Oromin Explorations Ltd.: Sabodala Property Results Continue to Expand New Discoveries and Extend Limits of Mineralization at OJVG’S Combined Open Pit and Underground Deposits
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Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) -

HIGHLIGHTS

– Drilling at the higher grade Epsilon (Kourouloulou) and Kerekounda
Deposits continues to intersect mineralization with grades favourable
for underground mining including:

Kourouloulou Kerekounda
———————— ————————
– 16.83 g/t gold over – 51.71 g/t gold over
3 metres in DH-560 1 metre in DH-582
– 29.64 g/t gold over – 15.44 g/t gold over
2 metres in DH-568 3 metres in DH-591
– 14.50 g/t gold over – 4.87 g/t gold over
5 metres in DH-597 10 metres in DH-596

– Drill results from the Cloverleaf (Koulouquinde) Prospect suggest that
it may become another higher grade gold deposit with considerable
underground mining potential, with recent results including:

– 13.13 g/t gold over 3 metres in RC-649
– 96.45 g/t gold over 1 metre in RC-653
– 14.24 g/t gold over 7 metres in RC-655

– Successful trenching at a New Discovery of near surface oxide
mineralization at Kobokoto South includes intervals of 1.25 g/t gold
over 35 metres, 1.91 g/t gold over 9 metres and 3.42 g/t gold over 5
metres.

Oromin Explorations Ltd. (“Oromin”) on behalf of the Oromin Joint Venture Group Limited (“OJVG”), is pleased to provide a drilling update and summary for the ongoing exploration program at its Sabodala Gold Project in eastern Senegal, West Africa. As at December 2009, OJVG has outlined 7 gold deposits and 18 gold targets within a 22 km long, 5 to 8 km wide, northeast trending structural corridor.

The 2009 drilling program has concluded and the 2010 drilling campaign will re-start in early January 2010.

Since the most recent OJVG resource update in August, 2009, 182 additional RC and core drill holes have been completed. The focus of the current drilling is the outlining of additional resources at the higher grade Golouma area deposits for their inclusion in a resource update due in Q2, 2010. These deposits include the most recent high grade discoveries at Epsilon (“Kourouloulou”) and Cloverleaf (“Koulouquinde”) and the high grade, down-dip extensions of the current indicated resources at the Kerekounda, Golouma West and Golouma South deposits.

All of these deposits host combined open pit and underground mining opportunity.

For more complete results and descriptions of these numerous gold deposits, please refer to previous news releases dated May 14, 2009, September 9, 2009 and October 7, 2009.

KOUROULOULOU DEPOSIT

Significant gold mineralization at the Kourouloulou (formerly named Epsilon) open pit and underground deposit was announced in May 2009. Since then 67 additional drill holes have been completed outlining a multiple quartz vein system over a strike length of 220 metres and to depths of 200 to 225 metres. The Kourouloulou mineralized zones remain open to expansion along strike as well as to depth. OJVG is drilling the deposit at closely spaced centres with the focus of outlining Indicated Resources for the planned Q2, 2010 resource update. All of the recent results and pending results for four additional holes, will be included in the Q2, 2010 resource update. Significant results include the following:

———————————————————————
Kourouloulou Deposit
———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
RC-170(i) 53568N/5486E 030/-50 76-79 3 50.39
———————————————————————
RC-176(i) 53590N5454E 030/-50 51-56 5 19.97
———————————————————————
RC-578(i) 53553N/5375E 030/-50 56-68 12 10.20
———————————————————————
RC-579(i) 53501N/5345E 030/-50 192-204 12 23.53
209-217 8 16.54
———————————————————————
RC-637(i) 53565N/5383E 030/-50 35-42 7 24.56
———————————————————————
DH-456(i) 53528N/5337E 030/-50 104-106 2 13.09
———————————————————————
DH-505(i) 53559N/5396E 030/-45 40-44 4 81.10
———————————————————————
DH-520(i) 53553N/5410E 030/-45 48-51 3 27.79
———————————————————————
DH-522(i) 53553N/5410E 030/-60 52-56 4 196.27
———————————————————————
DH-524(i) 53553N/5410E 030/-75 161-162 1 58.02
———————————————————————
DH-540 53563N/5435E 030/-50 93-95 2 29.26
———————————————————————
DH-544 53568N/5417E 030/-45 77-79 2 14.13
———————————————————————
DH-557 53777N/5527E 360/-45 41-43 2 7.04
———————————————————————
DH-560 53601N/5515E 030/-50 78-81 3 16.83
incl.79-80 1 45.28
———————————————————————
DH-568 53818N/5547E 360/-65 47-49 2 29.64
incl.48-49 1 50.91
———————————————————————
DH-579 53582N/5408E 030/-70 24-30 6 6.87
incl.27-30 3 11.95
105-107 2 6.61
———————————————————————
DH-581 53600N/5419E 030/-70 65-67 2 6.17
———————————————————————
DH-588 53512N/5388E 030/-65 83-84 1 35.39
182-183 1 15.50
———————————————————————
DH-592 53545N/5406E 030/-65 147-148 1 6.17
———————————————————————
DH-594 53545N/5406E 030/-80 203-204 1 6.53
———————————————————————
DH-597 53574N/5422E 030/-68 38-43 5 5.35
incl.42-43 1 17.70
103-108 5 14.50
incl.103-105 2 33.66
———————————————————————
(i) Previously Released

KEREKOUNDA DEPOSIT

To the end of the OJVG’s 2009 drill program, a total of 28 additional holes have been completed at the Kerekounda open pit and underground deposit beyond those included in the August 2009 resource update. The majority of these holes were deep step-outs targeting higher grade mineralization both down-dip and laterally from previously defined Indicated Resources. Successful drilling results from these holes, including the most recent, will expand the mineralization beyond previous resource outlines which should further enhance the underground mining opportunity at Kerekounda.

Furthermore, these successful drill holes confirm that the higher grade zones comprising the Kerekounda deposit remain open to expansion both laterally and to depth, providing a future resource expansion opportunity. All of the recent results and pending results for two additional holes will be included in the Q2, 2010 resource update. Significant results include the following:

———————————————————————
Kerekounda Deposit
———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
RC-458(i) 54677N/5409E 060/-60 112-122 10 7.15
———————————————————————
RC-463(i) 54701N/5457E 060/-70 66-73 7 25.34
———————————————————————
RC-535(i) 54627N/5458E 060/-60 86-98 12 15.33
———————————————————————
DH-415(i) 54616N/5441E 060/-60 116-121 5 12.22
———————————————————————
DH-424(i) 54665N/5415E 060/-60 112-116 4 14.89
———————————————————————
DH-426(i) 54588N/5255E 060/-60 287-300 13 10.12
———————————————————————
DH-468(i) 54584N/5209E 060/-50 311-318 7 12.45
———————————————————————
DH-488(i) 54541N/5204E 060/-54 360-369 9 7.17
———————————————————————
DH-578 54552N/5242E 060/-60 322-324 2 12.59
———————————————————————
DH-582 54461N/5396E 060/-68 274-275 1 51.71
———————————————————————
DH-589 54513N/5288E 060/-59 308-311 3 8.35
335-336 1 9.00
———————————————————————
DH-591 54484N/5298E 060/-60 312-315 3 15.44
incl.314-315 1 43.09
340-344 4 7.89
incl.342-343 1 23.89
———————————————————————
DH-596 54584N/5191E 056/-53 325-335 10 4.87
incl.328-331 3 7.89
———————————————————————
DH-605 54577N/5232E 059/-62 319-321 2 28.05
incl.320-321 1 53.10
———————————————————————
(i) Previously released

GOLOUMA WEST AND GOLOUMA SOUTH DEPOSITS

At the conclusion of OJVG’s 2009 drill program, a total of 33 additional holes had been completed at the Golouma West and Golouma South open pit and underground deposits, beyond those holes included in the August 2009 resource update. The majority of these holes targeted higher grade mineralization as deep step-out holes both down-dip and laterally from previously defined Indicated Resources. Successful drilling results from these holes, including the most recent sequence of holes, will expand mineralization beyond previous resource outlines, enhancing underground mining opportunities at both deposits.

Based on the favourable results from recent drilling at Golouma West and Golouma South, expansion opportunities both laterally and to depth have been confirmed. All of the recent drilling results, plus additional pending results for four additional holes, will be included in the Q2, 2010 resource update. Significant results include the following:

———————————————————————
Golouma West Deposit
———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
DH-434(i) 53265N/4706E 015/-60 304-313 9 13.39
———————————————————————
DH-517(i) 53355N/4658E 015/-70 275-279 4 6.27
———————————————————————
DH-526(i) 53355N/4634E 015/-70 302-305 3 9.94
———————————————————————
DH-539(i) 53299N/4673E 015/-67 311-321 10 17.54
———————————————————————
DH-587 53574N/4408E 016/-60 120-137 17 2.84
Incl.128-132 4 5.41
146-149 3 3.10
———————————————————————
DH-590 53510N/4370E 016/-62 237-242 5 4.07
———————————————————————
(i) Previously released

———————————————————————
Golouma South Deposit
———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
RC-555(i) 52593N/4999E 110/-64 159-168 9 12.79
———————————————————————
RC-557(i) 53058N/4955E 110/-59 257-263 6 8.01
———————————————————————
DH-519(i) 53163N/4959E 110/-60 262-273 11 8.26
———————————————————————
DH-523(i) 53138N/4959E 110/-67 275-280 5 5.55
———————————————————————
DH-528(i) 53095N/5008E 110/-60 200-204 4 12.52
———————————————————————
DH-545 52958N/5135E 110/-60 38-46 8 4.29
incl.38-42 4 6.04
———————————————————————
DH- 548 52949N/5108E 110/-60 51-55 4 4.71
incl.54-55 1 13.99
———————————————————————
(i) Previously released

KOULOUQUINDE PROSPECT

Recent drilling at the Koulouquinde Prospect (formerly named Cloverleaf) is indicating that this prospect may become the newest gold deposit offering a higher-grade open pit and underground mining opportunity for OJVG.

The intent of the recent drilling program at this prospect is to have enough drill information to be included in the Q2, 2010 resource update.

Oromin has recently completed 16 reverse circulation holes at the Koulouquinde (Cloverleaf) prospect to follow up previous favourable results of 41.98 g/t gold over 1 metre in RC-642 at the North Koulouquinde zone and 6.78 g/t gold over 5 metres in RC-644 at the Main Koulouquinde vein system. Available results from the recent drilling listed in the accompanying table are all from the Main Koulouquinde vein system, except for RC-653 (96.45 g/t gold over 1 metre) that is from the North Koulouquinde zone. Drilling has now tested the Main Koulouquinde vein system over a strike extent of approximately 200 metres and to depths of approximately 125 to 150 metres below surface. Both the Main Koulouquinde and North Koulouquinde zones remain open to expansion. Results are pending for six of the holes recently completed at the Koulouquinde prospect.

Significant results from the recent drilling at the Koulouquinde prospect are summarized in the following table:

———————————————————————
Koulouquinde Prospect
———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
RC-648 52365N/4485E 340/-68 16-19 3 5.18
125-126 1 7.00
———————————————————————
RC-649 52380N/4525E 340/-50 74-77 3 13.13
incl.74-75 1 29.46
———————————————————————
RC-653 52705N/4418E 220/-50 156-157 1 96.45
———————————————————————
RC-655 52382N/4480E 015/-50 48-55 7 14.24
incl.48-51 3 30.92
incl.49-50 1 66.53
71-72 1 9.19
143-144 1 30.86
———————————————————————

NEW DISCOVERY

KOBOKOTO SOUTH PROSPECT

Kobokoto South (formerly named Gamma) is an open-ended NE-SW trending, greater than 50 ppb gold-in-soil Geochem anomaly measuring a minimum of 1,300 metres in strike extent containing a high value of 1,990 ppb gold. Rock sampling results include values of up to 6.33 g/t gold and 7.48 g/t gold within the soil anomaly.

