Oromin Explorations Ltd (2) (C:OLE) Shares Issued 63,600,750 Last Close 2/4/2008 $3.66 Tuesday February 05 2008 - News Release
Mr. Chet Idziszek reports:
SABODALA 2008 PROGRAM AND OBJECTIVES ESTABLISHED AND EXPANDED TO INCLUDE > 140,000 METERS DRILLING > INITIAL RESOURCE CALCULATION IN END OF APRIL > START OF PREFEASIBILITY STUDY CONTINUING EXCELLENT ASSAYS FROM LATEST 2007 DRILL PROGRAM
Highlights
- Latest 2007 drilling results expand mineralization at Golouma West, Golouma South and Masato Deposits including:
10 metres of 8.14 g/t gold in DH-174 at Golouma West 3 metres of 50.39 g/t gold in RC-170 at Golouma South 24 metres of 2.49 g/t gold in RC-166 at Masato Detailed sampling at undrilled 1km long Niakafiri Southwest Target outlines highest grade soil anomaly to date - (350-metre length at 3.29 g/t gold) - drilling to start shortly Initial resource calculation by SRK scheduled for end of April, followed by updates and start of prefeasibility study 2008 drilling program @ 140,000 metres will continue resource drilling and evaluate all other targets with 5 rigs
Oromin Explorations Ltd. ("Oromin") is pleased to announce the approval and initiation of its 2008 exploration and engineering program, additional results from the ongoing step-out and in-fill drilling program at the Golouma West, Golouma South (Northeast Zone) and Masato Gold Deposits, and the significant upgrading of the Niakafiri Southwest Target to drill ready status.
Oromin's current drilling program is focused on resource delineation of the project's numerous gold zones and deposits. More than 75,000 metres of drilling is expected to be included in the project's initial resource estimate scheduled for late April. The approved 2008 program has been expanded to 140,000 metres of drilling. This program will continue resource drilling of the known and newly outlined gold deposits at depth and along trend, and initial evaluation of all the remaining significant targets established within the concession. SRK Consulting (Canada) Inc. has been hired to complete baseline studies, metallurgical testwork, and further resource updates and to begin a preliminary feasibility study during the year.
Results from the ongoing property-wide exploration program continue to support Oromin's model of multiple gold deposits within the Sabodala Project. The 2007 drill program ended December 15th and our 2008 program commenced January 12th. The following results, including those listed in the Schedule attached, set out the remainder of the 2007 drilling program.
GOLOUMA WEST GOLD DEPOSIT
The Golouma West Gold Deposit has now been traced over 1,500 metres on surface, to over 300 metres at depth and remains open in all directions. Oromin is drilling this deposit on 40-metre, and locally 20-metre, centres using both reverse circulation and diamond core rigs.
The results continue to expand mineralization both laterally and to depth. Some of the most significant include:
Drill Hole From (m) Interval (m) Gold (g/t)
------------------------------------------------
RC-150 33 5 6.00
RC-151 62 16 2.87
DH-169 277 13 3.49
DH-174 185 10 8.14
DH-177 193 17 3.51
DH-181 306 16 2.26
GOLOUMA SOUTH GOLD DEPOSIT (NORTHEAST ZONE)
The Golouma South gold deposit ("main zone") is centred within a 3-kilometre northeast trending gold geochemical anomaly that flanks the southeast side of the extensive Golouma gold geochemical complex of anomalies. The deposit also trends northeast and dips moderately steeply to the west. It is currently being drilled on 40-metre and locally 20-metre centres.
The Northeast Zone is located approximately 500 metres to the north of the Golouma South "main zone". Based on limited drilling to date and the results listed below, an easterly trending and south dipping gold mineralized zone has been outlined over a 100-metre extent, 150-metre depth and remains open in all directions. To date, the mineralized zone is narrower on average than the Golouma South "main", Golouma West and Masato deposits but the grade is significantly higher.
Management expects the Northeast Zone to intersect the extrapolated extension of the Golouma South "main zone" some 250-300 metres to the east of current drilling. It is an excellent high priority target that will be drilled on minimum 40-metre centres.
From the Northeast Zone, some of the most significant results including those previously released (i) are:
Drill Hole From (m) Interval (m) Gold (g/t)
------------------------------------------------
RC-170 76 3 50.39
RC-174 89 4 12.50
RC-176 51 5 19.97
RC-177 38 3 16.33
DH-67(i) 145 2 25.07
DH-68(i) 109 1 162.3
DH-72(i) 81 3 98.37
DH-73(i) 162 8 17.61
MASATO GOLD DEPOSIT
The Masato Gold Deposit is coincident with a strong gold-in-soil geochemical anomaly 2.6 kilometres in length by up to 1.2 kilometres in width and is located 1.2 kilometres due east of the 1.9 million ounce Sabodala Gold Deposit that is being readied for production by Mineral Deposits Ltd. (see Mineral Deposits Ltd. August 16, 2007 news release). Oromin has recently initiated resource drilling at 40-metre centres over portions of this large mineralized zone using both reverse circulation and diamond core rigs.
Current drilling of this large deposit continues to show excellent lateral and vertical continuity of the gold mineralization. Of particular interest is the section to section continuity of near surface thicker mineralization, e.g. 39 metres grading 2.05 g/t gold in RC-163 and 24 metres grading 2.49 g/t gold in RC-166.
Some of the most significant new results at Masato include:
Drill Hole From (m) Interval (m) Gold (g/t)
------------------------------------------------
RC-156 39 31 1.66
RC-157 35 30 1.75
RC-162 42 27 2.26
RC-163 44 39 2.05
RC-165 101 11 4.68
RC-166 29 13 2.65
RC-166 55 24 2.49
RC-167 55 19 2.01
RC-180 103 15 2.23
NIAKAFIRI SOUTHWEST TARGET
Recent detailed soil sampling (25-metre stations on 50-metre lines) at this undrilled 1 kilometre long target has outlined the highest grade gold-in-soil geochemical anomaly found to date on the concession. The peak anomaly, as defined by a 0.5 gram gold contour, averages 3.29 g/t gold over a 350 metre length and up to a 100 metre width. It is based on 23 samples ranging from 0.59 g/t gold to 12.07 g/t gold. This anomaly is on trend of MDL's Niakafiri gold deposit located approximately 1 kilometre to the northeast. Drilling is scheduled to start within the next two weeks.
OTHER GOLD TARGETS
In addition to the Niakafiri Southwest target, examples of other gold targets to be drill-tested during 2008 include the following, each of which returned excellent initial trench results similar to the initial trench results at Golouma prior to Oromin's first drilling success there.
Target Interval (m) Gold (g/t)
---------------------------------------
Sekoto 12 3.78
Korolo 13 3.22
Maleko 5 6.21
Clover Leaf 7 6.48
Kinemba 8 5.49
Kinemba West 3 1.11
Fieldwork was carried out under the supervision of Gerald McArthur, P. Geo., a "qualified person" for the purposes of National Instrument 43-101, who has verified the data disclosed in this news release. 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. 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
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 mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks.
Mineralized intervals are based on 1-metre composite samples utilizing a 0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
