Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) -
Total Measured and Indicated Resources are now 3.17 million
ounces gold, up 45% from a year ago, and Inferred Resources are now
0.33 million ounces gold.
New drilling results and Masato underground mining possibility
confirm significant additional expansion potential of resources and
reserves.
-- Golouma Style deposits drilling Highlights:
-- 8.26 g/t gold over 11 metres at Golouma South
-- 4.15 g/t gold over 12 metres at Golouma South
-- 11.18 g/t gold over 7 metres at Kourouloulou
-- 49.82 g/t gold over 7 metres at Kourouloulou
-- 8.02 g/t gold over 11 metres at Kerekounda
-- 10.19 g/t gold over 3 metres at Kerekounda
-- Masato Style deposits drilling Highlights:
-- 1.26 g/t gold over 21 metres at Niakafiri SE
-- 2.32 g/t gold over 9 metres at Kobokoto
-- 1.59 g/t gold over 12 metres at Kobokoto
-- 0.87 g/t gold over 63 metres at Kobokoto
-- 3.62 g/t gold over 13 metres at Koutouniokollo - New discovery
-- 2.40 g/t gold over 10 metres at Kinemba - New discovery
Oromin Explorations Ltd. ("Oromin"), on behalf of Oromin Joint
Venture Group Limited ("OJVG"), is pleased to report several
separate positive developments from current and continuing work on
the OJVG Gold Project in eastern Senegal, West Africa. Earlier this
year, the government of Senegal granted OJVG a 15 year renewable
mining license, paving the way for construction to begin in 2011
and plant commissioning by Q4 in 2012.
Chet Idziszek, President and CEO, stated:
"We believe the OJVG Gold Project has extraordinary potential
for resource growth in the months and years ahead," continued Mr.
Idziszek. "In addition to the nine known gold deposits and two new
bulk tonnage discoveries, all of which remain open for expansion,
there is unrealized higher grade underground potential at Masato.
Also, the project contains numerous exploration targets that
warrant drilling to assess their potential. The items set out in
today's announcement provide wide-ranging and consistent support
for these beliefs. Our work is ongoing on all these fronts, and we
expect to continue an abundant flow of information from the OJVG
Gold Project throughout the months to come."
"A further comprehensive project update utilizing information
obtained to year-end 2010 will be based on optimized engineering
studies and drilling designed to expand and upgrade resources and
reserves. It will include aggressive drilling that will focus on
expanding high grade underground potential at the Golouma deposits
and at Masato as well, in addition to evaluating heap leach mining
potential for lower grade material. Value engineering studies that
are examining opportunities to further improve recoveries and
reduce capital costs are also ongoing. The estimated budget for
this full program to mid 2011 exceeds $30 million."
Resource Increase
OJVG has now received the full resource update completed by DRA
Americas Inc. ("DRA") for the Niakafiri Southeast deposit and the
initial resource estimate at the Niakafiri Southwest and Kobokoto
deposits (these results were not available at the time of the July
15th announcement of the resource update for Masato and the Golouma
deposits). DRA's resource update shows a supplementary increase
from 142,400 inferred ounces to 307,242 ounces of indicated
resources and 56,651 ounces of inferred resources for these three
deposits.
In summary, as shown on the following table, OJVG's total
measured and indicated project resources exceed 3.166 million
ounces of gold - a 45% increase from the July 2009 estimate. In
addition, the inferred resources total 328,000 ounces of gold.
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MINERAL RESOURCE TABLE - SEPTEMBER 2010
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Combined Masato Style Bulk Tonnage & Golouma Style Higher Grade Deposits
(0.4 g/t gold cut-off grade for open pit and 1.0 g/t gold cut-off grade for
underground)
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Gold Grade Contained Gold
Deposit Type Category Tonnes ('000's) (g/t) (ozs)
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Golouma Style Indicated 10,533 3.59 1,218,100
Inferred 1,116 4.15 148,900
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Masato Style Measured 28,551 1.27 1,161,705
Indicated 25,917 1.02 786,229
Inferred 5,067 1.11 178,681
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T O T A L Measured 28,551 1.27 1,161,705
Indicated 36,450 1.76 2,004,329
Measured & 65,001 1.58 3,166,034
Indicated
Inferred 6,183 1.66 327,581
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Golouma Style Higher Grade Deposits
These include Golouma South, Golouma West, Kerekounda and
Kourouloulou whose open pit and underground mineable reserves
(estimated to an average 250-metre vertical depth) total 0.96
million ounces of gold grading 4.06 g/t which have been derived
from the corresponding indicated resources totalling 1.22 million
ounces of gold. These four deposits are located within a 3 x 2
kilometres cluster on the east flank of the northeast trending
structural corridor that runs through the OJVG Project.