Oromin recently completed a series of twelve excavator trenches covering a 1,000 metre strike extent of this Prospect. Field observations indicate that hosting geology, alteration, structure and mineralization are very similar to the near-surface oxide mineralization previously observed in trenches and drilling at the Masato, Niakafiri and Maki Medina deposits. Favourable trench results from this phase of exploration include:

– 1.85 g/t gold over 4 metres in TRX-329
– 1.21 g/t gold over 11 metres, including 2.39 g/t gold over 3 metres
in TRX-330
– 1.91 g/t gold over 9 metres, including 3.59 g/t gold over 2 metres
in TRX-332
– 1.85 g/t gold over 5 metres in TRX-334
– 2.03 g/t gold over 5 metres in TRX-335
– 1.25 g/t gold over 35 metres, including 23.53 g/t gold over 1 metre,
3.64 g/t gold over 1 metre and 2.58 g/t over 3 metres in TRX-336
– 3.42 g/t gold over 5 metres in TRX-337

Additional trenching and drilling evaluation is planned for Kobokoto South in next year’s exploration program.

Technical supervision

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.

Mineralized intervals for reported drill hole intersections are based on 1-metre samples utilizing a 1.0 g/t gold cut-off level. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths.

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 Corporate Presentation in the “Investors/Presentations” section of 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 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

Christmas is coming and, as well as trying to decide what books to buy for the book lovers in my life, it’s time for me to look back over the past 12 months and tell you about the highlights of my reading year.

One of the titles that stands out from the early part of the year is The Guernsey Literary and Potato Peel Pie Society by Mary Ann Schaffer and Annie Burrows [Bloomsbury £10.99 9781408800485 ]. I have to admit that it was the title that attracted me to begin with, but I was completely absorbed in this tale, set just after the second world war, of a London author who is looking for inspiration for her new book. She hears about this strangely named society in Guernsey and begins a correspondence with the members of the society to find out more.

Later on, I read The Gargoyle by Andrew Davidson [Canongate £7.99 9781847671691] which was on the Richard and Judy list. Whilst in hospital a patient from the psychiatric wing begins to take great interest in a man who has just suffered horrific burns in a car accident. Her name is Marianne Engel and she is a sculptor of grotesque statues and gargoyles. She insists that she has known the burns victim in another life in Europe in the 14th Century and bit by bit she relates the story of her life at that time and how they met. Very graphic in places, but quite compelling.

Another fascinating and un-put-downable novel for me was The Somnambulist [ Gollancz £7.99 9780575082144], by Jonathan Barnes, the story of a Victorian illusionist, Edward Moon. Moon’s chief claim to fame is to be able to thrust several large swords through the body of his accomplice, known only as The Somnambulist, without causing any loss of blood or discomfort as the main attraction of his nightly performances. He is also a bit of a detective “on the side” and is called on to help Scotland Yard with a couple of murder cases which involve a strange religious sect. Very odd, but very good!

As for non-fiction, I was totally hooked by the story of the Fitzwilliam family of Wentworth House in South Yorkshire. It’s called Black Diamonds by Catherine Bailey [Penguin £8.99 9780141019239]. The book chronicles the decline and fall of the Fitzwilliams and is set in the largest privately owned house in Britain, which is nowadays a crumbling and forgotten palace.  There’s a lengthy review of the book in The Times Online Property section – of all places

As regular readers of this blog will know, I’m quite fond of “TV tie-ins” and I’d like to mention a couple published in 2009, which I haven’t bought, but wouldn’t say no to.  The Victorians; Britain through the Paintings of the Age [BBC £25 9781846077432] by Jeremy Paxman is a good read as well as being lavishly illustrated, to use a well worn phrase (but this time I think it’s justified).  The second is one not previously mentioned in the blog, and that’s Life [ BBC Books £25 978-1846076428] by Martha Holmes and Michael Gunton: the TV series is excellent (the last instalment to be screened on Monday Dec 14^th)and so is the book.

Now for local history and local authors: Jonathan Foster’s book about the mysterious life of scientist and inventor Harry Grindell Matthews The Death Ray [Inventive Publishing £11.99 9780956134806] is a really good read- essential for anyone interested in the history of science. Janet Roberts’ book Oil under Sherwood Forest [£4.99 Janet Roberts Booklets  9780956190208] is a fascinating account of the American “invasion “ of Nottinghamshire when extra help was needed during the second world war to sink the oilwells around Eakring.

The new book on Hardwick Hall, Hardwick ,A Great House and its Estate, by Philip Riden and Dudley Fowkes [Phillimore, £14.99 9781860775444] was only recently published in the “England’s Past for Everyone” series. I have looked for it in the shops, but it doesn’t seem to have filtered  through yet, so I’ll hopefully report on that in the near future.

In brief: other titles which made an impression on me during the year were A Lifetime in the Building [Aurum £16.99 9781845133962] by Christine Adams, the story of how May Savidge literally moved her house from Hertfordshire to Norfolk;  Deliverance by L A G Strong [now out of print] is a forgotten gem from the past. It’s set in the West Country and is about an orphan set loose from the orphanage to find his own way in the world; and finally Devil in Amber [Pocket Books £7.99 9780743483803] by Mark Gatiss a gripping surreal novel with a touch of humour about the unlikely named Lucifer Box who tries to stop someone with an equally improbable name – Olympus Mons – from taking over the world.

There’ll be another posting before Christmas.

Attorney General Betty Mould Iddrisu has outlined plans by the government to strengthen the legal framework governing the exploration and production of oil and gas to ensure that Ghana receives maximum benefits from the commercial production of oil, which is set to commence next year. Below is an address she delivered at the All Africa Energy Summit, which opened today at the La Palm Royal Beach Hotel in Accra.

Ghana has found oil in commercial quantities, and production is due in 2010.  The question to be asked is what is the legal and regulatory framework in place? And is it adequate?

Oil was first drilled in Ghana in 1896 in the onshore Tano Basin that is the Western Region of Ghana, due to onshore oil and gas seepages by early explorers in that area.  Early wells were drilled without the benefit of seismic data from 1896 – 1957, seventeen onshore wells were drilled, and onshore activities continued through the first Republic.

Between 1966 – 1972 wells were drilled onshore and Government invited private oil companies to undertake oil exploration in Ghana.  Most of them showed interest in the continental shelf and this marked the beginning of offshore exploration. The entire continental shelf was divided into 22 blocks and the period of 1972 – 1979 covered a period of exploration for commercial oil both onshore and offshore.  In 1982 the Geophysical Services incorporated by an agreement with the then Ministry of Fuel and Power acquire a non-exclusive seismic survey offshore to accelerate the exploration and production of hydrocarbons the data covered the area from the eastern border of Ghana to Cape Three Points.

The then PNDC decided to establish the institutional capacity, statutory, legal and fiscal framework her oil and gas production.  Subsequently, the current petroleum laws PNDCL 64, 84 and 188 were enacted.

These Acts constitute the legal framework for the upstream oil and gas industry today.

Legal Framework

PNDC Law 64 established the Ghana National Petroleum Company and makes it responsible for the development and production and disposal of oil and gas.

PNDCL 84 provides a framework for the management of oil and gas exploration development and production and makes it clear that all petroleum existing in its natural state is the property of Ghana, and also that the exploration, development and production of petroleum shall be done only in accordance with the terms of a petroleum agreement that is regulated and executed with the Minister of Energy and the interest acquired cannot be assigned to any other person without the prior consent in writing of the Minister of Energy.  This means that at all times, GNPC must know who its partners in exploration are and approve of them.

This is essential because the rights to petroleum existing in its natural state within the jurisdiction of Ghana is the property of the people of Ghana vested in the Government.

The law provides the basic terms of every Petroleum Agreement.  It also spells out the rights and objectives of the parties and the sanctions to be applied in case of breach.  Section 32 of the Act provides for regulations to be made in 24 areas of oil and gas management, unfortunately since 1982 most of them have not been made.

Flowing from PNDCL 84 is the Model Petroleum Agreement, a standard agreement that is negotiated between the Government and all prospective investors in upstream operations.

PNDCL 88 provides a separate income tax regime for the upstream petroleum industry.  It attempts to deal with the tax regime of the industry but not the entire revenue management system.

Each of these laws deal with specific aspects of oil and gas management and regulation and it must be noted that they were made at a time when Ghana was not on the oil and gas map of the world.    Now the situation has changed.  The Jubilee and Tweneboa Fields boast of great potential and threaten to place Ghana among the major oil producing nations in West Africa.  The question is; is the legal and regulatory framework law presently in place adequate? I must say, in my opinion, it is not and Government is striving to rectify this situation.

Ghana must rapidly make the transition from a country competing to attract valid oil and gas investment into one that is a major producer.  The transition is complex and must be managed with skill in order to avoid the pitfall other countries in the region have fallen into.

I believe to achieve this Government has the following goals.

• Maximisation of the country’s revenue from oil and gas discoveries.
• Effective management of oil and gas operations to ensure proper development of fields.
• Maximising local content in the industry i.e. the participation of Ghanaians in the revenue industry associated with the industry to facilitate job creation.
• Inducing transparency into the nascent industry in Ghana.

There are many aspects to an effective transition, but one indispensable component is the establishment of a solid legal framework to ensure that Ghana’s interests are maximised and fully protected.  Ghana must approach the industry from a position of legal strength, and we must confront head-on the legal challenges of becoming a major oil and gas producer.

In the light of this it is imperative that Ghana’s legal regime relating to the oil and gas industry is reviewed and adapted to Ghana’s new condition as a major oil producer.  This may entail the following:

• The review and update of the Petroleum Exploration and Production law PNDCL 84.
• The issuance of Petroleum Regulations in accordance with PNDCL 84.
• Review and update of Ghana’s Petroleum taxation and revenue laws.

The current stabilisation clauses may also have to be looked at again since they are too broad and were incorporated at a time when Ghana did not know its oil and gas potential.

Government has already begun to do some review of the regulatory framework. The Ministry of Energy has drafted a local content policy and proposals on various regulations are in the process of being referred to the Ministry of Justice for drafting.  So also is a new oil and gas revenue bill that seeks to manage revenue from the oil and gas industry and ensure transparency.  The oil and gas tax law has been reviewed and incorporated in the general income tax law.

There are proposals for the formation of the independent regulator, these are being made ready for preparation into a bill and it is expected that most if not all of the proposed reviewed legislation will be ready by production date in 2010.

The amendment expands the responsibility for the regulation of activities in the Petroleum Up and Mid Stream sub-sector

Objective

To regulate, oversee and monitor activities in the upstream, midstream and downstream petroleum sector and support the national policy objectives of the up, mid, and downstream petroleum sector.

To ensure optimal levels of resource exploitation and the implementation of this Actn abd
Collaborate and disseminate information from licensees to the relevant agency.

Ghana’s oil find was made just about three years ago; production is a couple of months away.  Ghana has not been given much time to prepare for the transition but we are determined to make our oil find a blessing and not a curse by putting the appropriate legal and regulatory structures in place to ensure that Ghana gets the most out of its oil and gas reserves and runs an industry that is transparent and best practice oriented.

Finally, I wish all the participants at this forum fruitful and productive deliberations, which will go towards accelerating Ghana’s policy in providing best practice in the energy sector.

Thank you.

Source: Xfm 95.1 NewsCenter

Dead Sea view at sunset: will oil ruin a truely natural wonder?

Yes there is oil in Israel, and with the drilling of a new well on the shores of the Dead Sea, there may be a lot more. It’s difficult, however,  to know what’s worse from an environmental standpoint; continuing mining of potash and other minerals at the Dead Sea, or drilling for oil. While the potash industry has been going on for years there, including a unique method of extracting the mineral from Dead Sea water, interest in drilling for both oil and natural gas has also been happening, with some measure of success. Following the discovery of natural gas back in the 1960’s, a sufficient quantity of oil was brought up from a well drilled by the Naphtha Israel Petroleum Company during the 1990’s.

The Dead Sea, or Salt Sea (Yam Hamelach) as it is known in Israel, is the lowest dry land point in the world, and has been steady receding since most of the flow of the Jordan River (the lake’s main water source) was diverted into Israel’s national water carrier. As a result, only a trickle of Jordan River water reaches the Dead Sea, and environmentalists fear the lake will be gone entirely by the year 2050.

