Projects

Ownership:

Oromin Explorations Ltd. ("Oromin") (43.5%) and its partners, Bendon International (43.5%) and Badr Investments (13%) recently formed Somigol, the Senegalese operating company for the Project. Somigol owns 100% of the Project subject to a 10% carried interest held by the government of Senegal. Oromin is the project operator.

Geology:

The Project is underlain by the Early Proterozoic, Birimian-age Mako Group, an orogenic greenstone belt comprising metavolcanics, sediments and lesser intrusives. These rocks are part of the Kedougou-Kinieba inlier and are locally crosscut by splays of the Kakadian-Kerekoto shear zone. The structural and geological setting is similar to world-class gold camps in West Africa and Canada, known for hosting multiple long-lived mines with extensive lateral and vertical dimensions.

Exploration History:

Oromin and its partners secured rights to the Project through an open tender process in 2004. Initial exploration focused on methodical evaluation on a property-wide scale which included reconnaissance prospecting, geochemical sampling, geophysical surveys and geological/structural mapping. Subsequent exploration activities advanced to detailed sampling, mechanical trenching and extensive drilling, both reverse circulation and diamond core drilling.

Currently, 14 gold deposits have been discovered on this advanced exploration property, all of which remain open to further expansion. In addition, a minimum of 14 early-stage prospects have also been identified by ongoing exploration activities.

Opportunity:

The Project is an advanced stage, low risk, construction-ready gold project located in a stable and mining-friendly host nation.

Oromin recently announced a robust Carbon-in-Leach ("CIL") Feasibility Study and Mineral Reserve update as well as a positive Heap Leach Preliminary Economic Assessment ("PEA") update on the Project (Oromin New Releases Jan 31/2013).

The total indicated resource for all deposits at the Project is 75.21 million tonnes grading 1.56 g/t Au containing 3.78 million ounces of gold. The total inferred resource for all deposits at the Project is 17.33 million tonnes grading 1.73 g/t Au, containing 0.96 million ounces of gold.

Mineral Resource Table -- September 2012
Deposit Type	Category	Tonnes (000's)	Gold Grade (g/t)	Contained Gold (oz)
Golouma Deposits	Indicated Inferred	13,685 5,455	3.18 3.43	1,400,000 601,000
Masato Deposit	Indicated Inferred	44,970 3,527	1.34 1.13	1,933,000 128,000
Sub-Total	Indicated Inferred	58,655 8,982	1.77 2.52	3,333,000 728,000
Heap Leach Deposits	Indicated Inferred	16,551 8,346	0.84 0.87	445,000 234,000
Total	Indicated Inferred	75,206 17,329	1.56 1.73	3,778,000 963,000

As set out in the 2013 CIL Feasibility Study, the Project's current Probable Reserve is 2.34 million ounces (28 MT grading 2.59 g/t Au). This is currently the largest gold reserve in Sénégal.

Mineral Reserve Table -- January 2013
Deposit Type	Category	Tonnes (000's)	Gold Grade (g/t)	Contained Gold (oz)
Golouma Deposits	Probable OP Probable UG Probable Sub-Total	2,902 6,122 9,024	2.38 4.52 3.83	222,000 890,000 1,112,000
Masato Deposit	Probable OP	18,987	2.00	1,223,000
Total Probable		28,011	2.59	2,335,000

CIL Feasibility Study Highlights (January 2013):

• Net Present Value ("NPV") pre-tax of $740 million and after-tax of $558 million at a 5% discount rate and evaluation price of $1550 per ounce of gold, generating an after-tax Internal Rate of Return ("IRR") of 27.7% with a 23 month payback
• Average annual gold production for first three years of full production at 182,000 payable ounces per year at a $489 operating cash cost per ounce
• Average annual life of mine ("LOM") gold production of 144,000 ounces per full milling year at an LOM operating cash cost of $654 per ounce
• Open pit and underground gold mining complex with a current mine life of 17 years
• Probable mineral reserves increase by 64% to 2.335 million ounces of contained gold since the 2010 Feasibility Study - the Project now hosts the largest gold reserve in Senegal
• Average LOM gold recovery of 90.8%
• Estimated start-up capital cost of $ 297.1 million, including $ 27.9 million contingency

Heap Leach PEA Study Highlights (January 2013):

• A proposed Heap Leach operation provides an opportunity to capture value from lower grade resources on the project. The Heap Leach operation would be entirely additive to the CIL process value.
• At a gold price of $1,550/oz the pre-tax NPV is $98 million and after-tax is $76 million at a 5% discount rate generating an after-tax IRR of 36% with a 1.9 year payback
• Average annual gold production for the first three years of full production is 36,000 ounces per year at a $760 operating cash cost per ounce
• Average annual LOM gold production is 27,000 ounces per year at an operating cash cost of $929 per ounce
• Several open pit gold deposits will provide a Heap Leach production period of just over 14 years
• Average LOM gold recovery of 70%
• Based on the assumption that the Heap Leach operation would be an extension to the proposed CIL operation, the estimated Heap Leach start-up capital cost is $54 million including a $10.5 million contingency

Future opportunities, optimization and Project upside include the following:

• Intermediate cut-off grade stock piling during mining phase
• Optimization of the Mine Schedule to maximize Project NPV
• Trade off study of ultimate destination for current heap leach designated resources (Heap Leach vs. CIL processing). Potential exists to re-direct a large percentage of the Heap Leach designated resources into the CIL process operation.
• Throughput capacity expansion review for both CIL and Heap Leach operations towards maximizing project NPV.
• Exploration potential remains excellent, both at the known gold deposits, which all remain open to possible further expansion, and at 14 additional exploration targets. This significant exploration upside could potentially support future plant expansion, increased throughput capacity, extended mine life and increased annual gold production.

The granting of a 15 year renewable mining license, the receipt of the Government of Sénégal approved Environmental and Social Impact Assessment ("ESIA"), the formation of a Sénégalese operating company (Somigol) and the robust CIL Feasibility Study pave the way for the development of Sénégal's next gold mine.

OJVG believes that continued positive ongoing exploration and engineering success will add considerable value to the Project via substantial increase in open pit and underground mining potential and extended mine life. When referring to the following table outlining peer company resources, the OJVG Golouma Gold Project compares very positively in both total Measured and Indicated Resources and average gold grade.

Oromin is continuing to work with its OJVG partners and its financial advisors RBC Capital Markets to assess development, financing and strategic alternatives towards maximizing project value.