Oromin Explorations Ltd.
2000 – 1055 West Hastings Street, Vancouver, B.C. V6E 2E9
Phone: (604) 331-8772 Fax: (604) 331-8773
December 8, 2009
SECURITIES AND EXCHANGE COMMISSION | VIA EDGAR |
Judiciary Plaza Office Building
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir or Madam:
RE:
Oromin Explorations Ltd. - (File #0-30614)
Form 6-K
On behalf of Oromin Explorations Ltd., a corporation under the laws of British Columbia, Canada, we enclose for filing, one (1) copy of Form 6-K, including exhibits.
If you have any questions, please contact the undersigned at your convenience.
Very truly yours,
OROMIN EXPLORATIONS LTD.
“Chet Idziszek”_________
per:
Chet Idziszek
President
Enclosures
cc:
Miller Thomson, Attn: Mr. Peter McArthur
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of OCTOBER 2009
OROMIN EXPLORATIONS LTD. (File #0-30614)
(Translation of registrant's name into English)
Suite 2000, 1055 West Hastings St., Vancouver, B.C. Canada, V6E 2E9
(Address of principal executive offices)
Attachments:
Ø
Oromin Explorations Ltd. – News Release dated October 7, 2009,
Ø
Oromin Explorations Ltd. – BC FORM 53-901F, Material Change Report,
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Oromin Explorations Ltd. – Interim Consolidated Financial Statements for the period ended August 31, 2009, SEDAR filed on October 15, 2009,
Ø
Oromin Explorations Ltd. – News Release dated October 19, 2009,
Ø
Oromin Explorations Ltd. – BC FORM 53-901F, Material Change Report.
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F __________
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
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Date: December 8, 2009 |
| By: | “Chet Idziszek” |
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OROMIN | Suite 2000, Guinness Tower, 1055 West Hastings Street, Vancouver, B.C. Canada V6E 2E9 |
EXPLORATIONS LTD. | Tel: (604) 331-8772 Toll-free(877) 529-8475 Fax: (604) 331-8773 E-mail:info@oromin.com |
October 7, 2009 | Trading Symbol: TSX Venture – OLE OTC/BB - OLEPF Web Site: www.oromin.com |
EXPLORATION CONTINUES TO PROVIDE ENCOURAGING RESULTS
FROM VARIOUS SABODALA PROPERTY DEPOSITS AND PROSPECTS
HIGHLIGHTS
Ø
TRENCH RESULTS FROM KOBOKOTO ALPHA INCLUDE:
o
483.7 g/t gold over 6 metres
Ø
DRILLING AT THE EPSILON DEPOSIT CONTINUES TO INTERSECT HIGHER GRADE MINERALIZATION INCLUDING:
o
196.3 g/t gold over 4 metres near surface in DH-522
o
27.8 g/t gold over 3 metres near surface in DH-520
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58.1 g/t gold over 1 metres in DH-524
Ø
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA WEST DEPOSIT INCLUDES:
o
17.54 g/t gold over 10 metres in DH-539
Ø
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA SOUTH DEPOSIT INCLUDES:
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8.26 g/t gold over 11 metres in DH-519
Ø
NEW DISCOVERY AT KOTOUNIOKOLLA WITH ROCK SAMPLE RESULTS UP TO 269.4 G/T GOLD
Oromin Explorations Ltd. (“Oromin”), 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 it s 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:
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-520 | 53553N/5410E | 030/-45 | 48-51 incl.49-50 | 3 1 | 27.79 67.64 |
DH-522 | 53553N/5410E | 030/-60 | 52-56 incl.55-56 124-129 incl.127-129 | 4 1 5 2 | 196.27 763.10 3.92 7.56 |
DH-524 | 53553N/5410E | 030/-75 | 161-162 170-171 | 1 1 | 58.02 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:
Drill Hole | Location | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-516 | Golouma South | 53116N/5033E | 110/-75 | 207-210 215-218 | 3 3 | 4.09 3.53 |
DH-517 | Golouma West | 53355N/4658E | 015/-70 | 265-266 275-279 incl.276-277 | 1 4 1 | 9.55 6.27 18.59 |
DH-518 | Golouma South | 53139N/5051E | 110/-67 | 177-184 191-197 incl.192-193 incl.195-196 | 7 6 1 1 | 2.19 3.02 7.89 5.92 |
DH-519 | Golouma South | 53163N/4959E | 110/-60 | 262-273 incl.265-272 incl.271-272 | 11 7 1 | 8.26 12.24 44.86 |
Drill Hole | Location | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-521 | Golouma West | 53356N/4658E | 015/-75 | 298-309 incl.305-309 314-318 | 11 4 4 | 2.68 4.73 2.13 |
DH-523 | Golouma South | 53163N/4959E | 110/-67 | 270-282 incl.275-280 | 12 5 | 3.43 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 incl.314-319 incl.315-317 326-327 | 10 5 2 1 | 17.54 31.46 65.69 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:
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (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 27-39 incl.35-36 | 11 12 1 | 2.60 3.98 36.35 |
DH-461 | 60431N/4894E | 100/-50 | 6-38 incl.10-19 41-50 incl.42-43 | 32 9 9 1 | 1.13 2.06 2.77 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 incl.7-11 48-51 55-63 | 9 4 3 8 | 2.60 4.74 1.59 1.58 |
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-471 | 59585N/4615E | 110/-45 | 28-49 incl.38-43 | 21 5 | 1.47 2.87 |
DH-472 | 59550N/4595E | 110/-50 | 9-12 | 3 | 1.59 |
DH-473 | 59524N/4550E | 110/-50 | 0-4 20-42 incl.36-38 69-76 | 4 22 2 7 | 1.26 5.78 48.54 1.63 |