Drilling for oil and gas in the areas near the Dead Sea have so for only had limited success, with the biggest so far being Naptha’s Tzuk Tamrur 3 well, which was drilled in the early 1990’s and brought in around 120,000 barrels of oil. As noted in an article in Israel’s  Globes Financial News this well as so far been considered as a success story, and only became unprofitable due to the then price of oil, which at the time was between $18 and 20 a barrel. With oil running four times as much per barrel nowadays, Naptha decided to drill a new well, Tzuk Tamrur 4 , about 3 kilometers north of the Tamrur 3 well. The well is planned to reach a depth of 2,000 meters, and take two months at a cost of $4.5 million.

The environmental problems dealing will drilling for oil, as well as from oil itself, have been covered by many news articles. So have the unique eco-structure of the Dead Sea itself, where the receding water has resulted in the creation

 of numerous “sink holes” ranging in size from half a meter up to 30 meters across.

Oil wells require environmentally damaging infrastructures such as sludge pools for salt water and oil residues to drain into, as well as space for drill pipe and well pipe casing to be stored. And when an oil pool is found, a considerable amount of crude oil comes out onto the ground until the well is finally “capped”. There is also a danger of a well catching on fire, which can be environmentally damaging, especially for an area as ecologically fragile as the Dead Sea.

It seems that more than enough money has already been made of the Potash and other minerals extracted from the Dead Sea, as well as all the cosmetics that have been made from Dead Sea mud and minerals. And with oil being considered as a major cause of global warming, it might be better to just leave this kind of project well enough alone, especially if we are preserve a natural wonder that is not only very unique, but also gives medical relief annually to thousands of  sufferers from skin conditions like psoriasis, and lung conditions like asthma.

Yes there is oil in Israel, and with the drilling of a new well on the shores of the Dead Sea, there may be a lot more. It’s difficult, however,  to know what’s worse from an environmental standpoint; continuing mining of potash and other minerals at the Dead Sea, or drilling for oil. While the potash industry has been going on for years there, including a unique method of extracting the mineral from Dead Sea water, interest in drilling for both oil and natural gas has also been happening, with some measure of success. Following the discovery of natural gas back in the 1960’s, a sufficient quantity of oil was brought up from a well drilled by the Naphtha Israel Petroleum Company during the 1990’s.

The Dead Sea, or Salt Sea (Yam Hamelach) as it is known in Israel, is the lowest dry land point in the world, and has been steady receding since most of the flow of the Jordan River (the lake’s main water source) was diverted into Israel’s national water carrier. As a result, only a trickle of Jordan River water reaches the Dead Sea, and environmentalists fear the lake will be gone entirely by the year 2050.

Drilling for oil and gas in the areas near the Dead Sea have so for only had limited success, with the biggest so far being Naptha’s Tzuk Tamrur 3 well, which was drilled in the early 1990’s and brought in around 120,000 barrels of oil. As noted in an article in Israel’s  Globes Financial News this well as so far been considered as a success story, and only became unprofitable due to the then price of oil, which at the time was between $18 and 20 a barrel. With oil running four times as much per barrel nowadays, Naptha decided to drill a new well, Tzuk Tamrur 4 , about 3 kilometers north of the Tamrur 3 well. The well is planned to reach a depth of 2,000 meters, and take two months at a cost of $4.5 million.

The environmental problems dealing will drilling for oil, as well as from oil itself, have been covered by many news articles. So have the unique eco-structure of the Dead Sea itself, where the receding water has resulted in the creation

 of numerous “sink holes” ranging in size from half a meter up to 30 meters across.

Oil wells require environmentally damaging infrastructures such as sludge pools for salt water and oil residues to drain into, as well as space for drill pipe and well pipe casing to be stored. And when an oil pool is found, a considerable amount of crude oil comes out onto the ground until the well is finally “capped”. There is also a danger of a well catching on fire, which can be environmentally damaging, especially for an area as ecologically fragile as the Dead Sea.

It seems that more than enough money has already been made of the Potash and other minerals extracted from the Dead Sea, as well as all the cosmetics that have been made from Dead Sea mud and minerals. And with oil being considered as a major cause of global warming, it might be better to just leave this kind of project well enough alone, especially if we are preserve a natural wonder that is not only very unique, but also gives medical relief annually to thousands of  sufferers from skin conditions like psoriasis, and lung conditions like asthma.

I have added an email subscription for those that wanted to be advised when there are new posts on the blog. It is to the right of the gold chart..

speaking of gold it is holding in above 1200 and it seems to be basing there..i think the new year will bring us all the profits we have been waiting for for so long.

warmest regards

caliche

Two-Step Strategy to Making a Fortune in Gold

Everything is in place for gold. And as gold makes incrementally new highs and rebounds from the eventual and unexpected corrections, there will be more opportunity.
But at this stage in gold’s run, there’s a simple two step strategy to make a fortune in gold in the next few years.

Step 1) Make a plan to buy gold and gold stocks over the next three to five years

Step 2) Stick to the plan

That’s the beauty of getting in something relatively early. Gold has made a good run over the last eight years, but the biggest money will likely be made in the next eight years as a lot more money piles into the “utter nonsense” that is gold.

Gleichen Resources closes $241.5-million financing
Ticker Symbol: C:GRL

Gleichen Resources closes $241.5-million financing

Gleichen Resources Ltd (C:GRL)
Shares Issued 29,763,380
Last Close 11/12/2009 $1.26
Thursday November 12 2009 – News Release

Mr. Michael Murphy reports

GLEICHEN COMPLETES $241.5 MILLION FINANCING

Gleichen Resources Ltd. has completed its previously announced financing to finance the acquisition of 78.8 per cent of the Morelos gold project from Teck Resources Ltd.

The agents, co-lead by Macquarie Capital Markets Canada Ltd., BMO Capital Markets and GMP Securities LP, and including Dundee Securities Corp., Scotia Capital Inc. and Jones, Gable & Company Ltd., placed 241.5 million special warrants of the corporation, including full exercise of the overallotment option, at a subscription price of $1 per special warrant, to raise gross proceeds of $241.5-million.

Each special warrant entitles the subscriber to receive, upon exercise, or deemed exercise following the qualification date (as defined below), and without payment of any further consideration, one unit of the corporation consisting of one common share in the capital of the corporation and one-fourth of one common share purchase warrant. Each common share purchase warrant will entitle its holder to purchase one additional common share for $1.30 for a period of 24 months following Nov. 12, 2009. The special warrants will be deemed automatically exercised, if not already exercised by the holder, on the earlier of:

The third business day after the date of receipt of a (final) prospectus to qualify, in each of the qualifying jurisdictions, the distribution of the common shares and common share purchase warrants to be issued in Canada upon exercise or deemed exercise of the special warrants and the compensation options (as defined below);
4:59 p.m. (Toronto time) on the date which is four months and one day following Nov. 12, 2009.
The corporation has undertaken to file a prospectus in each of the provinces of Canada, except Quebec, as soon as possible following closing. Unless a (final) receipt for a prospectus is received as described above, the special warrants and units are subject to resale restrictions in Canada until March 13, 2010.

The gross proceeds from the offering, less the agents’ estimated costs and expenses in respect of the offering, have been deposited in escrow to be released upon satisfaction of:

All necessary conditions for the completion of the acquisition of the Morelos gold project;
No material adverse change in the financial condition, business or operations of Gleichen;
Receipt by the escrow agent of a joint notice from the agents and Gleichen that the above two points have been satisfied.
The agents have received a cash commission of 5.5 per cent of the gross process from the offering, which forms part of the escrowed proceeds and has been deposited into escrow. In addition to cash commission, the agents have received 2,415,000 compensation options. Each compensation option will be exercisable to acquire one unit, until Nov. 12, 2011, at an exercise price of $1.15.

The net proceeds from the offering are intended to be used for the acquisition of the Morelos project, feasibility and development programs, and exploration at the Morelos gold project and for general working capital purposes.

AUSTRALIA-BASED Nido Petroleum Ltd. said three dimensional (3D) seismic survey is under way on the Kawayan oil block in East Sabina in southwest Palawan.

In a disclosure, Nido said the seismic program comprises 840 square kilometers of 3D seismic survey  over the southwest sector of the block and is being acquired by contractor PGS using the multi-streamer 3D seismic vessel MV Pacific Orient.

Nido added that the survey will take between 35 to 40 days to complete.

Nido holds 50-percent interest in the project together with Philippine National Oil Co.-Exploration Corp. (PNOC-EC).

Since the acquisition of the East Sabina 2D seismic program in late 2007, Nido said the SC 63 joint venture has made significant strides in the subsurface interpretation of the block.

Nido also noted that this work has identified the southwest sector of the block around the Aboabo A1-X gas discovery found by Phillips 1981 as having significant exploration potential.

Nido added that multiple leads have been mapped at the shallow Miocene-aged play fairway (found gas-bearing at Aboabo A-1X) and at the deeper, untested Nido Limestone play fairway level.

The maturation of these leads to prospect level and potential drilling candidates is the primary focus of the 3D seismic program.

Presurvey operations started some weeks before the arrival of the MV Pacific Orient into SC 63 with the acquisition of a high- resolution bathymetric survey over the 3D seismic area.

This survey was an important prelude to the current 3D operations, providing detailed information on the location of seabed features such as reefs and shallow shoals, and a key part of the SC 63 joint venture’s HSE and Environmental Risk Management planning for the survey.

“SC 63 overlies the northeast extension of the prolific oil and gas basins offshore Sabah where the SC 63 joint venture has identified similar plays based on the broad-spaced East Sabina 2D seismic.

The new 3D will allow the Joint Venture to mature the numerous leads identified around the intriguing Aboabo A-1X gas discovery to prospect status from which the SC 63 joint venture can select potential drilling candidates,” said Jon Pattillo, Nido exploration head.

http://www.businessmirror.com.ph/home/economy/18181-3-dimensional-seismic-survey-of-kawayan-oil-block-under-way-.html

The Dominican Republic has asked Mexico for help with efforts to explore for oil and gas in its territory, the DR’s economy minister said. Temistocles Montas said his country is totally dependent on foreign suppliers of gas and oil and therefore the search for these resources is an urgent policy matter. “The idea is to be able to reach agreements with the Mexican authorities,” said Montas, who did not rule out the involvement of state-owned Pemex, reported the Latin American Herald. “We would be interested in Pemex, or any other Mexican company, reaching agreement with our country” on a programme to explore for oil and gas, he added.

Attempts to attract private, multinational companies to take part in oil exploration in the Dominican Republic “have not panned out, so there’s no other alternative than to seek the help (of foreign governments),” Montas said. He pointed to Cuba as an example, saying that Caribbean country received aid from Mexico for oil exploration and has managed to reduce its dependence on foreign energy sources in recent years. Last year, the Dominican Republic was forced to import $4.5 billion worth of oil and gas, according to Montas, who said that expenditure caused the public-sector deficit to soar to 9.7% of gross domestic product.

A new regulation on renewable energy in the Dominican Republic has already sparked the interest of Spanish and German companies, Montas said. The minister said he was optimistic about the Dominican economy despite the global financial crisis and predicted that GDP will end the year up by as much as 2.5% thanks to the start of the US economic recovery in the third quarter.

For the original report go to http://www.upstreamonline.com/live/article197600.ece

LISTED THE Philodrill Corp. is expecting to end the year with a gain on the back of revenues from the Galoc oil field operations, where it holds a small stake. “[We are targeting] P100 million in revenues by yearend, maybe we will exceed it a little,” an official of the company, who refused to be named, told reporters. “Our share in Galoc [will be our growth driver]. We’re now producing 10,500 barrels. And in spite of the bad weather, production is still continuing,” the official said. The P100-million revenue target for 2009 was maintained by the firm despite ending the first half in the red due to higher expenses and lower petroleum prices. Philodrill posted P600,000 in losses in the first six months, from a gain of P4.1 million in the same period last year. The company also has interests in the mining sector through minority shares in Atlas Consolidated Mining and Development Corp., Vulcan Industrial and Mining Corp., and United Paragon Mining Corp. Shares in Philodrill yesterday closed at P0.016 per share from the previous day’s close of P0.015.

 http://www.bworldonline.com/BW101409/content.php?id=047v

MDL in Toronto is still being accumulated with some larger trades and GMP buying over a million shares. Haywood also in for over 100K

some interesting crosses on OLE as well .. Research crossing 380k and 300K all at .90

this game is getting interesting.. some heavy hitters getting warmed up to slug it out in senegal!!

hold on to your shares this is going to be great!!