These mesothermal-style shear-hosted greenstone vein deposits
are known to extend to considerable depths; for example; at the 50
million ounce Obuassi mine of AngloGold Ashanti resource drilling
is testing underground potential (underground mining started in
1907) at a depth of 2.5 kilometres. As such, Oromin believes that
the Golouma style deposits' potential to extend to at least 1
kilometre in depth is not unreasonable and the extrapolated
resource potential will be simply a multiple of what has been
identified to date. The following table lists new drilling results
down dip and below the confines of the calculated reserves and
confirms strong, wide and high grade continuity of the deposits.
Also see tables 2, 3 and 4 in Oromin's July 15th 2010 press release
for breakdown of mineable reserves.
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Grid Gold
Drill Co- Azimuth/ From-To Interval Grade
Deposit Hole Ordinate Dip (m) (m) (g/t)
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GOLOUMA SOUTH DH-519(i) 53175N/ 110/-60 262-273 11 8.26
814942E
incl.271-272 1 44.86
DH-523(i) 53175N/ 110/-67 275-280 5 5.55
814942E
DH-848 53200N/ 123/-61 257-269 12 4.15
814952E
incl.261-267 6 7.06
DH-854 53099N/ 110/-60 245-249 4 5.81
814960E
incl.248-249 1 13.60
278-280 2 8.52
349-350 1 199.7
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KEREKOUNDA DH-849 54484N/ 055/-69 322-333 11 8.02
815298E
incl.327-332 5 13.85
370-373 3 7.08
DH-852 54518N/ 060/-62 336-344 8 3.99
815257E
incl.336-337 1 31.48
DH-855 54505N/ 060/-62 372-375 3 10.19
815199E
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KOUROULOULOU DH-837 53475N/ 030/-65 275-282 7 49.82
815309E
incl.280-282 2 164.47
incl.281-282 1 287.8
DH-842 53466N/ 030/-65 84-85 1 69.24
815280E
DH-853 53530N/ 035/-70 197-204 7 11.18
815384E
incl.203-204 1 65.29
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(i) Previously released but not included in the 2010 Feasibility Study.
Mineralized intervals are based on 1-metre samples utilizing 0.50 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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Masato Style Bulk Tonnage Deposits
These are comprised of five oxide-rich bulk tonnage deposits:
Masato, Niakafiri Southeast and Niakafiri Southwest, Maki Medina
and Kobokoto, of which only the Masato deposit was included in the
2010 Feasibility Study economic analysis. In addition, two new
discoveries were recently confirmed at Kinemba and Koutouniokollo.
All of these seven deposits, along with MDL's Sabodala mine
deposit, are located over a 13 kilometres extent on the west flank
of the northeast trending structural corridor that runs through the
OJVG project.
The Masato deposit is the largest on the OJVG Project. It
extends over 1.8 kilometres and is comprised of 6 parallel zones,
the largest being the 5100 zone and contains mineable reserves of
460,000 ounces of gold at 1.4 g/t within a shallow (125 metres
deep) modelled open pit. However, as the measured and indicated
resources total 1,640,692 ounces of gold plus an additional 31,148
ounces of inferred resource, only 28% of these resources have been
included to date in the reserve pit. Extensive higher grade
underground mining potential exists below the modelled pit as shown
on the attached Masato 5100 zone long section. This potential
mining opportunity was not evaluated in the 2010 Feasibility Study
but is now the focus of drilling, the results of which will be
included in the next resource and reserve update. These potential
underground resources are also open to further expansion at depth.
The following list of previously released drill results illustrates
thick and high grade intervals located below the modelled Masato
pit.
-- 6.47 g/t gold over 23 metres -- 5.70 g/t gold over 9 metres in
in RC-201 DH-335
-- 2.18 g/t gold over 43 metres -- 2.76 g/t gold over 10 metres
in RC-208 in DH-338
-- 2.56 g/t gold over 9 metres in -- 7.89 g/t gold over 7 metres in
DH-270 RC-384
-- 3.60 g/t gold over 7 metres in -- 3.32 g/t gold over 10 metres
DH-277 in RC-408
-- 2.56 g/t gold over 28 metres -- 3.21 g/t gold over 19 metres
in DH-279 in DH-439
-- 6.92 g/t gold over 6 metres in -- 7.22 g/t gold over 4 metres in
RC-295 RC-465
-- 8.86 g/t gold over 25 metres -- 5.24 g/t gold over 5 metres in
in DH-312 DH-736
Results from the other six Masato Style deposits, including the
new discoveries at Koutouniokollo and Kinemba further enhance
additional open pit resource potential which collectively may, with
further drilling, prove larger than the current Masato open pit
reserves. The Kinemba and Koutouniokollo discoveries are located
two kilometres east and south of the Kobokoto deposit.
A significant portion of the bulk tonnage resources defined to
date consist of soft oxide mineralization that allows for expanded
mill throughput from 4,500 tonnes per day to 7,400 tonnes per day.
