|September 16, 2008|
Ongoing Drilling Continues To Expand Mineralization At Established Deposits
The bulk of recent drilling and results are from the Masato Deposit where drilling now extends over a strike length in excess of 2,100 metres. We have now completed more than double the 146 holes utilized in the initial resource calculation. Many of these new results are from step-out holes along trend, both to the north and south, to depth and locally up-dip where near surface mineralization was not incorporated in the initial resource calculation.
MASATO GOLD DEPOSIT
The Masato Gold Deposit is located 1.2 kilometres due east of Mineral Deposits Ltd.'s Sabodala Gold Deposits (total resource estimate of 45.5 million tonnes @ 1.88 g/t gold for 2,745,000 ounces) which MDL states is being readied for production in Q1 of 2009. The Masato Gold Deposit is defined by a strong gold-in-soil geochemical anomaly measuring a minimum of 2,600 metres in length by up to 1,200 metres in width. The northern portion of the Masato geochemical anomaly is currently limited by laterite cover which masks the geochemical results.
The Masato Gold Deposit is comprised of a series of closely-spaced northeast trending sub-parallel mineralized zones, dips moderately steeply to the west and remains open in both directions and to depth. Resource shells for Oromin's initial resource calculation at Masato were created based on mineralization identified by core and reverse circulation drilling on 40-metre and locally 20-metre centres over a 1,700 metre strike extent to an average depth of 250 metres.
Drilling to date at Masato has focused on delineating the bulk tonnage gold target at a drill spacing that confirms and extends the strike length and down dip potential of the zone as quickly and efficiently as possible. The intersection of higher grade mineralization (at surface and in drilling - 10 metres of 5.79 g/t Au in DH-293) suggests that, within the broader zone of mineralization at Masato, there are discrete zones/shoots of higher grade gold mineralization. Although delineating these zones is not the focus of the Masato drilling at present, further work will be undertaken to determine the full extent and distribution of the high grade gold mineralization. Understanding the nature and distribution of these zones high grade mineralization may have a significant impact on future resource estimates.
Oromin continues to aggressively drill at Masato with plans to drill the entire currently known 2,600 metre extent prior to the planned resource update.
Some of the most significant new results at Masato include:
An initial five-hole drilling program has begun at the Cloverleaf target situated southwest of the Golouma South deposit. The Cloverleaf target is defined by a 1,000-metre portion of the 3,000-metre Golouma South gold-in-soil geochemical anomaly. Excavator trenching results from the Cloverleaf target included 6.48 g/t gold over 7 metres.
Thus far, four holes have been completed at Cloverleaf, with all four intersecting favourable alteration, shearing, veining and mineralization appearing similar to that observed at both the Golouma South and Golouma West gold deposits. Two of the holes have intersected two very similar looking, sub-parallel altered-mineralized zones of considerable width. Based on this encouragement, we plan to re-enter and deepen the other two previously drilled holes to seek these second alteration zones. Results from the ongoing drilling at Cloverleaf will be presented in subsequent news releases as they become available.
Oromin is continuing its aggressive multi-drill program towards evaluating and expanding the known gold deposits as well as initial drill testing of numerous other gold targets throughout the Property.
Data compilation and interpretations are currently on track towards calculating updates to the initial resource evaluation; the first in Q4 2008 and the next in early 2009.
Doug Turnbull, P. Geo., a "qualified person" for the purposes of National Instrument 43-101, has verified the data disclosed in this news release. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.
Oromin also reports that it has, subject to regulatory approval, reduced the exercise price of 4,231,450 share purchase warrants issued as part of a unit private placement on December 7, 2006 (the "Warrants") from $2.20 per share to $1.22 per share.
In accordance with TSX Venture Exchange policy, the expiry date of the Warrants will be accelerated to shorten the exercise period to a period of 30 days if, for ten consecutive trading days, (the "Premium Trading Days") the closing price of Oromin's common shares exceeds the revised exercise price by the applicable Private Placement discount, or in this case $1.46. The 30 day period will commence seven calendar days after the tenth Premium Trading Day. In the event that the expiry date is not accelerated, the Warrants will expire on the original expiry date of December 7, 2008.
To find out more about Oromin Explorations Ltd., visit www.oromin.com. Please refer to the maps which set out the Sabodala deposits and zones under "investor info/articles and reports" on the website, and our previous news releases, for additional project information.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS RELEASE
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 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. Cautionary note to U.S. investors - the United States Securities And Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company may use certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure contained in the Company's Form 20-F registration statement, file no. 000-30614. The Company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtm
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