From Atlas Shrugs

For decades, Democrats have blocked efforts to responsibly develop this nation’s energy resources, transforming vast areas of opportunity into “The No Zone.” hat tip Jim)

Democrats have blocked the development of new sources of petroleum.
Democrats have blocked drilling in ANWR.
Democrats have blocked drilling off the coast of Florida.
Democrats have blocked drilling off of the east coast.
Democrats have blocked drilling off of the west coast.
Democrats have blocked drilling off the Alaskan coast.
Democrats have blocked building oil refineries.
Democrats have blocked clean nuclear energy production.
Democrats have blocked clean coal production.

But, they’re funding projects in Brazil. The Wall Street Journal:

The U.S. is going to lend billions of dollars to Brazil’s state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil’s planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.

The U.S. Export-Import Bank tells us it has issued a “preliminary commitment” letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

Click below to read more at Atlas Shrugs:

The US has “more than all the Middle East put together”

Posted using ShareThis

Oromin drills four metres of 196.3 g/t gold at Epsilon
Ticker Symbol: C:OLE

Oromin drills four metres of 196.3 g/t gold at Epsilon

Oromin Explorations Ltd (2) (C:OLE)
Shares Issued 94,717,035
Last Close 10/6/2009 $0.81
Wednesday October 07 2009 – News Release

Mr. Chet Idziszek reports:

OROMIN EXPLORATIONS LTD.: EXPLORATION CONTINUES TO PROVIDE ENCOURAGING RESULTS FROM VARIOUS SABODALA PROPERTY DEPOSITS AND PROSPECTS

HIGHLIGHTS

TRENCH RESULTS FROM KOBOKOTO ALPHA INCLUDE:

483.7 g/t gold over 6 metres
DRILLING AT THE EPSILON DEPOSIT CONTINUES TO INTERSECT HIGHER GRADE MINERALIZATION INCLUDING:

196.3 g/t gold over 4 metres near surface in DH-522
27.8 g/t gold over 3 metres near surface in DH-520
58.1 g/t gold over 1 metres in DH-524
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA WEST DEPOSIT INCLUDES:

17.54 g/t gold over 10 metres in DH-539
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA SOUTH DEPOSIT INCLUDES:

8.26 g/t gold over 11 metres in DH-519
NEW DISCOVERY AT KOTOUNIOKOLLA WITH ROCK SAMPLE RESULTS UP TO 269.4 G/T GOLD

Oromin Explorations Ltd. (“Oromin”) (TSX:OLE)(OTCBB:OLEPF), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to provide an exploration update for the ongoing exploration program at its Sabodala Gold Project in eastern Senegal, West Africa.

Oromin is also pleased to report that Ken Kuchling, P.Eng., has been appointed as Oromin’s Vice-President of Engineering. Mr. Kuchling is a Professional Mining Engineer with 28 years experience in the operations and consulting industries with numerous commodities including gold, diamonds, potash, copper and molybdenum. Mr. Kuchling has a well-rounded engineering background, consisting of direct involvement in pre-feasibility and feasibility studies, international due diligence reviews, project permitting, mine geology, geotechnical engineering, tailings engineering, mine design and equipment selection. He holds a Bachelor’s degree in mining engineering from McGill University, a Master’s degree in mining engineering from the University of British Columbia and is a Registered Professional Engineer in Canada. Mr. Kuchling will oversee the optimization work currently underway as Oromin continues its development of Sabodala.

Recent exploration activities include in-fill and step-out resource drilling at the Epsilon deposit, step-out resource drilling towards delineating underground potential at both Golouma West and Golouma South deposits, trenching at Kobokoto, soil geochemical sampling at various target areas and prospecting at Maki Medina, and the newest discovery at Kotouniokolla.

EPSILON DEPOSIT

Drilling is continuing at the Epsilon deposit where multiple NE and NW trending quartz vein systems have been intersected in trenching and drilling within a surface area of approximately 400 metres by 400 metres. Drilling to date has intersected the main Epsilon vein systems over a minimum strike extent of 180 metres and consistently to depths of 150-200 metres below surface in multiple zones. The Epsilon vein systems remain open along strike and to depth.

Significant results from recent drilling at Epsilon are summarized in the following table:

———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
DH-520 53553N/5410E 030/-45 48-51 3 27.79
incl.49-50 1 67.64
———————————————————————
DH-522 53553N/5410E 030/-60 52-56 4 196.27
incl.55-56 1 763.10
124-129 5 3.92
incl.127-129 2 7.56
———————————————————————
DH-524 53553N/5410E 030/-75 161-162 1 58.02
170-171 1 3.14
———————————————————————
DH-527 53585N/5350N 030/-45 7-8 1 16.74
———————————————————————
DH-529 53585N/5350N 030/-60 3-5 2 2.65
———————————————————————

Mineralized intervals are based on 1-metre samples utilizing a 1.0 g/t gold
cut-off level with a maximum internal dilution of 1 metre. No cutting of
gold assays has been employed for reported intervals. The attitude of
mineralized intervals varies and reported mineralized intersections may not
represent true widths.
A complete table of significant Epsilon drill results is attached in Schedule A.

GOLOUMA WEST AND GOLOUMA SOUTH DEPOSITS

Oromin has recently completed a series of deep drill holes at both the Golouma West and Golouma South deposits targeting higher grade mineralization down-dip from previously defined resources. These drill holes expand the mineralization beyond the current resource outlines and enhance the underground mining potential at both of these gold deposits. Significant results available from this recent deep drilling program are summarized in the following table:

—————————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Location Co-ordinate Dip (m) (m) (g/t)
—————————————————————————
DH-516 Golouma South 53116N/5033E 110/-75 207-210 3 4.09
215-218 3 3.53
—————————————————————————
DH-517 Golouma West 53355N/4658E 015/-70 265-266 1 9.55
275-279 4 6.27
incl.276-277 1 18.59
—————————————————————————
DH-518 Golouma South 53139N/5051E 110/-67 177-184 7 2.19
191-197 6 3.02
incl.192-193 1 7.89
incl.195-196 1 5.92
—————————————————————————
DH-519 Golouma South 53163N/4959E 110/-60 262-273 11 8.26
incl.265-272 7 12.24
incl.271-272 1 44.86
—————————————————————————
DH-521 Golouma West 53356N/4658E 015/-75 298-309 11 2.68
incl.305-309 4 4.73
314-318 4 2.13
—————————————————————————
DH-523 Golouma South 53163N/4959E 110/-67 270-282 12 3.43
incl.275-280 5 5.55
—————————————————————————
DH-526 Golouma West 53355N/4634E 015/-70 302-305 3 9.94
—————————————————————————
DH-528 Golouma South 53095N/5008E 110/-60 200-204 4 12.52
—————————————————————————
DH-539 Golouma West 53299N/4673E 015/-67 311-321 10 17.54
incl.314-319 5 31.46
incl.315-317 2 65.69
326-327 1 38.96
—————————————————————————

Mineralized intervals are based on 1-metre samples utilizing a 1.0 g/t gold
cut-off level with a maximum internal dilution of 2 metres. No cutting of
gold assays has been employed for reported intervals. The attitude of
mineralized intervals varies and reported mineralized intersections may not
represent true widths.

Additional deep drilling is scheduled towards better defining the underground mining potential at both Golouma West and Golouma South.

MASATO DEPOSIT

A number of drill holes completed along the strike length of the near surface Masato oxide deposit were drilled to provide detailed Specific Gravity Determination values and assist with geological interpretation of the oxide zones previously identified. This set of in-fill core holes provided some very encouraging interval widths and grades. Material from these drill holes has been collected under the supervision of Ausenco Minerals Canada Ltd. and submitted for detailed metallurgical test work focusing on the heap leach amenability for the Masato oxide resource. Significant results from these drill holes are summarized in the following table:

———————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
———————————————————————
DH-452 60008N/4839E 110/-50 17-25 8 2.75
———————————————————————
DH-454 60337N/4898E 100/-55 9-36 27 2.85
———————————————————————
DH-457 60339N/4878E 100/-50 23-58 35 1.91
———————————————————————
DH-460 60365N/4903E 100/-50 7-18 11 2.60
27-39 12 3.98
incl.35-36 1 36.35
———————————————————————
DH-461 60431N/4894E 100/-50 6-38 32 1.13
incl.10-19 9 2.06
41-50 9 2.77
incl.42-43 1 11.18
———————————————————————
DH-463 60432N/4980E 240/-50 89-91 2 6.24
———————————————————————
DH-465 59810N/4700E 110/-50 51-62 11 2.61
———————————————————————
DH-467 59730N/4690E 110/-60 0-3 3 2.66
———————————————————————
DH-469 59626N/4617E 110/-50 3-12 9 2.60
incl.7-11 4 4.74
48-51 3 1.59
55-63 8 1.58
———————————————————————
DH-471 59585N/4615E 110/-45 28-49 21 1.47
incl.38-43 5 2.87
———————————————————————
DH-472 59550N/4595E 110/-50 9-12 3 1.59
———————————————————————
DH-473 59524N/4550E 110/-50 0-4 4 1.26
20-42 22 5.78
incl.36-38 2 48.54
69-76 7 1.63
———————————————————————
DH-474 59700N/4650E 110/-50 32-64 32 1.32
incl.32-34 2 4.36
and 54-57 3 3.10
———————————————————————
DH-475 59265N/4553E 110/-55 34-44 10 2.76
incl.36-38 2 5.67
54-57 3 2.61
64-68 4 1.48
———————————————————————
DH-478 59184N/4544E 110/-50 10-15 5 2.14
incl.10-11 1 7.32
63-83 20 3.08
incl.72-73 1 31.82
———————————————————————

Mineralized intervals are based on 1-metre samples utilizing a 0.5 g/t gold
cut-off level with a maximum internal dilution of 4 metres. No cutting of
gold assays has been employed for reported intervals. The attitude of
mineralized intervals varies and reported mineralized intersections may not
represent true widths.
REGIONAL EXPLORATION

KOBOKOTO ALPHA PROSPECT

The Kobokoto Alpha prospect is presently defined by a greater than 100 ppb gold-in-soil geochemical anomaly, displaying both NW and NE trending structures, over a 150-metre by 600-metre area. This target demonstrates one of the highest grade gold-in-soil anomalies anywhere on the OJVG Sabodala Property, with 15 soil samples in excess of 1.0 g/t gold including high values 10.8 g/t, 12.1 g/t and 29.3 g/t gold.

A series of excavator trenches completed over the Kobokoto Alpha anomaly has verified the two structural orientations. Two trenches in particular, TRX-316 and TRX-317, have both successfully intersected an undrilled NW-trending mineralized zone as follows:

TRX-316 2.91 g/t gold over 9 metres (including 6.66 g/t gold over 3 metres)
TRX-317 483.7 g/t gold over 6 metres (including 1,419 g/t gold over 2 metres)
Drilling is now under way at the Kobokoto Alpha Prospect.

NEW DISCOVERY – KOTOUNIOKOLLA

Recent prospecting has identified a new gold discovery, Kotouniokolla, located approximately 3.5 kilometres southwest of the Golouma South deposit. A detailed soil sampling grid over this area has outlined a greater than 100 ppb gold-in-soil anomaly measuring 250 metres in a NW-SE orientation and 450 metres in a NE-SW orientation. A total of ten rock samples, collected along an approximate 150-metre extent at Kotouniokolla, have returned favourable results including high values of up to 4.05 g/t gold, 5.42 g/t gold, 29.51 g/t gold and 269.4 g/t gold. The range of the results from these ten samples was 0.16 g/t gold to 269.4 g/t gold.