DH-474 | 59700N/4650E | 110/-50 | 32-64 incl.32-34 and 54-57 | 32 2 3 | 1.32 4.36 3.10 |
DH-475 | 59265N/4553E | 110/-55 | 34-44 incl.36-38 54-57 64-68 | 10 2 3 4 | 2.76 5.67 2.61 1.48 |
DH-478 | 59184N/4544E | 110/-50 | 10-15 incl.10-11 63-83 incl.72-73 | 5 1 20 1 | 2.14 7.32 3.08 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 >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:
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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 >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 aboutOromin Explorations Ltd., visitwww.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”_________
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 docu ments filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements. |
Schedule A Epsilon Deposit | |||||
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-67 | 3700N/5415E | 150º/-45º | 145-147 | 2 | 25.07 |
DH-68 | 3661N/5462E | 150º/-45º | 109-110 | 1 | 162.30 |
DH-70 | 3672N/5518E | 182º/-45º | 85-87 | 2 | 1.91 |
DH-72 | 3661N/5462E | 182º/-45º | 81-84 incl. 81-82 | 3 1 | 98.37 289.00 |
DH-73 | 3661N/5462E | 182º/-60º | 162-170 incl. 163-166 | 8 3 | 17.61 38.36 |
DH-76 | 3700N/5415E | 180º/-45º | 46-49 | 3 | 1.15 |
DH-456 | 3528N/5337E | 030°/-50° | 104-106 incl. 105-106 | 2 1 | 13.09 24.78 |
DH-503 | 3578N/5390E | 030°/-45° | 17-20 incl. 18-19 24-25 81-83 | 3 1 1 2 | 12.72 30.54 5.08 3.12 |
DH-504 | 3578N/5390E | 030°/-50° | 19-21 33-34 | 2 1 | 6.75 15.43 |
DH-505 | 3559N/5396E | 030°/-45° | 40-44 incl. 41-43 94-97 incl. 94-95 | 4 2 3 1 | 81.10 160.96 4.65 12.93 |
DH-512 | 3559N/5396E | 030°/-77° | 184-187 incl. 185-186 | 3 1 | 5.04 13.39 |
DH-515 | 3537N/5384E | 030°/-77° | 78-82 incl. 80-81 230-231 | 4 1 1 | 7.35 22.02 113.90 |
DH-504 | 3578N/5390E | 030°/-50° | 19-21 33-34 | 2 1 | 6.75 15.43 |
DH-505 | 3559N/5396E | 030°/-45° | 40-44 incl. 41-43 94-97 incl. 94-95 | 4 2 3 1 | 81.10 160.96 4.65 12.93 |
DH-512 | 3559N/5396E | 030°/-77° | 184-187 incl. 185-186 | 3 1 | 5.04 13.39 |
DH-515 | 3537N/5384E | 030°/-77° | 78-82 incl. 80-81 230-231 | 4 1 1 | 7.35 22.02 113.90 |
DH-520 | 53553N/5410E | 030/-45 | 48-50 incl.49-50 | 3 1 | 27.79 67.64 |
DH-522 | 53553N/5410E | 030/-60 | 52-56 incl.55-56 124-129 incl.127-129 | 4 1 5 2 | 196.27 763.10 4.90 7.56 |
DH-524 | 53553N/5410E | 030/-75 | 161-162 170-171 | 1 1 | 58.02 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°/-50° | 76-79 incl. 76-77 | 3 1 | 50.39 122.40 |
RC-173 | 3578N/5469E | 030°/-50° | 69-71 incl. 69-70 | 2 1 | 8.08 15.60 |
RC-174 | 3560N/5459E | 030°/-50° | 89-93 incl. 91-92 | 4 1 | 12.50 41.19 |
Schedule A …. continued Epsilon Deposit | |||||
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
RC-175 | 3573N/5444E | 030°/-50° | 80-83 incl. 81-82 | 3 1 | 10.24 28.33 |
RC-176 | 3590N/5454E | 030°/-50° | 51-56 incl. 54-56 | 5 2 | 19.97 49.93 |
RC-177 | 3608N/5464E | 030°/-50° | 38-41 incl. 38-39 | 3 1 | 16.33 30.32 |
RC-267 | 3568N/5486E | 030°/-60° | 61-64 | 3 | 1.50 |
RC-268 | 3568N/5486E | 30°/-68° | 153-156 159-164 incl. 160-161 167-173 incl. 167-170 | 3 5 1 6 3 | 5.00 7.40 29.25 13.08 23.75 |
RC-578 | 53553N/5375E | 030°/-50° | 56-68 incl. 56-63 incl. 60-61 125-127 | 12 7 1 2 | 10.20 17.13 107.00 6.83 |
RC-579 | 53501N/5345E | 030°/-50° | 192-204 incl. 195-196 and 199-202 incl. 201-202 209-217 incl. 213-217 incl. 215-216 | 12 1 3 1 8 4 1 | 23.53 76.75 60.14 128.90 16.54 32.48 114.40 |
RC-637 | 1453565N/815383E | 030°/-50° | 35-42 36-38 | 7 2 | 24.56 83.10 |
RC-639 | 1453586N/815370E | 030°/-50° | 15-22 incl. 15-16 incl. 18-19 | 7 1 1 | 4.13 11.44 13.72 |
This is the form of material change report required under Section 85(1) of theSecurities Act and section 151 of theSecurities Rules.
BC FORM 53-901F
(formerly Form 27)
Securities Act
MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE ACT
NOTE:
This form is intended as a guideline. A letter or other document may be used if the substantive requirements of this form are complied with.
NOTE:
If this report is filed on a confidential basis, put at the beginning of the report in block capitals “CONFIDENTIAL - SECTION 85”, and in an envelope marked “Confidential - Attention: Supervisor, Financial Reporting”.
Item 1.
Reporting Issuer
Oromin Explorations Ltd.
Suite 2000, 1055 West Hastings Street
Vancouver, B.C.
V6E 2E9
Item 2.
Date of Material Change
October 8, 2009
Item 3.
Press Release
October 7, 2009, Vancouver, B.C.
Item 4.
Summary of Material Change
Exploration update and appointment of new officer.
Item 5.
Full Description of Material Change
See attached news release.
Item 6.
Reliance on Section 85(2) of the Act
Not applicable
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Item 7.
Omitted Information
There are no other proposed material changes in the affairs of the Issuer which have not been disclosed in this form.
Item 8.
Senior Officers
Enquiries may be directed to J.G. Stewart, the Issuer’s Secretary at
604-331-8772
Item 9.
Statement of Senior Officer
The foregoing accurately discloses the material change referred to here.