In addition, this oxidized material has the potential for low cost
heap leach processing, which is currently being evaluated by
Ausenco Solutions Canada Inc. Heap leach testing at Masato returned
gold recoveries at 82.7%. All six of these deposits are open to
further expansion by drilling.
The following table lists new drilling results, all of which
could add new resources to the current update.
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Grid Gold
Drill Co- Azimuth/ From-To Interval Grade
Deposit Hole Ordinate Dip (m) (m) (g/t)
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Niakafiri SE RC-790 56194N/ 105/-50 4-25 21 1.26
13359E
incl.11-15 4 2.33
55-62 7 1.22
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Kobokoto RC-778 51530N/ 130/-50 17-24 7 1.86
10585E
RC-779 51556N/ 130/-50 53-56 3 1.34
10554E
RC-783(i) 51967N/ 130/-50 55-118+ 63+ 0.87
10860E
incl.61-70 9 1.48
RC-784(i) 51993N/ 130/-50 78-110+ 32+ 0.73
10829E
incl.96-103 7 1.05
RC-786 52023N/ 130/-50 79-83 4 1.21
10855E
RC-787 51998N/ 130/-50 56-66 10 1.28
10886E
RC-788 51881N/ 130/-50 44-56 12 1.59
10839E
incl.49-53 4 2.90
DH-836 51689N/ 130/-50 105-114 9 2.32
10860E
incl.108-110 2 8.61
DH-838 51993N/ 130/-50 47-52 5 1.59
10829E
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Koutouniokollo DH-808 50671N/ 115/-50 63-71 8 1.97
812367E
incl.68-69 1 8.30
105-111 6 1.58
DH-811 50688N/ 115/-50 88-94 6 1.49
812382E
DH-813 50689N/ 115/-65 98-103 5 3.86
812382E
DH-820 50670N/ 115/-65 92-126 34 1.44
812351E
incl.92-95 3 2.90
and 120-126 6 3.07
DH-823 50703N/ 115/-50 5-19 14 3.29
812388E
incl.14-18 4 5.85
DH-827 50704N/ 115/-65 6-19 13 3.62
812387E
incl.7-8 1 16.82
DH-831 50671N/ 115/-65 127-134 7 1.41
812365E
DH-843 50715N/ 115/-65 33-34 1 54.46
812319E
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Kinemba DH-795 49400N/ 090/-55 46-51 5 1.92
811430E
DH-803 49400N/ 090/-55 35-41 6 1.07
811300E
141-151 10 2.40
incl.142-144 2 7.29
DH-810 49440N/ 090/-55 16-21 5 1.73
811375E
42-49 7 1.64
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(i)Hole ends in mineralization.
Mineralized intervals are based on 1-metre samples utilizing 0.25 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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Of particular note are the wide mineralized intervals in drill
holes RC-783 and RC-784 both of which ended in mineralization at
Kobokoto. These two holes are located near the northernmost portion
of the Kobokoto deposit and may represent an area of appreciable
thickening of the deposit in this direction.
Value Engineering Initiatives
Along with ongoing drilling programs designed to expand and
upgrade existing resources and reserves, value engineering studies
are under way. These studies are:
1. evaluating the four deposits (Niakafiri Southeast and Southwest, Maki
Medina and Kobokoto) not included in the feasibility study and
incorporate them into future mine plans;
2. evaluating potential for heap-leach processing; and
3. examining opportunities to improve recoveries and reduce capital costs.
Technical Protocols - DRA Mineral Resource Estimate
In May 2010, the OJVG engaged DRA to complete mineral resource
estimates for the Masato, Maki Medina, Niakafiri SE, Niakafiri SW
and Kobokoto Deposits, using drill data collected after the
Feasibility Study cut-off dates in Q1 of 2010. For the DRA
estimates of these bulk tonnage deposits, only drill data up to
June 2010 were utilized.
All of the resources were modeled by OJVG geologists at various
cut-off grades depending on the style and depth of mineralization.
Ore shells for each mineralized zone were submitted and reviewed by
DRA, prior to block modeling. Final measured, indicated and
inferred resource tonnage, gold grade and gold content were
reported at a 0.40 g/t gold cut off grade. Variogram models were
created for all of the grade shell solids and appropriately capped
for the purposes of this estimation. All samples were composited to
1 metre and ordinary Kriging was the method of interpolation
utilized. The reader is cautioned that the results from the DRA
resource estimate were not constrained by an optimized pit shell
and a cut off grade of 0.40 g/t gold was used for the purposes of
reporting mineral resources that have "reasonable prospects" for
economic extraction by an open pit and do not represent mineral
reserves.
Qualified Persons
The DRA resource estimate update was prepared by Dexter
Ferreira, P. Nat. Sci., a QP as defined by National Instrument
43-101.
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
To view map 1: Gold Deposits & Targets, please visit the
following link: http://media3.marketwire.com/docs/olemap1.pdf.
To view map 2: Masato Deposit, please visit the following link:
http://media3.marketwire.com/docs/olemap2.pdf.
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.
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