Additional prospecting, trenching and drilling are planned for the next phase of evaluation at Kotouniokolla.

Doug Turnbull, P. Geo., a “qualified person” for the purposes of National Instrument 43-101, has verified the data disclosed in this news release. William Bond, P. Geo., also a “qualified person” for the purposes of National Instrument 43-101, has supervised geologic field procedures. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.

Oromin also reports that it has granted incentive stock options entitling the purchase of up to 75,000 shares of Oromin under its Stock Option Plan, subject to regulatory approval. The options are exercisable at a price of $0.90 per share until October 7, 2014.

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

—————————————————————————
Schedule A
Epsilon Deposit
—————————————————————————
Grid Azimuth/ From – To Interval Gold
Drill Hole Co-ordinate Dip (m) (m) (g/t)
—————————————————————————
DH-67 3700N/5415E 150 degrees/- 145-147 2 25.07
45 degrees
—————————————————————————
DH-68 3661N/5462E 150 degrees/- 109-110 1 162.30
45 degrees
—————————————————————————
DH-70 3672N/5518E 182 degrees/- 85-87 2 1.91
45 degrees
—————————————————————————
DH-72 3661N/5462E 182 degrees/- 81-84 3 98.37
45 degrees incl. 81-82 1 289.00
—————————————————————————
DH-73 3661N/5462E 182 degrees/- 162-170 8 17.61
60 degrees incl. 163-166 3 38.36
—————————————————————————
DH-76 3700N/5415E 180 degrees/- 46-49 3 1.15
45 degrees
—————————————————————————
DH-456 3528N/5337E 030 degrees/- 104-106 2 13.09
50 degrees incl. 105-106 1 24.78
—————————————————————————
DH-503 3578N/5390E 030 degrees/- 17-20 3 12.72
45 degrees incl. 18-19 1 30.54
24-25 1 5.08
81-83 2 3.12
—————————————————————————
DH-504 3578N/5390E 030 degrees/- 19-21 2 6.75
50 degrees 33-34 1 15.43
—————————————————————————
DH-505 3559N/5396E 030 degrees/- 40-44 4 81.10
45 degrees incl. 41-43 2 160.96
94-97 3 4.65
incl. 94-95 1 12.93
—————————————————————————
DH-512 3559N/5396E 030 degrees/- 184-187 3 5.04
77 degrees incl. 185-186 1 13.39
—————————————————————————
DH-515 3537N/5384E 030 degrees/- 78-82 4 7.35
77 degrees incl. 80-81 1 22.02
230-231 1 113.90
—————————————————————————
DH-504 3578N/5390E 030 degrees/- 19-21 2 6.75
50 degrees 33-34 1 15.43
—————————————————————————
DH-505 3559N/5396E 030 degrees/- 40-44 4 81.10
45 degrees incl. 41-43 2 160.96
94-97 3 4.65
incl. 94-95 1 12.93
—————————————————————————
DH-512 3559N/5396E 030 degrees/- 184-187 3 5.04
77 degrees incl. 185-186 1 13.39
—————————————————————————
DH-515 3537N/5384E 030 degrees/- 78-82 4 7.35
77 degrees incl. 80-81 1 22.02
230-231 1 113.90
—————————————————————————
DH-520 53553N/5410E 030/-45 48-50 3 27.79
incl.49-50 1 67.64
—————————————————————————
DH-522 53553N/5410E 030/-60 52-56 4 196.27
incl.55-56 1 763.10
124-129 5 4.90
incl.127-129 2 7.56
—————————————————————————
DH-524 53553N/5410E 030/-75 161-162 1 58.02
170-171 1 3.14
—————————————————————————
DH-527 53585N/5350E 030/-45 7-8 1 16.74
—————————————————————————
DH-529 53585N/5350N 030/-60 3-5 2 2.62
—————————————————————————
RC-170 3568N/5486E 030 degrees/- 76-79 3 50.39
50 degrees incl. 76-77 1 122.40
—————————————————————————
RC-173 3578N/5469E 030 degrees/- 69-71 2 8.08
50 degrees incl. 69-70 1 15.60
—————————————————————————
RC-174 3560N/5459E 030 degrees/- 89-93 4 12.50
50 degrees incl. 91-92 1 41.19
—————————————————————————
RC-175 3573N/5444E 030 degrees/- 80-83 3 10.24
50 degrees incl. 81-82 1 28.33
—————————————————————————
RC-176 3590N/5454E 030 degrees/- 51-56 5 19.97
50 degrees incl. 54-56 2 49.93
—————————————————————————
RC-177 3608N/5464E 030 degrees/- 38-41 3 16.33
50 degrees incl. 38-39 1 30.32
—————————————————————————
RC-267 3568N/5486E 030 degrees/- 61-64 3 1.50
60 degrees
—————————————————————————
RC-268 3568N/5486E 30 degrees/- 153-156 3 5.00
68 degrees 159-164 5 7.40
incl. 160-161 1 29.25
167-173 6 13.08
incl. 167-170 3 23.75
—————————————————————————
RC-578 53553N/5375E 030 degrees/- 56-68 12 10.20
50 degrees incl. 56-63 7 17.13
incl. 60-61 1 107.00
125-127 2 6.83
—————————————————————————
RC-579 53501N/5345E 030 degrees/- 192-204 12 23.53
50 degrees incl. 195-196 1 76.75
and 199-202 3 60.14
incl. 201-202 1 128.90
209-217 8 16.54
incl. 213-217 4 32.48
incl. 215-216 1 114.40
—————————————————————————
RC-637 1453565N/815383E 030 degrees/- 35-42 7 24.56
50 degrees 36-38 2 83.10
—————————————————————————
RC-639 1453586N/815370E 030 degrees/- 15-22 7 4.13
50 degrees incl. 15-16 1 11.44
incl. 18-19 1 13.72

I was pleased to see gold trading at 1007 this morning as i woke. I think it has been building a base at 1000 and refuses to stay below that mark for any length of time. With gold appreciating the outlook for Oromin gets brighter and brighter. The larger gold stocks are not as highly leveraged to the price of gold as is Oromin. The NAV and IRR of the sabodala project improve greatly with any increase in gold over 900/oz. Notwithstanding any benefit from the current work being done on Sabodala to increase the economics from within. The combination of the price of gold going up and work being done on the ground, the project economics look a lot better than they did at the time of the Pre feas release. I understand it had a time constraint as it was tied to the application for a mining liscence. The application has been filed and a team will be going to the property to follow up on the application process. The general public and media are starting to look around for highly leveraged gold plays and when they find it in combination with an appreciating gold price we will make our money back and then some.

The stock depth is looking a lot better, i was told the Europe trip was a success. Looking at the trades there are 2 new buyers and i think they are european. Toll cross has been doing some crossing trades for some size. The depth is looking better than is has ever. There are some large bids that are in place and i think the sentiment is begining to turn.

One interesting point I made in a comment last week was the fact that someone is accumulating large blocks of MDL on the TSX. So far 30 million shares have changed hands this month with GMP and Toll cross being the big buyers, Credit Suisse is 3rd and has also begun accumulating oromin shares, and thanks to Muttley adding the fact that 30 or so million shares traded onthe ASX thats 60 million shares in a month.. interesting

There is a lot of speculation on the street about how the deal will go down. The truth is no one knows .. there are as i see it 4 players (maybe more) Oromin MDL Iamgold and Randgold. With mdl having the plant in place it makes sense to have mdl included in the deal. Will mdl be taken out first?.. i guess it depends who is taking up the shares in mdl..Iamgolds stake in Oromin will also play a role. They already have a head start so it looks like they are the front runner. But what if Oromin was to make a run at MDL! The combined company would have almost 7 million ounces and be in production with probably 4 million upgraded ounces. I have always said that Oromins property was a 10 million ouncer add mdl’s 3.5 and some blue sky we are at 13 – 15 million ounces .. all of a sudden Oromin is a significant mid tier producer going into the biggest gold rally of the last 25 years!..

Oromin and MDL have always had a good relationship..and remembering back to the merger mania of the 80’s the project synergy is there.. we have the oxides and the blue sky ounces on our property and MDl have the mill.. they need oxides and we need a mill ..

i see some pretty exciting times ahead with some big numbers being thrown around!

Here’s a lesson in capitalism from the New York Times. (H/T ECM)

Excerpt:

The oil industry has been on a hot streak this year, thanks to a series of major discoveries that have rekindled a sense of excitement across the petroleum sector, despite falling prices and a tough economy.

These discoveries, spanning five continents, are the result of hefty investments that began earlier in the decade when oil prices rose, and of new technologies that allow explorers to drill at greater depths and break tougher rocks.

“That’s the wonderful thing about price signals in a free market — it puts people in a better position to take more exploration risk,” said James T. Hackett, chairman and chief executive of Anadarko Petroleum.

And what do we learn from this? Do oil prices go up because of greed? No.

When supply is low or uncertain, but demand is high, then prices must rise. Rising oil prices signal consumers to curtail their consumption, and they signal producers to invest more and take more risks to find more oil.

The government must not interfere to set prices lower when prices rise due to a shortage. Lower prices means that producers will not invest or take risks in order to find more oil for consumers. We have to let producers have their profits in order to for them to invest and take risks to find more oil. And when more oil is found, the price of oil will go down naturally, without the government having to get involved. The more government gets involved, the more opportunity there is for corruption.

gold was kicked down hard today as the us dollar gained .. but it looks like gold is on its way back curently at 997.25 and the dollar looks to have peaked

i was looking through some old watch lists ans noticed MDL was at .95 aus.. WOW thats 500 million market cap ..with ole at 85 million and from what i remember MDL doesnt have that many more ounces than we do ..

the next thing i did was look at the volumes in canada on MDL .. nearly 30 million shares in the last few weeks!

anyone look familiar!

Toll Cross did the ole financing..

GMP .. high net worth brokerage in NA and europe.. HQ in london ..chet and the boys are in london Toll Cross taking them on a promo tour..hmmm

toll cross buying 3 million shares and GMP taking 25 million..

i say again … something is afoot.. bids on ole look better than they have ever 80000 shares bid at .80..

could we be on the eve of a move up .. i think so!

17 Records Returned

House Positions
Exch House Bought $Value Ave Sold $Value Ave Net $Net
93 Toll Cross 3,055,500 2,334,795 0.76 1,649,334 1,213,067 0.74 1,406,166 -1,121,728
74 GMP 25,051,102 21,107,130 0.84 23,780,204 20,054,376 0.84 1,270,898 -1,052,754
72 Credit Suisse 301,500 246,591 0.82 0 301,500 -246,591
73 Cormark 368,000 270,620 0.74 173,300 140,010 0.81 194,700 -130,610
7 TD Sec 150,800 110,209 0.73 72,800 47,340 0.65 78,000 -62,869
2 RBC 22,300 13,380 0.60 0 22,300 -13,380
11 MacQuarie 51,580 44,199 0.86 29,850 24,621 0.82 21,730 -19,578
88 Scotia iTRADE 11,000 9,260 0.84 5,000 4,090 0.82 6,000 -5,170
19 Desjardins 55,900 47,365 0.85 52,000 44,160 0.85 3,900 -3,205
85 Scotia 12,500 10,520 0.84 10,000 8,380 0.84 2,500 -2,140
81 HSBC 500 310 0.62 0 500 -310
99 Jitney 5,000 4,150 0.83 5,000 4,150 0.83
80 National Bank 1,100 894 0.81 35,500 22,925 0.65 -34,400 22,031
62 Haywood 100,000 69,750 0.70 225,000 187,785 0.83 -125,000 118,035
1 Anonymous 423,000 357,960 0.85 693,500 558,585 0.81 -270,500 200,625
9 BMO Nesbitt 125,646 87,355 0.70 1,297,909 979,188 0.75 -1,172,263 891,833
79 CIBC 25,750 18,612 0.72 1,731,781 1,444,423 0.83 -1,706,031 1,425,811
Total 29,761,178 24,733,100 0.83 29,761,178 24,733,100 0.83 0 0

Introduction

It succors and drowns human life. And for the last eight years, oil — and the people and places that make it — was my obsession. – Peter Maass

Today a new book by Peter Maass was released. The book is called Crude World: The Violent Twilight of Oil. Peter Maass is a name you may know from a 2005 article that he wrote for the New York Times called The Breaking Point. The story was a comprehensive look at where he thought oil production/prices were headed – and what the implications might be. Maass focused on Saudi Arabia in the article, and spent a lot of time covering Matt Simmons’ viewpoints. It was after reading this story that New York Times columnist John Tierney offered to bet Simmons on the future direction of oil prices. Thus arose the Simmons-Tierney bet.