Dated at Vancouver, B.C. this 8th day of October, 2009.
| OROMIN EXPLORATIONS LTD. | |
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| By: | “J. G. Stewart” |
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| Secretary |
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| J.G. Stewart |
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| (Please print here name of individual |
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OROMIN | Suite 2000, Guinness Tower, 1055 West Hastings Street, Vancouver, B.C. Canada V6E 2E9 |
EXPLORATIONS LTD. | Tel: (604) 331-8772 Toll-free(877) 529-8475 Fax: (604) 331-8773 E-mail:info@oromin.com |
October 7, 2009 | Trading Symbol: TSX Venture – OLE OTC/BB - OLEPF Web Site: www.oromin.com |
EXPLORATION CONTINUES TO PROVIDE ENCOURAGING RESULTS
FROM VARIOUS SABODALA PROPERTY DEPOSITS AND PROSPECTS
HIGHLIGHTS
Ø
TRENCH RESULTS FROM KOBOKOTO ALPHA INCLUDE:
o
483.7 g/t gold over 6 metres
Ø
DRILLING AT THE EPSILON DEPOSIT CONTINUES TO INTERSECT HIGHER GRADE MINERALIZATION INCLUDING:
o
196.3 g/t gold over 4 metres near surface in DH-522
o
27.8 g/t gold over 3 metres near surface in DH-520
o
58.1 g/t gold over 1 metres in DH-524
Ø
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA WEST DEPOSIT INCLUDES:
o
17.54 g/t gold over 10 metres in DH-539
Ø
SUCCESSFUL DEEP DRILLING AT THE GOLOUMA SOUTH DEPOSIT INCLUDES:
o
8.26 g/t gold over 11 metres in DH-519
Ø
NEW DISCOVERY AT KOTOUNIOKOLLA WITH ROCK SAMPLE RESULTS UP TO 269.4 G/T GOLD
Oromin Explorations Ltd. (“Oromin”), 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 it s 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.
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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:
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-520 | 53553N/5410E | 030/-45 | 48-51 incl.49-50 | 3 1 | 27.79 67.64 |
DH-522 | 53553N/5410E | 030/-60 | 52-56 incl.55-56 124-129 incl.127-129 | 4 1 5 2 | 196.27 763.10 3.92 7.56 |
DH-524 | 53553N/5410E | 030/-75 | 161-162 170-171 | 1 1 | 58.02 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:
Drill Hole | Location | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-516 | Golouma South | 53116N/5033E | 110/-75 | 207-210 215-218 | 3 3 | 4.09 3.53 |
DH-517 | Golouma West | 53355N/4658E | 015/-70 | 265-266 275-279 incl.276-277 | 1 4 1 | 9.55 6.27 18.59 |
DH-518 | Golouma South | 53139N/5051E | 110/-67 | 177-184 191-197 incl.192-193 incl.195-196 | 7 6 1 1 | 2.19 3.02 7.89 5.92 |
DH-519 | Golouma South | 53163N/4959E | 110/-60 | 262-273 incl.265-272 incl.271-272 | 11 7 1 | 8.26 12.24 44.86 |
- 5 -
Drill Hole | Location | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-521 | Golouma West | 53356N/4658E | 015/-75 | 298-309 incl.305-309 314-318 | 11 4 4 | 2.68 4.73 2.13 |
DH-523 | Golouma South | 53163N/4959E | 110/-67 | 270-282 incl.275-280 | 12 5 | 3.43 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 incl.314-319 incl.315-317 326-327 | 10 5 2 1 | 17.54 31.46 65.69 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:
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (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 27-39 incl.35-36 | 11 12 1 | 2.60 3.98 36.35 |
DH-461 | 60431N/4894E | 100/-50 | 6-38 incl.10-19 41-50 incl.42-43 | 32 9 9 1 | 1.13 2.06 2.77 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 incl.7-11 48-51 55-63 | 9 4 3 8 | 2.60 4.74 1.59 1.58 |
- 6 -
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-471 | 59585N/4615E | 110/-45 | 28-49 incl.38-43 | 21 5 | 1.47 2.87 |
DH-472 | 59550N/4595E | 110/-50 | 9-12 | 3 | 1.59 |
DH-473 | 59524N/4550E | 110/-50 | 0-4 20-42 incl.36-38 69-76 | 4 22 2 7 | 1.26 5.78 48.54 1.63 |
DH-474 | 59700N/4650E | 110/-50 | 32-64 incl.32-34 and 54-57 | 32 2 3 | 1.32 4.36 3.10 |
DH-475 | 59265N/4553E | 110/-55 | 34-44 incl.36-38 54-57 64-68 | 10 2 3 4 | 2.76 5.67 2.61 1.48 |
DH-478 | 59184N/4544E | 110/-50 | 10-15 incl.10-11 63-83 incl.72-73 | 5 1 20 1 | 2.14 7.32 3.08 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 >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 >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.
- 7 -
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 aboutOromin Explorations Ltd., visitwww.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”_________
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 docu ments filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements. |
- 8 -
Schedule A Epsilon Deposit | |||||
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
DH-67 | 3700N/5415E | 150º/-45º | 145-147 | 2 | 25.07 |
DH-68 | 3661N/5462E | 150º/-45º | 109-110 | 1 | 162.30 |
DH-70 | 3672N/5518E | 182º/-45º | 85-87 | 2 | 1.91 |
DH-72 | 3661N/5462E | 182º/-45º | 81-84 incl. 81-82 | 3 1 | 98.37 289.00 |
DH-73 | 3661N/5462E | 182º/-60º | 162-170 incl. 163-166 | 8 3 | 17.61 38.36 |
DH-76 | 3700N/5415E | 180º/-45º | 46-49 | 3 | 1.15 |
DH-456 | 3528N/5337E | 030°/-50° | 104-106 incl. 105-106 | 2 1 | 13.09 24.78 |
DH-503 | 3578N/5390E | 030°/-45° | 17-20 incl. 18-19 24-25 81-83 | 3 1 1 2 | 12.72 30.54 5.08 3.12 |
DH-504 | 3578N/5390E | 030°/-50° | 19-21 33-34 | 2 1 | 6.75 15.43 |
DH-505 | 3559N/5396E | 030°/-45° | 40-44 incl. 41-43 94-97 incl. 94-95 | 4 2 3 1 | 81.10 160.96 4.65 12.93 |
DH-512 | 3559N/5396E | 030°/-77° | 184-187 incl. 185-186 | 3 1 | 5.04 13.39 |
DH-515 | 3537N/5384E | 030°/-77° | 78-82 incl. 80-81 230-231 | 4 1 1 | 7.35 22.02 113.90 |
DH-504 | 3578N/5390E | 030°/-50° | 19-21 33-34 | 2 1 | 6.75 15.43 |
DH-505 | 3559N/5396E | 030°/-45° | 40-44 incl. 41-43 94-97 incl. 94-95 | 4 2 3 1 | 81.10 160.96 4.65 12.93 |
