 109/-63 164-167 3 3.46
DH-878 59758N/14482E 110/-63 193-203 10 4.05
DH-879 59774N/14439E 109/-63 198-206 8 2.45
DH-881 59767N/14461E 109/-63 204-206 2 4.13
DH-882 59573N/14469E 115/-62 100-104 4 3.03
141-144 3 2.77
150-154 4 2.50
DH-884 59624N/14446E 115/-68 143-145 2 4.73
186-190 4 4.12
incl.186-188 2 7.62
224-246 22 1.34
incl.231-242 11 2.08
and 240-242 2 5.71
DH-885 59517N/14451E 115/-68 122-126 4 2.86
162-165 3 2.46
221-229 8 2.02
incl.222-224 2 3.79
DH-886 59624N/14445E 115/-76 143-148 5 1.77
164-179 15 6.45
incl.172-179 7 12.61
and 173-175 2 37.60
197-203 6 1.80
226-227 1 14.76
253-261 8 2.19
326-331 5 2.37
incl.299-300 2 3.56
DH-888 59592N/14423E 115/-66 130-134 4 2.21
167-181 14 2.10
incl.178-181 3 4.05
221-235 14 1.74
incl.233-235 2 3.95
DH-890 59495N/14451E 115/-65 144-156 12 1.44
180-190 10 4.35
incl.181-184 3 8.49
200-214 14 3.29
incl.203-207 4 7.42
235-244 9 3.78
incl.235-238 3 5.31
DH-891 59592N/14425E 115/-74 150-160 10 2.21
incl.150-154 4 3.63
172-192 20 2.56
incl.187-192 5 5.14
209-216 7 3.16
211-213 2 5.08
301-312 11 1.98
incl.304-307 3 3.46
DH-893 59509N/14422E 115/-65 105-108 3 2.99
148-163 15 2.01
incl.151-153 2 3.22
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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 2 metres. The
attitude of mineralized intervals varies and reported mineralized
intersections may not represent true widths.
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Appendix C
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Masato Style Bulk Tonnage Deposits Results
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Gold
Drill Grid Azimuth/ Interval Grade
Deposit Hole Co-Ordinate Dip From-To (m) (m) (g/t)
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NIAKAFIRI RC-791 56075N/12642E 090/-50 48-72 24 1.00
SOUTHWEST incl.62-67 5 2.30
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NIAKAFIRI RC-790(i) 56194N/13359E 105/-50 4-25 21 1.26
SOUTHEAST
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KOBOKOTO RC-778(i) 51530N/10585E 130/-50 17-24 7 1.86
RC-779(i) 51556N/10554E 130/-50 53-56 3 1.34
RC-783(i) 51967N/10860E 130/-50 55-118+ 63+ 0.87
RC-784(i) 51993N/10829E 130/-50 78-110+ 32+ 0.73
RC-787(i) 51998N/10886E 130/-50 56-66 10 1.28
RC-788(i) 51881N/10839E 130/-50 44-56 12 1.59
DH-836(i) 51689N/10860E 130/-50 105-114 9 2.32
DH-838(i) 51993N/10829E 130/-50 47-52 5 1.59
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(i) Previously reported. + Terminates in Mineralization.
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 2 metres. The
attitude of mineralized intervals varies and reported mineralized
intersections may not represent true widths.
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Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll-Free (877) 529-8475
(604) 331-8773 (FAX)
dscott@mine-tech.com
www.oromin.com