I thought Maass’ 2005 article was well-researched, and it was a captivating read. So when Mr. Maass e-mailed and asked if I would like a copy of his new book, I thought it would probably be a book I would enjoy. I still have a stack of books that have been sent to me to review, but I jumped this one to the front of the queue. I hadn’t really intended to, as I am working on two other books right now*, and would normally finish those before starting another. But once I picked this book up and started thumbing through it, I couldn’t put it down.

The subtitle of the book is The Violent Twilight of Oil. The book talks about the twilight of oil, but as the chapter titles imply the focus is less on the twilight and more on the seedy side of the business. The book notes that there are some countries like Norway, Canada, United Arab Emirates, Kuwait and Brunei to which oil appears to have generally benefited the population as a whole. But then there are also many cases in which the discovery of oil seems to have brought many problems to the population. (The book suggests that countries with established democracies and strong self identities are less likely to suffer following the discovery of oil).

The Chapters

The chapters read like the Seven Deadly Sins: “Plunder”, “Rot”, “Fear”, “Greed”, and “Desire” are a few of the ’sins’ covered in various chapters. Within each chapter, Maass then takes a look at an example that embodies that particular “sin.” That sort of style reminded me of a really good book I read a few years ago written by Matt Ridley. It was called Genome: The Autobiography of a Species in 23 Chapters. Each chapter of that book tells the tale of one gene from each chromosome. In Crude World, Peter Maass tells the story of oil one dysfunctional example at a time.

The book picked up where the New York Times story left off. In fact, Chapter 1 – Scarcity – was mostly about Saudi Arabia and incorporates much of that 2005 story. And if you liked his New York Times story, you will probably enjoy the book as the same style is evident. But I use the word “enjoy” loosely, as it is a sober read. You will find yourself shaking your head at some of the things that have been carried out as a result of the world’s desire for oil.

In Chapter 2 – Plunder – the book covers the case of Equatorial Guinea. The oil wealth was plundered, with the help of international oil companies, banks that looked the other way as government officials brought suitcases of money in for deposit, and governments eager for access to the resource. While he was investigating the oil story in Equatorial Guinea, Maass was accused of being a spy and kicked out of the country.

Chapter 3 – Rot – was all about Nigeria. I won’t tell you how that one turns out, but I am amazed at the (dangerous) lengths Maass went to for the story. Rot describes his journey deep into the Niger Delta in a leaky canoe, courtesy of one of the local warlords. It is well known in the oil industry that Nigeria is a dangerous place to operate. Oil companies generally pay very big premiums to get workers to agree to an assignment in Nigeria. Oil workers are kidnapped in Nigeria regularly (but rarely harmed) and held for ransom from the oil companies operating there. Warlords are constantly doing battle there, and Maass described his visit to one village that had been attacked. Shell also featured prominently in this chapter.

Chapter 4 – Contamination – tells the story of Ecuador, with special focus on the Chevron lawsuit. Maass notes the irony that California – one of the most environmentally conscious states – receives the largest portion of Ecuador’s exports.

The rest of the book’s ten chapters covers a litany of oil-induced miseries. Iraq, Russia, and Venezuela are all profiled. Former ExxonMobil CEO Lee Raymond is presented as the face of “Greed” (albeit it in the “Fear” chapter). There is an interesting explanation in “Greed” on why companies function as they do. Maass discusses a court case between Henry Ford and the Dodge brothers, in which the court ruled that a company’s mission “is organized and carried on primarily for the profit of its shareholders.” Thus, Maass argues that if Mr. Raymond had decided to run ExxonMobil in a more altruistic manner, the board would have removed him for not operating in the best interests of the shareholders.

The complaint that some will have about the book is that it isn’t balanced. There are a number of villains portrayed, but the oil companies really stand out. It seems that those who are telling the tales of misdeeds are generally trusted in the book, but those who are interviewed for balance are treated with suspicion. For instance, in the chapter on Nigeria, the author interviewed the director of Shell’s operations in Nigeria. The interview appears to proceed like a cross-examination. A Nigerian warlord’s words, on the other hand, seem to be taken mostly at face value.

But this is not intended to be a balanced book. It is a book designed to highlight the downside of our oil dependence. We can all think about ways in which oil has made our life better, but in the Western world we are generally spared from the nasty side of the business. In this book, Maass brings that message home loud and clear.

Conclusion

Crude World was released today, September 22, 2009. The general theme of the book is that the world’s dependence on oil has come at a very high price. This is not a book on peak oil, climate change, or renewable energy. It is not a technical book on the oil industry (for that see Morgan Downey’s Oil 101). The book covers the misery – the wars, the corruption, and the ruined lives – brought about primarily by greed from the lure of black gold. The book highlights the irony that oil could be used to improve the lives of a country’s citizens, but in far too many cases a country’s citizens end up being worse off after oil is discovered. The book was a fascinating read, and I couldn’t put it down once I started it. Now I can get back to my regularly scheduled reading.

Footnote

* The other books I am working on right now are Axis by Robert Charles Wilson and Outsourcing Energy Management by Steven Fawkes. The former is a science fiction book that I picked up because I really enjoyed Wilson’s previous book Spin. The latter has been a difficult read; I have been working on the book for six months. I met the author earlier in the year when he visited the Titan Wood plant in the Netherlands. We had quite a lot in common, and he sent me a copy of his book. But it is really a textbook, and so I have been reading it in small doses.

SuchirIndia Executives in discussion with President Rajapaksa - photo courtesy CDN

The Sri Lankan economy that does not show significant attraction from foreign investors even after the war was declared over in May this year, is being subtly manoeuvred by Indian investments with different companies making discreet entries with numerous projects.

While the SL government itself is making overtures for Indian investments with its Minister of Investment Promotion, Navin Dissanayake making a tour of India looking for Indian investment, India’s National Thermal Power Corporation has tied up with the Sri Lankan electricity board to construct a 1000 MW coal power plant in Sampur, Trincomalee. Sampur is one village that came under attack by the SL security forces early 2008 and its people made to flee.

Minister Navin Dissanayake said, Sri Lanka attracted a total FDI of USD 889-million in 2008, out of which India’s contribution was USD 126-million. This was when the international community was reluctant to support the SL government over HR violations with its escalation of the war.

This year, Sri Lanka is expecting a foreign direct investment (FDI) from India to the tune of USD 100-million by end-December.

Meanwhile Minister Dissanayake had said SL is prevailing on Mukesh Ambani-led Reliance Industries for exploration of oil in the island nation.

Cairn India had already taken one block for US $ 400 million for oil exploration in the Mannar sea and Reliance could also have about the same size of the deal in exploration of another bloc, the minister had said.

In another business deal worth US $ 250 mn, SuchirIndia, a Hyderabad based group, in collaboration with NEB Rapid Infrastructure Projects will construct a 40 storied building in Battaramulla close to the parliament complex through a special purpose vehicle SUCHIRNEB Projects Pvt Ltd.

Following news reports during the past few days revealed some details about these business deals between India and Sri Lanka.

(01)

Sri Lanka expecting USD 100-mn FDI from India by end-December

Sri Lanka is expecting a foreign direct investment (FDI) from India to the tune of USD 100-million by end-December, a senior Lankan Government official said on Thursday.

“We are targeting FDI worth USD 1,000-million by the end of this year (2009) and India’s contribution this year is expected to be around USD 100-million,” Sri Lanka’s Minister of Investment Promotion, Navin Dissanayake, said here.

He was in the city to meet with Indian investors, including big conglomerates such as the Tata group.

In 2008, Sri Lanka attracted a total FDI of USD 889-million out of which India’s contribution was USD 126-million, he said.

“Last year, out of the USD 126-million FDI which came from India, a major share of around USD 100-million came from Bharti Airtel,” Dissanayake said.

India’s largest mobile operator, Bharti Airtel, has started its mobile services in Sri Lanka under the Airtel brand.

The company has announced a total investment of USD 200-million till 2012 in Sri Lanka. 17 Sep 2009, 1558 hrs IST, PTI

(02)

US $ 500 million power deal between Sri Lanka and India

Sri Lanka is expected to sign a commercial agreement with India next week to build a 1000 MW coal power plant in Sampur, Trincomalee.

Sampur (circled) strategically located neighbouring Trincomalee harbour

This will be the country’s largest coal power plant and the total investment of the project is USD 500 million a media release issued by the Ministry of Power and Energy revealed.

The coal power plant is a joint project of India and Sri Lanka. An agreement on power purchasing of the new coal power plant will also be signed between India and the Ceylon Electricity Board, the statement said.

The project will consist of two phases and the first phase is expected to be completed by 2012. Initial planning of the project has been completed and it is expected to commence the construction work of the coal power plant in November, the statement said.

Construction work of the coal power plant will be done by India’s National Thermal Power Corporation and the Ceylon Electricity Board will monitor the engineering work of the project.

By NNN-News. LK, 18 September 2009 – 4:57pm.

(03)

Sri Lanka Wants India’s Reliance Industries for Oil Exploration

The Sri Lankan government wants to rope in Mukesh Ambani-led Reliance Industries for exploration of oil in the island nation.

“(We) are in talks with Reliance for petroleum exploration,” Sri Lankan Minister for Investment Promotion Navin Dissanayake told reporters at a CII function.

He said he would be visiting Mumbai on Tuesday to meet senior RIL officials.

“We have identified couple of blocks exclusively for India,” Dissanayake said, adding that RIL had shown interest in the Sri Lankan oil fields.

“For exploration Cairn India took one block for US $400 million. So, if Reliance [will agree to explore] it will be [at] that figure at least,” he said about the size of the deal.

The oil blocks which Sri Lanka had offered to RIL were located in Mannar and Southern basins, the visiting minister said.

Tuesday, September 15, 2009

(04)

Indian company bags $ 250 mn building project in Colombo

An Indian construction company SuchirIndia has entered into a collaboration with Sri Lankan firm NEB Rapid Infrastructure Projects to implement a 250-million-dollar project in the suburbs of Colombo. SuchirIndia, a Hyderabad-based group, in collaboration with NEB Rapid Infrastructure Projects will construct a 40 storeyed building through a special purpose vehicle SUCHIRNEB Projects Pvt Ltd in the first phase.

The project is to construct a tower complex that would comprise a 40 floor commercial complex and a 70 floor Residential tower (in the second phase) at Battaramulla in the Colombo suburbs. The 1.2 million sq feet structure is expected to be completed in 30 months, company officials said.

When contacted, SUCHIRNEB Director Y Kiron told PTI that the first project of a 40-floor complex is estimated to cost USD 110 million, the second phase of a 70-floor Residential tower is expected to cost USD 140 million. “Working in close association with Sri Lanka, its various government representative bodies and officials has been a pleasure in view of their unending willingness to support and help on all counts,” he said.

“We hope to establish our foot print into Colombo with this project and hope to extend it further and further into new areas,” he said. The project will also involve the Sri Lankan government.