DH-512 | 3559N/5396E | 030°/-77° | 184-187 incl. 185-186 | 3 1 | 5.04 13.39 |
DH-515 | 3537N/5384E | 030°/-77° | 78-82 incl. 80-81 230-231 | 4 1 1 | 7.35 22.02 113.90 |
DH-520 | 53553N/5410E | 030/-45 | 48-50 incl.49-50 | 3 1 | 27.79 67.64 |
DH-522 | 53553N/5410E | 030/-60 | 52-56 incl.55-56 124-129 incl.127-129 | 4 1 5 2 | 196.27 763.10 4.90 7.56 |
DH-524 | 53553N/5410E | 030/-75 | 161-162 170-171 | 1 1 | 58.02 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°/-50° | 76-79 incl. 76-77 | 3 1 | 50.39 122.40 |
RC-173 | 3578N/5469E | 030°/-50° | 69-71 incl. 69-70 | 2 1 | 8.08 15.60 |
RC-174 | 3560N/5459E | 030°/-50° | 89-93 incl. 91-92 | 4 1 | 12.50 41.19 |
- 9 -
Schedule A …. continued Epsilon Deposit | |||||
Drill Hole | Grid Co-ordinate | Azimuth/ Dip | From – To (m) | Interval (m) | Gold (g/t) |
RC-175 | 3573N/5444E | 030°/-50° | 80-83 incl. 81-82 | 3 1 | 10.24 28.33 |
RC-176 | 3590N/5454E | 030°/-50° | 51-56 incl. 54-56 | 5 2 | 19.97 49.93 |
RC-177 | 3608N/5464E | 030°/-50° | 38-41 incl. 38-39 | 3 1 | 16.33 30.32 |
RC-267 | 3568N/5486E | 030°/-60° | 61-64 | 3 | 1.50 |
RC-268 | 3568N/5486E | 30°/-68° | 153-156 159-164 incl. 160-161 167-173 incl. 167-170 | 3 5 1 6 3 | 5.00 7.40 29.25 13.08 23.75 |
RC-578 | 53553N/5375E | 030°/-50° | 56-68 incl. 56-63 incl. 60-61 125-127 | 12 7 1 2 | 10.20 17.13 107.00 6.83 |
RC-579 | 53501N/5345E | 030°/-50° | 192-204 incl. 195-196 and 199-202 incl. 201-202 209-217 incl. 213-217 incl. 215-216 | 12 1 3 1 8 4 1 | 23.53 76.75 60.14 128.90 16.54 32.48 114.40 |
RC-637 | 1453565N/815383E | 030°/-50° | 35-42 36-38 | 7 2 | 24.56 83.10 |
RC-639 | 1453586N/815370E | 030°/-50° | 15-22 incl. 15-16 incl. 18-19 | 7 1 1 | 4.13 11.44 13.72 |
OROMIN EXPLORATIONS LTD.
Interim Consolidated Financial Statements
Six months ended August 31, 2009
(Unaudited – Prepared by Management)
Unaudited Interim Financial Statements
In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the interim unaudited consolidated financial statements for the period ended August 31, 2009.
Oromin Explorations Ltd.
(An exploration stage company)
Consolidated Balance Sheets as at
(Unaudited – Prepared by Management)
February 28, | ||||||
August 31, | 2009 | |||||
2009 | (audited) | |||||
ASSETS | ||||||
Current | ||||||
Cash and cash equivalents | $ | 8,245,936 | $ | 6,550,450 | ||
Receivables | 119,797 | 195,379 | ||||
Investments (Note 5) | 95,832 | 71,874 | ||||
Prepaid expenses and deposits | 24,315 | 11,122 | ||||
8,485,880 | 6,828,825 | |||||
Resource properties(Note 6) | 47,021,509 | 40,292,264 | ||||
Advances to joint venture | 9,056,937 | 1,787,158 | ||||
Contractor deposit | 191,923 | 222,372 | ||||
Equipment and fixtures | 188,376 | 213,463 | ||||
Performance bond – restricted cash | 7,421 | 24,525 | ||||
$ | 64,952,046 | $ | 49,368,607 | |||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||
Current | ||||||
Accounts payable and accrued liabilities | $ | 3,443,907 | $ | 2,332,359 | ||
Shareholders’ equity | ||||||
Capital stock (Note 7) | ||||||
Authorized | ||||||
An unlimited number of common shares without par value | ||||||
Issued: 94,642,035 common shares | ||||||
(February 28, 2009 – 66,067,606) | 76,781,596 | 58,528,199 | ||||
Contributed surplus (Note 7) | 10,930,812 | 8,475,106 | ||||
Accumulated other comprehensive income (Note 4) | (275,518 | ) | (299,476 | ) | ||
Deficit | (25,928,751 | ) | (19,667,581 | ) | ||
61,508,139 | 47,036,248 | |||||
$ | 64,952,046 | $ | 49,368,607 |
Oromin Explorations Ltd.
(An exploration stage company)
Consolidated Statements of Loss
(Unaudited – Prepared by Management)
Three months | Three months | Six months | Six months | |||||||||
Ended | Ended | Ended | Ended | |||||||||
August 31, | August 31, | August 31, | August 31, 2008 | |||||||||
2009 | 2008 | 2009 | ||||||||||
EXPENSES | ||||||||||||
Amortization | $ | 12,429 | $ | 15,852 | $ | 25,087 | $ | 16,553 | ||||
Filing and transfer fees | 30,184 | 17,352 | 32,336 | 20,356 | ||||||||
Office and rent | 13,688 | 52,001 | 78,582 | 94,984 | ||||||||
Professional and consulting fees | 84,741 | 164,968 | 172,873 | 279,006 | ||||||||
Salaries and benefits | 292,707 | 87,253 | 407,721 | 133,141 | ||||||||
Stock-based compensation | 2,456,418 | 254,230 | 2,456,418 | 4,598,369 | ||||||||
Travel and public relations | 28,227 | 80,379 | 115,957 | 174,674 | ||||||||
(2,918,394 | ) | ( 672,035 | ) | (3,288,974 | ) | (5,317,083 | ) | |||||
OTHER INCOME (EXPENSE) | ||||||||||||
Impairment provision on oil & gasproperty (Note 5) | (2,344,086 | ) | - | (2,344,086 | ) | - | ||||||
Foreign exchange (loss) gain | (429,506 | ) | 78,263 | (675,430 | ) | (14,816 | ) | |||||
Project management fees (reversed) | (90,788 | ) | - | 44,784 | - | |||||||
Interest income | 1,074 | 83,654 | 2,536 | 261,695 | ||||||||
Loss on disposition of investment | - | - | - | (447,458 | ) | |||||||
(2,863,306 | ) | 161,917 | (2,972,196 | ) | (200,579 | ) | ||||||
Loss for the period | (5,781,700 | ) | ( 510,118 | ) | (6,261,170 | ) | (5,517,662 | ) | ||||
Other comprehensive gain (loss) | ||||||||||||
Unrealized gain (loss) on securitiesheld for sale (Note 5) | 29,947 | (83,853 | ) | 23,959 | (125,284 | ) | ||||||
Total comprehensive loss for the period | $ | (5,751,753 | ) | $ | ( 593,971 | ) | $ | (6,237,211 | ) | $ | (5,642,946 | ) |
Basic and diluted loss per common share | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.08 | ) |
Weighted average number of shares outstanding | 89,050,082 | 65,209,056 | 77,858,843 | 65,145,054 |
Oromin Explorations Ltd.
(An exploration stage company)
Interim Consolidated Financial Statements
(Unaudited – Prepared by Management)
Three months | Three months | Six months | Six months | ||||||||
Ended | Ended | Ended | Ended | ||||||||
August 31, | August 31, | August 31, | August 31, | ||||||||
2009 | 2008 | 2009 | 2008 | ||||||||
STATEMENT OF DEFICIT | |||||||||||
Balance, beginning of period | $ | 20,147,051 | $ | 20,100,940 | $ | 19,667,581 | $ | 15,093,396 | |||
Net loss for the period | 5,781,700 | 510,118 | 6,261,170 | 5,517,662 | |||||||
Balance, end of period | $ | 25,928,751 | $ | 20,611,058 | $ | 25,928,751 | $ | 20,611,058 | |||
STATEMENT OF ACCUMULATED OTHER | |||||||||||
COMPREHENSIVE INCOME (LOSS) | |||||||||||
Balance, beginning of period | $ | 305,465 | $ | 125,284 | $ | 299,477 | $ | 531,311 | |||
Unrealized loss on investments held for sale | - | 83,853 | - | 131,769 | |||||||
Unrealized gain on investments held for sale | (29,947 | ) | - | (23,959 | ) | (6,485 | ) | ||||
Realization of loss on investment disposed of (Note 5) | - | - | - | (447,458 | ) | ||||||
Balance, end of period | $ | 275,518 | $ | 209,137 | $ | 275,518 | $ | 209,137 |
Oromin Explorations Ltd.
(An exploration stage company)
Consolidated Statements of Cash Flows
(Unaudited – Prepared by Management)
Three months | Three months | Six months | Six months | |||||||||
Ended | Ended | Ended | Ended | |||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||
2009 | 2008 | 2009 | 2008 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net loss for the period | $ | (5,781,700 | ) | $ | (510,118 | ) | $ | (6,261,170 | ) | $ | (5,517,662 | ) |
Items not affecting cash | ||||||||||||
Stock-based compensation | 2,456,418 | 254,230 | 2,456,418 | 4,598,369 | ||||||||
Writedown of oil & gas interest | 2,344,086 | - | 2,344,086 | - | ||||||||
Loss on disposition of investment | - | - | - | 447,458 | ||||||||
Amortization | 12,429 | 15,852 | 25,087 | 16,553 | ||||||||
Foreign exchange loss (gain) | ( 105 | ) | (4,660 | ) | 30,449 | (5,641 | ) | |||||
Changes in non-cash working capital items: | ||||||||||||
Accounts payable and accrued liabilities | (82,640 | ) | 318,654 | (21,192 | ) | (24,392 | ) | |||||
Receivables | 51,516 | 12,196 | 92,686 | (26,894 | ) | |||||||
Prepaid expenses and deposits | (13,193 | ) | - | (13,193 | ) | - | ||||||
(1,013,189 | ) | 86,154 | (1,346,829 | ) | (512,209 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Capital stock issued for cash | 18,484,881 | 93,939 | 18,484,881 | 483,098 | ||||||||
Proceeds of oil & gas farm-out | 1,615,217 | - | 1,615,217 | - | ||||||||
Change in amounts due to (from) joint venture | - | - | - | - | ||||||||
20,100,098 | 93,939 | 20,100,098 | 483,098 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Expenditures on resource properties | (7,644,615 | ) | (6,063,915 | ) | ( 9,788,004 | ) | (10,670,686 | ) | ||||
Advance to joint venture | (4,346,667 | ) | - | (7,269,779 | ) | - | ||||||
Purchase of equipment and fixtures | - | (110,973 | ) | - | (222,165 | ) | ||||||
(11,991,282 | ) | (6,174,888 | ) | (17,057,783 | ) | (10,892,851 | ) | |||||
Change in cash and cash equivalents | 7,095,627 | (5,994,795 | ) | 1,695,486 | (10,921,962 | ) | ||||||
Cash and cash equivalents - beginning of period | 1,150,309 | 21,212,750 | 6,550,450 | 26,139,917 | ||||||||
Cash and cash equivalents – end of period | $ | 8,245,936 | $ | 15,217,955 | $ | 8,245,936 | $ | 15,217,955 |
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
1.
NATURE AND CONTINUANCE OF OPERATIONS
The Company is in the business of exploring its resource properties. The Company’s current mineral and oil and gas exploration activities are in the pre-production stage. Consequently, the Company is defined as an exploration stage Company. The recoverability of the Company’s investments in resource properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete exploration, and future profitable commercial production or proceeds from the disposition thereof. These financial statements have been prepared on a going-concern basis, based in part upon the successful financing carried out as set out in Note 7 and upon ongoing activities.
2.
INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
These interim unaudited consolidated financial statements do not contain all the information required for annual financial statements and should be read in conjunction with the Company’s annual consolidated financial statements for the year ended February 28, 2009.
3.
SIGNIFICANT ACCOUNTING POLICIES
With the exception of the adoption of new accounting standards described in Note 4, these interim unaudited consolidated financial statements follow the same accounting policies and methods of their application as the most recent annual consolidated financial statements of the Company.
4.