T V SRIRAM; Colombo, Sept 18 (PTI)

Well the lid has been taken off GRL .. i expect a quick move to 1.50.. things are going exactly as they should …VERY well run market by a very intelligent and capable management team! (one of the best i have ever seen)

now my biggest holding by dollar value and number of shares

caliche

# Orders Board Lots Bid Ask Board Lots # Orders
3 30500 1.030 1.060 5000 1
1 10000 1.020 1.070 5000 1
2 11000 1.010 1.080 9500 2
3 30000 1.000 1.090 3000 1
1 20000 0.980 1.100 4500 4

Oromin Explorations Ltd.: Preliminary Feasibility Study Completed and New Higher Grade Discoveries Continue to Be Identified

2009-09-09 19:02 ET – News Release

VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — 09/09/09

Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) -

HIGHLIGHTS

- SRK’S PRELIMINARY FEASIBILITY STUDY COMPLETED FOR SABODALA AND SUBMITTED WITH APPLICATION FOR MINING LICENSE

- STUDY RECOMMENDS UPDATING RESOURCE BASE TO INCLUDE RECENT HIGHER GRADE DISCOVERIES

- GLOBAL MINERAL INVENTORY STANDS AT 3 MILLION OUNCES OF GOLD

- PREVIOUSLY ANNOUNCED INFERRED RESOURCES OF 2.26 MILLION OUNCES OF GOLD HAS BEEN UPGRADED TO INDICATED PLUS INFERRED RESOURCES AT 2.19 AND 0.37 MILLION OUNCES GOLD RESPECTIVELY

- RECENT DRILLING CONFIRMS NEW HIGHER GRADE GOLD DISCOVERIES AT EPSILON,CLOVERLEAF,GOLOUMA NORTHWEST AND KOBOKOTO AND HIGHER GRADE GOLD MINERALIZATION AT DEPTH BEYOND CURRENT RESOURCES AT KEREKOUNDA,GOLOUMA SOUTH AND WEST DEPOSITS

- METALLURGY AT MASATO INDICATES MAJORITY OF RESOURCE IS AMENABLE TO HEAP LEACH PRESENTING AN OPPORTUNITY TO PROCESS ORE FROM MASATO AS SEPARATE HEAP LEACH OPERATION AT START UP, CONCURRENT WITH PRODUCTION FROM HIGHER GRADE DEPOSITS

- LATEST DRILLING RESULTS INCLUDE:

– 3 metres of 56.48 g/t gold in RC-637 at Epsilon

– 3 metres of 12.72 g/t gold in DH-503 at Epsilon

– 4 metres of 81.10 g/t gold in DH-505 at Epsilon

– 4 metres of 7.35 g/t gold in DH-515 at Epsilon

– 2 metres of 6.16 g/t gold and 1 metre of 41.98 g/t gold in RC-642 at Cloverleaf

– 5 metres of 6.78 g/t gold in RC-644 at Cloverleaf

– 5 metres of 6.66 g/t gold in DH-495 at Golouma Northwest

– 7 metres of 12.45 g/t gold in DH-468 at Kerekounda

– 12 metres of 5.53 g/t gold in DH-488 at Kerekounda

PFS RESULTS, CONCLUSION AND DEVELOPMENT PLAN

Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to announce that SRK Consulting (Canada) Inc. (“SRK”) has completed the initial Preliminary Feasibility Study (“PFS”) on the Sabodala Project. The PFS is based on Indicated Resources that were defined by drilling up to May 29, 2009 and does not incorporate the new higher grade gold discoveries that have resulted from subsequent drilling. Completion of the PFS was dictated by the timing of the OJVG’s license renewal obligations with the Government of Senegal. Accordingly, timing did not permit inclusion of new mineralization or most of the optimization studies, discussed below, that are typically carried out subsequent to the initial economic evaluation contained within the PFS. Resource drilling, inclusion of the new higher grade discoveries and higher grade extensions of the known deposits and optimization studies towards a revised PFS in Q2, 2010 is the focus of OJVG’s current program.

In the PFS, SRK proposes that Sabodala’s mineral deposits could be exploited as three open pits at Golouma West and South, Kerekounda and Masato, along with an underground mine at Kerekounda. The Life of Mine “LOM” plan shows a total of 19.0 million tonnes (“Mt”) of mill feed and 137.2 Mt of waste over a 13 year mine operating life. The PFS concludes that, based on the indicated resource base as of May 2009, the project has a Net Present Value (“NPV”) using a gold price of USD$950 and a 0% discount rate, of USD$54 million with an IRR of 4%. However, the base case using a gold price of USD$850, the price used for the design of the mine plan, shows a NPV of USD-$54 million using a 0% discount rate. Total initial preproduction capital expenditures including contingency is USD$279 million and average estimated operating cost is USD$580 per ounce of gold.

In the PFS, numerous opportunities for improvement of project economics were noted including:

- Addition of higher grade mineralization to obtain quicker payback

- Reduction in costs due to a modified approach to mining and processing methodology, design and construction

- Addition of Indicated Resources from areas of known deposits that could add mine life and modify plant throughput.

The preliminary metallurgical results are excellent, indicating that all mineralized zones are amenable to cyanidation and yielding recoveries up to 90% at Golouma and 95% and 96% at Masato and Kerekounda respectively. Some of the other favourable metallurgical characteristics include relatively rapid leach kinetics, low cyanide consumption and oxide ores that are amenable to heap leaching.

Ausenco Minerals Canada Ltd. (“Ausenco”) has recently been engaged to audit the capital expenditures, operating expenditures and process design aspects of the PFS. Ausenco was responsible for the design and implementation of the adjacent Mineral Deposit Limited’s (“MDL”) Sabodala mill which has, as of August, produced 96,000 ounces of gold since start up in March of 2009 and continues to run at 15% above capacity. Ausenco completed an initial review in which it has identified a number or areas that may be optimized which could potentially result in a significant reduction in the capital expenditures. Based on Ausenco’s recommendations, SRK and Ausenco are proceeding immediately with the further studies related to the optimization of the mine and processing design that will have the greatest impact on improving overall project economics, including:

- Reduction in plant footprint

- Use of heap leach to treat mineralization at Masato, operating concurrently with mining at the Golouma and Kerekounda deposits

- Optimization of plant throughput and associated mine design and schedule

- Rationalization of plant equipment

- Review of processing design criteria

Although excellent recoveries (up to 95%) were achieved by processing the Masato ore through the same CIL plant proposed to treat ore from all of the deposits, there may be some economic gains such as lower processing costs and increased gold production during the early years of the mine life by treating the Masato ore as a separate heap leach operation concurrent with mining and processing ore from the higher grade gold deposits.

Chet Idziszek, Oromin’s President and CEO, stated: “The results of the initial preliminary feasibility study are based on assumptions at one point in time and are interim in nature. We expect the 2010 revision of the initial study to improve the project economics as a result of capital cost reductions, altered mining scenarios identified by optimization studies and the inclusion of other and new higher grade deposits and higher grade underground potential at existing deposits. The initial study is a major milestone for this project, given that Sabodala was essentially a raw prospect when we commenced our drilling three years ago. Newly discovered resource ounces may positively impact the optimization of the currently proposed mine plan and treatment facility and enhance the net value of the Sabodala Project. We will continue our aggressive drill program beyond the end of 2009, the results from which will form the basis of the revised PFS in 2010. We are also very encouraged by the interest shown in our project by senior mining companies working in the area and by international investment banks such as CIBC World Markets and Euroz Securities Limited. An indication of this interest is clearly shown by Iamgold’s recent acquisition of a 17% shareholding in Oromin.”

As part of its application to the Government of Senegal for a mining licence, OJVG submitted a development plan that outlines the work to address the recommendations in the PFS, culminating in the preparation of a revised PFS in Q2, 2010.

The focus during the first half of 2009 included the completion of OJVG’s February 27, 2009 resource update which added 860,000 inferred ounces to the initial resource estimate bringing the total contained Inferred Resource to 2.26 million ounces of gold; infill and step out drilling at the Masato and Kerekounda deposits; considerable engineering and drilling directed by SRK for the PFS; detailed surface geochemical and trench evaluation of untested priority targets and initiation of follow-up drilling of new discoveries and resource updates as reported in this release.

The focus from now to Q2, 2010 will be resource expansion and the completion of optimization studies for the revised PFS. This includes the continued drilling and inclusion of new higher grade gold targets such as Epsilon, Golouma Northwest, Cloverleaf, and Kobokoto and the drilling and inclusion of higher grade down dip extensions of current Indicated Resources at the Kerekounda, Golouma West and South deposits to determine the full extent of this mineralization as new potential underground mineable reserves.

The Sabodala gold district hosts greater than 10 million ounces of resources and has significant potential for expansion. It is becoming a mineral camp that may be of equal or greater stature than the long term gold producing operations of Iamgold and Randgold nearby in Mali. Recent independent reviews of the Sabodala district by CIBC World Markets (July 20, 2009) and Euroz Securities Limited (August 27, 2009) have discussed the possibility of joint operations with other companies active in the area. SRK’s optimization studies will include, in addition to work focused on Sabodala as a stand alone operation, trade off studies to determine the viability and value of alternate development scenarios such as toll milling or joint operations.

UPDATED MINERAL RESOURCE ESTIMATE

The global mineral inventory for OJVG’s Sabodala Project stands at 64 million tonnes grading 1.5 g/t Au containing 2.96 million ounces of gold based on drill data collected as of May 29, 2009. Contained within this global inventory, are the following classified Indicated and Inferred mineral resource estimates:

Higher Grade Au Deposits Indicated Mineral Resource Estimate
———————— ———————————–
Cut-off
Grade Grade Contained
Deposit (Au g/t) Tonnes (Au g/t) Au (oz)
——————— ——- ———- —— ———
Golouma West 0.5 6,100,000 2.60 505,000
Golouma South 0.5 2,220,000 4.20 297,000
Kerekounda 1.0 744,000 6.90 164,000
Total Indicated
Mineral Resource
Estimate 9,064,000 3.34 966,000

Inferred Mineral Resource Estimate
———————————-

Golouma West 0.5 502,000 3.00 48,000
Golouma South 0.5 13,000 3.50 1,000
Kerekounda 1.0 244,000 6.10 48,000
——————————————
Total Inferred
Mineral Resource
Estimate 759,000 4.01 97,000
——————————————
——————————————

Lower Grade Au Deposits Indicated Mineral Resource Estimate
———————– ———————————–
Cut-off
Grade Grade Contained
Deposit (Au g/t) Tonnes (Au g/t) Au (oz)
——————— ——- ———- —— ———
Masato 0.5 32,800,000 1.20 1,220,000
1.0 15,900,000 1.60 810,000
Niakafiri SE 0 0 0.00 0
Maki Medina 0 0 0.00 0
——————————————
Total Indicated
Mineral Resource
Estimate @ 0.5
COG 32,800,000 1.20 1,220,000
——————————————
——————————————

Inferred Mineral Resource Estimate
———————————-

Masato 0.5 1,535,000 1.40 71,000
1.0 1,000,000 1.90 60,000
Niakafiri SE 0.5 4,350,000 0.90 119,000
Maki Medina 0.5 1,500,000 1.50 70,000
——————————————
Total Inferred
Mineral Resource
Estimate @ 0.5
COG 7,385,000 1.13 260,000
——————————————
——————————————

SRK Consulting (UK) Ltd. carried out a mineral resource estimate update (“Resource Estimate”) for the four most advanced stage deposits on the property, Golouma West, Golouma South, Kerekounda and Masato. Additionally, initial resource estimates for Maki Medina and Niakafiri SE were also derived, but not included in the economic analysis in the PFS as they are classified as inferred resources. Dr Wayne Barnett of SRK, Ali Shahkar (P.Geo) and Susan Lomas (P.Geo.) of Lion’s Gate Geological Consulting Inc. constructed all 3D grade shell models for the deposits. SRK’s Dr. John Arthur, C. Geol. and Dr. Chris Bonson, EurGeol, reviewed all 3D models and pertinent geological information and exploration activities on-site in sufficient detail to support the data incorporated in the mineral resource estimate. Quality control and quality assurance programs were reviewed by SRK and the quality of the exploration data was deemed appropriate and acceptable for use in the Resource Estimate.

The principal components of the work upon which the mineral resource estimate is based included:

- Construction of 3D estimation domains (grade shells) based on drill hole lithological logs, core photos, structural geological data and Au assays; and 3D modelling of major dykes which intrude the Golouma West and Kerekounda deposits.