CHANGES IN ACCOUNTING POLICIES
New accounting policies
Effective with the new fiscal year beginning March 1, 2009, the Company adopted certain new accounting standards issued by the CICA which may impact the Company in the future as follows:
Financial Instruments Disclosures
In March 2007, the C1CA issued Section 3862Financial Instruments - Disclosures,and Section 3863Financial instruments - Presentation,which together comprise a complete set of disclosure and presentation requirements that revise and enhance the previous disclosure requirements. Section 3862 requires disclosure of additional detail by financial asset and liability categories. Section 3863 establishes standards for presentation of financial instruments and non-financial derivatives. The standard deals with the classification of financial instruments, from the perspective of the issuer, between liabilities and equity, the classification of related interest, dividends, losses and gains, and the circumstances in which financial assets and financial liabilities are offset. The adoption of this change on thedisclosure in the financial statements did not have an effect on the Company for the six months ended Aug ust 31, 2009.
Goodwill and Intangible Assets
CICA Handbook Section 3064 Goodwill and Intangible Assetsestablishes revised standards for recognition, measurement, presentation and disclosure of goodwill and intangible assets. Concurrent with the introduction of this standard, the CICA withdrew EIC-27,Revenues and Expenses during the pre-operating period. The adoption of this change has not had a significant impact on the Company’s consolidated financial statements.
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
4.
CHANGES IN ACCOUNTING POLICIES(continued)
International Financial Reporting Standards (“IFRS”)
In February 2008 the Canadian Accounting Standards Board ("AcSB") confirmed the date for publicly-listed companies to use IFRS replacing Canadian GAAP for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Therefore the Company will be required to adopt IFRS for its fiscal year commencing March 1, 2011, and the transition plan will require in 2011 the restatement for comparative purposes onto the IFRS basis of amounts and disclosures reported by the Company for its prior fiscal year, ended February 28, 2011. While the Company has begun assessing the adoption of IFRS for 2011, the complete financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time. The Company has to date determined that it expects to be able to carry forward its accounting policies in respect of mineral properties, which are among its most significant acco unting policies, unchanged under IFRS.
5.
INVESTMENTS
The Company’s investments consist of 1,197,906 shares of Lund Gold Ltd. (“Lund”) with a quoted market value at August 31, 2009 of $0.08 per share or $95,832 in the aggregate. The Company classifies these shares as available for sale, and accordingly revaluation gains and losses in fair value are included in other comprehensive income or loss for the period until the asset is removed from the balance sheet. During the period the Company recognized a gain in fair value attributable to the shares of Lund totaling $23,959 credited to other comprehensive gain for the period.
6.
RESOURCE PROPERTIES AND DEFERRED COSTS
|
|
|
| Sabodala, Senegal |
| Santa Rosa Argentina |
| Total |
|
|
|
|
|
|
|
|
|
|
|
| Balance, February 28, 2009 |
| $ | 36,759,620 | $ | 3,532,644 | $ | 40,292,264 |
|
|
|
|
|
|
|
|
|
|
|
| Camp operation |
|
| 838,027 |
| - |
| 838,027 |
|
| Contractors and geological staff |
|
| 676,869 |
| - |
| 676,869 |
|
| Corporate services fee |
|
| 1,094,300 |
| - |
| 1,094,300 |
|
| Drilling |
|
| 2,854,195 |
| 1,300,179 |
| 4,154,374 |
|
| Engineering |
|
| 2,003,817 |
| - |
| 2,003,817 |
|
| Exploration office |
|
| 126,562 |
| 72,972 |
| 199,534 |
|
| Land and legal |
|
| 32,322 |
| 88,093 |
| 120,415 |
|
| Presumptive income tax |
|
| - |
| 17,935 |
| 17,935 |
|
| Sample analysis |
|
| 730,952 |
| - |
| 730,952 |
|
| Social programs |
|
| 161,719 |
| 23,547 |
| 185,266 |
|
| Travel and accommodation |
|
| 242,167 |
| 26,966 |
| 269,133 |
|
| Wages and benefits |
|
| 397,926 |
| - |
| 397,926 |
|
|
|
|
| 9,158,856 |
| 1,529,692 |
| 10,688,548 |
|
| Proceeds of partial disposition | (Note 6(b)) |
| - |
| (1,615,217 | ) | (1,615,217 | ) |
| Writedown of carrying costs | (Note 6(b)) |
| - |
| (2,344,086 | ) | (2,344,086 | ) |
|
|
|
|
|
|
|
|
|
|
| Balance, August 31, 2009 |
| $ | 45,918,476 | $ | 1,103,033 | $ | 47,021,509 |
|
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
6.
RESOURCE PROPERTIES AND DEFERRED COSTS(continued)
a)
Sabodala gold project, Senegal
In October 2004, the Company was awarded an exploration concession in Senegal known as the Sabodala Project. The concession grants the Company the sole right to acquire a 100% interest in the project. The Sabodala Project is held by Oromin Joint Venture Group Ltd. (“OJVG”), a company incorporated in the British Virgin Islands and owned 43.5% by Sabodala Holding Limited (“SHL”), a company wholly-owned by the Company, 43.5% by Bendon International Ltd. (“Bendon”), an arm’s length private company incorporated in the British Virgin Islands, and 13.0% by Badr Investment & Finance Company (“Badr”), an arm’s length private company domiciled in the Republic of Panama. The Company provides exploration and management services to OJVG.
OJVG was incorporated in August 2006 in anticipation of the completion of an initial expenditure obligation, and in December 2006 SHL, Bendon and Badr completed a shareholders agreement governing the conduct of OJVG and the Sabodala Project. Under the terms of a prior agreement which has been superseded by the establishment of OJVG, Bendon provided the initial US$2.8 million in exploration expenditures with the Company providing the next US$5.2 million. Following the completion of the US$8 million obligation in October 2006, SHL and Bendon are required to fund further exploration and related costs of the Sabodala Project equally; Badr has a free carried interest through the commencement of production. During the period ended August 31, 2009, the joint venture incurred total exploration and related costs of $16,129,112 of which the Company’s share was $8,064,556, exclusive of $1,094,300 paid by the Company to Bendon for cor porate services associated with the project not chargeable to the joint venture.
b)
Santa Rosa oil and gas project, Argentina
On May 2, 2008 the government of the Province of Mendoza issued Decree 1018/2008 which under the jurisdiction of the Province of Mendoza formally granted exploration and exploitation rights to the Company’s Argentinean subsidiary, EOSA, over certain oil and gas exploration interests in the Province of Mendoza in central Argentina (the “Santa Rosa Property”) which since 2001 had previously been the subject of an approved bid with the federal government of the Republic of Argentina. Pursuant to the decree EOSA was committed to incur exploration expenditures of a minimum US$600,000 by May 1, 2011; this has occurred.
The Company’s exploration rights will remain in effect for a period of six years from the date of formal acceptance by government authorities and will be converted into exploitation rights for a further period of 25 years if commercial quantities of hydrocarbons are discovered.
On November 15, 2005, the Company entered into a letter of intent (the “LOI”) with Otto Energy Ltd. (“Otto”), a corporation whose shares trade on the Australian Stock Exchange, whereby Otto could acquire a 32.48% interest in the Santa Rosa Property by contributing US$1,400,000 to exploration and development of the project, following which the joint venture partners are to fund ongoing expenditures pro rata to their interests. The LOI was superseded in December 2008 by the settlement and execution of various formal agreements incorporating the terms of the LOI. On May 4, 2009 Otto paid the US$ 1,400,000, translated as $1,649,340 and acquired its 32.48% interest in the Santa Rosa project by acquiring that per cent interest in the shares of Cynthia Holdings Limited (“Cynthia”) which in turn owns all the shares of EOSA, which holds the hydrocarbon rights granted under Decree 1018/2008.
At the date of acquisition the net assets of Cynthia and its subsidiary EOSA totaled $3,822,723 made up of net current assets of $105,059 and Santa Rosa project costs of $3,717,665. During the period from Otto becoming a shareholder of Cynthia to August 31, 2009 the joint venture incurred further deferred costs totaling $2,317,103 ascribed to the Company as to $1,564,508 and to Otto as to $752,595.
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
6.
RESOURCE PROPERTIES AND DEFERRED COSTS (cont’d…)
In July 2009 the Santa Rosa project joint venture drilled a wildcat test well at the first selected location on the concession. The well reached a total depth of 1,270 meters in basement rocks and did not encounter hydrocarbons. Exploraciones Oromin S.A. has not abandoned the Santa Rosa oil and gas play. However, the Company has recognized that the dry hole is indicative of probable impairment of the carrying costs of the Santa Rosa project, and has written down the costs of its investment in this project with the exception of the most recent acquisition, tenure and exploration bond costs, which total $1,103,033. This amount represents the Company’s estimate of the fair value of its ongoing tenure of this very large 7,694 km2 exploration concession. Exploraciones Oromin S.A.’s drilling expenditure through July 2009 has met the requirements, with the exception of annual tenure maintenance payments, to hold t he tenure for a six year period ending April 2014.
7.
CAPITAL STOCK AND CONTRIBUTED SURPLUS
|
| Number of Shares | Amount | Contributed Surplus |
| ||
| Authorized |
|
|
|
| ||
| An unlimited number of common shares without par value |
| |||||
|
|
|
|
|
| ||
| Balance as at February 28, 2009 | 66,067,606 | $ | 58,528,199 | $ | 8,475,106 |
|
| Issued for cash pursuant to private placement | 28,571,429 | 20,000,000 | - |
| ||
| Less: Share issue costs | - | (1,748,366 | ) | - |
| |
| Issued for cash on exercise of stock options | 3,000 | 1,050 | - |
| ||
| Transfer of contributed surplus on option exercise | 713 | (713 | ) | |||
| Stock-based compensation | - | - | 2,456,418 |
| ||
| Balance as at August 31, 2009 | 94,642,035 | $ | 76,781,596 | $ | 10,930,812 |
|
8.
WARRANTS
As at August 31, 2009, the following share purchase warrants were outstanding and exercisable:
| Number of Shares | Exercise Price | Expiry Date |
|
| $ |
|
| 540,000 | 2.75 | November 15, 2009 |
| 2,700,000 | 3.30 | * November 15, 2009 |
| 900,000 | 3.30 | November 26, 2009 |
|
|
|
|
| 4,140,000 |
|
|
* These warrants are subject to accelerated conversion provisions under certain circumstances.
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
9.
STOCK OPTIONS
As at August 31, 2009, the following stock options were outstanding:
| Number of Shares | Exercise Price | Expiry Date |
|
| $ |
|
| 75,000 | 0.40 | June 1, 2010 |
| 84,000 | 0.35 | July 12, 2010 |
| 300,000 | 0.70 | September 15, 2010 |
| 75,000 | 2.79 | October 1, 2010 |
| 100,000 | 0.80 | November 22, 2010 |
| 1,621,000 | 1.90 | February 15, 2011 |
| 20,000 | 2.02 | April 21, 2011 |
| 100,000 | 2.13 | May 4, 2011 |
| 70,000 | 2.04 | January 9, 2012 |
| 200,000 | 2.80 | April 20, 2012 |
| 85,000 | 2.91 | May 8, 2012 |
| 100,000 | 2.91 | May 9, 2012 |
| 75,000 | 3.40 | March 1, 2013 |
| 2,320,000 | 3.25 | March 26, 2013 |
| 250,000 | 3.00 | May 14, 2013 |
| 3,870,000 | 1.12 | July 10, 2014 |
|
|
|
|
| 9,345,000 |
|
|
The options expiring in July 2014 were granted and vested during the current period and stock-based compensation expense was recognized in the amount of $2,456,418 with a corresponding credit to contributed surplus as set out in Note 7. The fair value of the options was estimated using the Black-Scholes option pricing model, with the assumptions volatility 70 per cent, risk-free equivalent yield 0.024 per cent and no dividends.
10.
RELATED PARTY TRANSACTIONS
|
| 2009 | 2008 |
|
|
|
|
| Professional and consulting fees | 258,540 | 147,068 |
| Salaries and benefits | 322,560 | 86,100 |
| Accrual for indemnification | 232,196 | - |
Professional and consulting fees and wages and benefits have been expensed to operations, capitalized to resource properties or recorded as share issue costs, based on the nature of the expenditure.
Included in accounts payable and accrued liabilities at August 31, 2009 is $338,527 (February 28, 2009 - $114,938) due to directors and companies with common directors. This amount includes $232,196 in respect of an indemnification to a senior officer and director for certain income tax costs payable by him in 2010 in respect of placing free trading shares and acquiring private placement shares in substitution. The related cost has been charged to share capital as a share issue cost.
These transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.
Oromin Explorations Ltd.
(An Exploration Stage Company)
Notes to the Interim Consolidated Financial Statements
(Unaudited, Prepared by Management)
For the six months ended August 31, 2009
11.