- Statistical analysis and geostatistical analysis of the drillhole assay data from each of the deposits, including descriptive statistics, histograms and variography.

- Mineral resource estimates were derived using assay data composited to 1 m intervals, capped where necessary. All estimations used Ordinary Kriging, using optimised search ellipsoids.

- Construction of a mineral inventory block model and subsequent Whittle(TM) resource shell based on the following parameters:

– US$1000/oz Au;

– mill recovery of 96% at Kerekounda; 90% at Golouma South and West; and 95% at Masato;

– US$1.25/t mined mining cost;

– US$12.75/t milled processing and G&A cost;

– US$13.5/oz Au offsite costs;

– 10% mining dilution;

– 45 degree pit slope angles.

The resource for the Golouma West, Golouma South, Masato and Kerekounda deposits has been classified as Indicated and Inferred, as defined by CIM guidelines and were constrained by the Whittle resource shell optimization. The Niakafiri Southeast and Maki Medina mineral resources were constrained by depths based on comparisons with resource shell depths from the Masato deposit, which shows similar geological and grade characteristics. SRK is satisfied that the estimated resources are potentially economically extractable.

Based on the results from the metallurgical sampling program, the Masato deposit has almost entirely been classified as an oxide resource, including mineralization within the upper saprolite horizon. Preliminary column leach testing of a high grade and low grade sample of the Masato oxide ore material resulted in a gold extraction of 73% and 84% respectively. This is very encouraging as it presents an opportunity whereby the Masato deposit may be mined as a separate heap leach operation concurrent with the mining and processing of ore from the higher grade deposits that will be processed through the proposed conventional CIL plant.

In the PFS, Masato is shown as being mined near the end of the mine life and processed through the same mill and CIL plant that was designed to process ore from the higher grade deposits. Treating ore from the Masato orebody as a stand alone heap leach operation could conceivably occur at the same time as, or in advance of, ore being mined from the higher grade deposits, increasing the gold production during the early years of the mine life, possibly reducing the payback period. Additionally, treating Masato as a heap leach operation may represent a net cost savings on the capital expenditures associated with trade off of constructing a second crushing circuit and reducing the throughput of the CIL plant that would be required to treat a smaller number of tonnes of higher grade gold ore from the remaining deposits. Additionally, lower processing costs associated with a heap leach operation may result in an increase in bulk tonnage resources due to the inclusion of additional resources at a lower cut off grade, not only at Masato and but also potentially at Maki Medina and Niakafiri. The option of mining and treating the Masato ore as a separate heap leach operation concurrent with the development of the higher grade deposits was not considered until the economics of processing all of the OJVG’s deposits through a single CIL plant was completed and evaluated and presented in the current PFS. As mentioned earlier timing of the current PFS did not permit key optimization studies. However, the viability of these options will be determined through planned engineering and optimization studies conducted by SRK and Ausenco this fall.

NEW DISCOVERIES

The gold deposits and prospects on OJVG’s Sabodala concession occur within a five kilometre wide, northeast trending structural corridor which runs for 20 kilometres along the entire length of the concession. The western part of the corridor is associated with lower grade, bulk tonnage gold deposits including OJVG’s Masato, Niakafiri South East and Maki Medina deposits as well as MDL’s adjacent Sabodala and Niakafiri deposits. The eastern side of the corridor is entirely contained on the OJVG concession and is host to all of OJVG’s higher grade occurrences (Golouma West, Golouma South, Kerekounda), the recent higher grade discoveries (Epsilon, Golouma Northwest and Cloverleaf), as well as a number of untested targets.

The new higher grade discoveries have resulted from the OJVG’s attention to the eastern, higher grade portion of this structural corridor in 2009. These discoveries are expressed at surface as narrow, linear high grade gold-in-soil anomalies within the limits of the broader gold-in-soil anomalies that occur along the full extent of the structural corridor on the Sabodala concession. OJVG’s exploration success this year has resulted from the systematic, detailed evaluation of surface soil and trenching data collected to date. Although our work in 2009 has resulted in the identification of four new higher grade targets and definition of higher grade zones within our known deposits, this work is ongoing and many of the second and third tier anomalies remain untested by drilling.

Mr. Idziszek stated: “Despite directing a number of diamond drill rigs to the geotechnical drilling program required for SRK’s mining studies during the first half of 2009, we have made great progress in understanding what is controlling the orientation and distribution of higher grade mineralization on the property. This has been a key factor in our continually improving success rate in drill testing new targets and finding new higher grade deposits.”

Epsilon Deposit and Area Targets

Drilling continues at a newly discovered, discrete zone of higher grade gold mineralization, now referred to as the Epsilon deposit, adjacent to, and now including the Golouma Northeast zone. Epsilon is located approximately 1 km south of the Kerekounda deposit. The discovery holes at the Epsilon deposit returned results including: 98.37 g/t gold over 3 metres in DH-72 and 17.61 g/t gold over 8 metres in DH-73.

The Epsilon target consists of at least two parallel, NW trending, steeply dipping vein systems open along strike and to depth. As evidenced by the higher gold grades encountered in the previous and new drill holes summarized below, visible gold has been observed in most intersections of the quartz vein systems. To date, Epsilon has been intersected in 16 drill holes over a strike length of 100 metres and approximately 200 metres down dip. Drill results from the original discovery holes (RC-578, RC-579 and DH-456) and recent drilling are summarized in the following table:

Grid From To Interval Gold
Drill Hole Co-ordinate Azimuth/Dip (m) (m) (m) (g/t)
RC-578 53553N/5375E 030/-50 56 68 12 10.20
incl. 56 63 7 17.13
incl. 60 61 1 107.0
125 127 2 6.83
RC-579 53501N/5345E 030/-50 192 204 12 23.53
incl. 195 196 1 76.75
and 199 202 3 60.14
incl. 201 202 1 128.9
209 217 8 16.54
incl. 213 217 4 32.48
215 216 1 114.4
RC 637 1453565N/815383E 30/-50 35 42 7 24.56
incl. 36 38 2 83.10
RC-639 1453586N/815370E 30/-50 15 22 7 4.13
incl. 15 16 1 11.44
incl. 18 19 1 13.72
DH-456 1453528N/815337E 30/-50 104 106 2 13.09
incl. 104 105 1 24.78
DH-503 1453578N/815390E 30/-45 17 20 3 12.72
incl. 18 19 1 30.54
24 25 1 5.08
81 83 2 3.12
DH-504 1453578N/815390E 30/-50 19 21 2 6.75
33 34 1 15.43
DH-505 1453559N/815396 30/-45 40 44 4 81.10
incl. 41 43 2 160.96
94 97 3 4.65
incl. 94 95 1 12.93
DH-512 1453559N/815396E 30/-77 184 187 3 5.04
incl. 185 186 1 13.39
DH-515 1453537N/815384E 30/-77 78 82 4 7.35
incl. 80 81 1 22.02
230 231 1 113.9

An additional target of interest at Epsilon is a sub-parallel, shear hosted quartz vein system, with visible gold mineralization, being aggressively mined by local artisanal miners along an approximate 200 metre strike extent. This vein system lies approximately 100 metres north of the current area of drilling and was first discovered recently by an OJVG trench that intersected a six metre interval grading 6.72 g/t gold. Drilling has started on this high priority new discovery.

Kobokoto

The Kobokoto area comprises a grouping of multiple gold-in-soil geochemical anomalies expressed as windows within a vast lateritic covered plateau measuring a minimum of 2,500 metres by 3,000 metres located to the west of Maki Medina. Presently three discrete areas, Alpha, Beta and Gamma, have been selected for ongoing detailed prospecting, geochemical sampling, trenching and drilling evaluations. Results to date are set out below.

Kobokoto Alpha is presently defined by a greater than 100ppb gold-in-soil anomaly displaying both NW and NE trending structures over a 600-metre by 150-metre area. This target represents one of the highest grade gold-in-soil anomalies on the Sabodala Property with 15 individual samples in excess of 1.0 g/t gold including high values of 10.8 g/t, 12.1 g/t and 29.3 g/t gold. Initial drilling of the anomaly includes DH-108 which returned an interval of 10.13 g/t gold over 3 metres. Extensive trenching is now under way to better define the complex structural targets for drill targeting. Visual success within the trenching has caught the attention of local artisanal miners who are now actively mining at Kobokoto Alpha.

At Kobokoto Beta, a greater than 100ppb gold-in-soil anomaly comprising an area of 400 metres by 100 metres, including a high gold-in-soil result of 71.7 g/t gold, hosts at least two NE trending structural hosted quartz vein system containing rock prospecting gold results of 21.33 g/t, 22.00 g/t, 24.16 g/t and 36.73g/t. Most recently a series of short drill holes over only a 50-metre extent of the Kobokoto Beta zone were completed, many of which intersected felsic dyking at or adjacent to the targeted vein. Initial drilling results include:

From To Interval Gold
Drill Hole Grid Co-ordinate Azimuth/Dip (m) (m) (m) (g/t)
DH-508 1452560N/810289E 305/-47 22 24 2 6.69
incl.23 24 1 11.81

DH-513 1452548N/810253E 330/-75 32 33 1 11.3

At Kobokoto Gamma, a greater than 100ppb gold-in-soil anomaly covering a minimum area of 200 metres by 75 metres, including a high gold-in-soil result of 26.3 g/t gold, is associated with a NE trending structural zone. Additional work is planned.

Cloverleaf Target

The Cloverleaf target is located approximately one kilometre south of the Golouma West deposit. The target was defined on surface by a 1000 by 350 metre gold-in-soil anomaly hosting multiple, variably oriented shear hosted quartz vein systems. Recent drilling on two of these shears has intersected visible gold. Initial drilling results include:

From To Interval Gold
Drill Hole Grid Co-ordinate Azimuth/Dip (m) (m) (m) (g/t)
RC-642 1452625N/814390E 45/-50 130 131 1 3.50
141 143 2 6.16
147 148 1 41.98
RC-643 1452380N/814525E 340/-55 74 75 1 13.51
RC-644 1452365N/814485E 340/-55 74 79 5 6.78
incl. 74 76 2 13.15
112 113 1 6.88
120 121 1 10.10
DH-489 1452480N/814480E 160/-50 50 52 2 8.64
108 109 1 15.81

Golouma Northwest Target

The Golouma Northwest target is located approximately 450 metres north of the Golouma West Deposit. The target was defined on surface by a 250 by 260 metre gold-in-soil anomaly and has been intersected in seven drill holes along a strike length of 100 metres and approximately 100 metres down dip. The zone consists of a northwest trending shear hosted quartz vein system. Visible gold has been reported in two of the five core holes completed to date. Initial drilling results include:

From To Interval Gold
Drill Hole Grid Co-ordinate Azimuth/Dip (m) (m) (m) (g/t)
DH-495 1454015N/814550E 260/-50 39 44 5 6.66
incl. 39 42 3 9.61
DH-514 1454034N/814539E 260/-50 44 54 10 2.21
incl. 47 50 3 4.32

Technical Supervision, QA/QC and Composite Parameters

John Arthur, C.Geol. and Chris Bonson, Eur. Geol. of SRK Consulting, both “qualified persons for the purposes of NI43-101, completed the resource estimate work and associated QA/QC review, while Gord Doerksen, P. Eng of SRK Consulting has reviewed the technical content pertaining to the preliminary feasibility study disclosure on behalf of Oromin Explorations Ltd. Doug Turnbull, P. Geo., a “qualified person” for the purposes of National Instrument 43-101, has verified the exploration data disclosed in this news release. William Bond, P. Geo., also a “qualified person” for the purposes of National Instrument 43-101, has supervised all geologic field procedures and sampling. TSL Laboratories carried out all aspects of sample preparation in Senegal and geochemical assaying in Saskatoon, Saskatchewan. TSL Laboratories are ISO/IEC 17025 accredited. Mineralized intervals are based on continuous 1-metre samples utilizing a 0.5 g/t gold cut-off level with a maximum continuous internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths.

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 “Projects” 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 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)