SEGMENTED INFORMATION
The Company has one operating segment, the exploration of resource properties. The Company’s resource properties and equipment and fixtures are located in the following geographic areas:
|
|
| August 31, 2009 |
| February 28, 2009 |
|
|
|
|
|
|
| Senegal | $ | 45,918,476 | $ | 36,759,620 |
| Argentina |
| 1,103,033 |
| 3,532,644 |
| Canada |
| 188,376 |
| 213,463 |
|
|
|
|
|
|
|
| $ | 47,209,885 | $ | 40,505,727 |
Form 52-109F2
Certification of interim filings - full certificate
I,Chet Idziszek, Chief Executive Officer of Oromin Explorations Ltd., certify the following:
1.
Review:I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) ofOromin Explorations Ltd. (the “issuer”) for the interim period endedAugust 31, 2009.
2.
No misrepresentations:Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.
Fair presentation:Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.
Responsibility:The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1
Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is that circulated by COSO, the Council of Sponsoring Organizations, in the small and medium-size enterprise version.
5.2
N/A
5.3
N/A
6.
Reporting changes in ICFR:The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning onJune 1, 2009 and ended onAugust 31, 2009that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date:October 15, 2009
“Chet Idziszek”
Chet Idziszek
Chief Executive Officer
2
Form 52-109F2
Certification of interim filings - full certificate
I,Ian Brown,Chief Financial Officer of Oromin Explorations Ltd.,certify the following:
1.
Review:I have reviewed the interim financial statements and interim MD&A (together, the “interim filings”) ofOromin Explorations Ltd. (the “issuer”) for the interim period endedAugust 31, 2009.
2.
No misrepresentations:Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.
Fair presentation:Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.
Responsibility:The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
(i)
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1
Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is that circulated by COSO, the Council of Sponsoring Organizations, in the small and medium-size enterprise version.
5.2
N/A
5.3
N/A
6.
Reporting changes in ICFR:The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning onJune 1, 2009and ended onAugust 31, 2009that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
Date:October 15, 2009
“Ian Brown”
Ian Brown
Chief Financial Officer
2
OROMIN | Suite 2000, Guinness Tower, 1055 West Hastings Street, Vancouver, B.C. Canada V6E 2E9 |
EXPLORATIONS LTD. | Tel: (604) 331-8772 Toll-free(877) 529-8475 Fax: (604) 331-8773 E-mail:info@oromin.com |
October 19, 2009 | Trading Symbol: TSX Venture – OLE OTC/BB - OLEPF Web Site: www.oromin.com |
OROMIN CONTINUES STRATEGIC PLANNING
FOR DEVELOPMENT AT SABODALA
Oromin Explorations Ltd. (“Oromin”) reports that concurrently with engineering optimization studies and ongoing exploration, it is continuing with strategic planning for the development of the Sabodala property. As a part of this planning process, Oromin is presently interviewing financial advisors to assist it with its funding obligations as part of Oromin Joint Venture Group Limited (“OJVG”).
Oromin and its partners in OJVG have applied to the Government of Sénégal for a mining licence at Sabodala and OJVG is committed to advancing the development of Sabodala in the shortest practical time frame.
The Sabodala gold district hosts greater than 10 million ounces of resources, including OJVG’s global mineral inventory of almost 3 million ounces, and has significant potential for expansion.
To find out more aboutOromin Explorations Ltd., visitwww.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
“Chet Idziszek”_________
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 docu ments 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. |
This is the form of material change report required under Section 85(1) of theSecurities Act and section 151 of theSecurities Rules.
BC FORM 53-901F
(formerly Form 27)
Securities Act
MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE ACT
NOTE:
This form is intended as a guideline. A letter or other document may be used if the substantive requirements of this form are complied with.
NOTE:
If this report is filed on a confidential basis, put at the beginning of the report in block capitals “CONFIDENTIAL - SECTION 85”, and in an envelope marked “Confidential - Attention: Supervisor, Financial Reporting”.
Item 1.
Reporting Issuer
Oromin Explorations Ltd.
Suite 2000, 1055 West Hastings Street
Vancouver, B.C.
V6E 2E9
Item 2.
Date of Material Change
October 21, 2009
Item 3.
Press Release
October 19, 2009, Vancouver, B.C.
Item 4.
Summary of Material Change
Corporate update of the Issuer’s Sabodala Property.
Item 5.
Full Description of Material Change
See attached news release.
Item 6.
Reliance on Section 85(2) of the Act
Not applicable
- 2 -
Item 7.
Omitted Information
There are no other proposed material changes in the affairs of the Issuer which have not been disclosed in this form.
Item 8.
Senior Officers
Enquiries may be directed to J.G. Stewart, the Issuer’s Secretary at
604-331-8772
Item 9.
Statement of Senior Officer
The foregoing accurately discloses the material change referred to here.
Dated at Vancouver, B.C. this 21st day of October, 2009.
| OROMIN EXPLORATIONS LTD. | |
|
|
|
|
|
|
| By: | “J. G. Stewart” |
|
| Secretary |
|
| (Official Capacity) |
|
| J.G. Stewart |
|
| (Please print here name of individual |
- 3 -
OROMIN | Suite 2000, Guinness Tower, 1055 West Hastings Street, Vancouver, B.C. Canada V6E 2E9 |
EXPLORATIONS LTD. | Tel: (604) 331-8772 Toll-free(877) 529-8475 Fax: (604) 331-8773 E-mail:info@oromin.com |
October 19, 2009 | Trading Symbol: TSX Venture – OLE OTC/BB - OLEPF Web Site: www.oromin.com |
OROMIN CONTINUES STRATEGIC PLANNING
FOR DEVELOPMENT AT SABODALA
Oromin Explorations Ltd. (“Oromin”) reports that concurrently with engineering optimization studies and ongoing exploration, it is continuing with strategic planning for the development of the Sabodala property. As a part of this planning process, Oromin is presently interviewing financial advisors to assist it with its funding obligations as part of Oromin Joint Venture Group Limited (“OJVG”).
Oromin and its partners in OJVG have applied to the Government of Sénégal for a mining licence at Sabodala and OJVG is committed to advancing the development of Sabodala in the shortest practical time frame.
The Sabodala gold district hosts greater than 10 million ounces of resources, including OJVG’s global mineral inventory of almost 3 million ounces, and has significant potential for expansion.
To find out more aboutOromin Explorations Ltd., visitwww.oromin.com.
On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.
“Chet Idziszek”_________
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 docu ments 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. |