| 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 | |
| February 03, 2011 | Trading Symbol: TSX – OLE |
| OTC/BB - OLEPF | |
| Web Site: www.oromin.com |
NEW DISCOVERIES AND REMAINDER OF 2010 DRILLING RESULTS CONTINUE TREND OF POSITIVE GRADE AND THICKNESS INTERVALS FOR OJVG’S RESOURCE EXPANSION PROGRAM
HIGHLIGHTS
New Drill Results include:
14.30 g/t Gold over 8 metres at Golouma South
6.84 g/t Gold over 9 metres Golouma South
10.43 g/t Gold over 6 metres at Golouma West
6.00 g/t Gold over 28 metres at Golouma West
1.99 g/t Gold over 26 metres at Masato
New Discoveries:
The initial 2011 drill hole at Golouma West intersects a new, sub-parallel, eightmetre wide alteration zone of Golouma Style mineralization hosting visible gold at a575 metre depth
Drilling is planned at the Saboraya Prospect, the newest OJVG discovery locatedmidway between the Kerekounda and Kourouloulou gold deposits. Occurrences ofvisible gold within OJVG trenching at Saboraya have become the most active,current artisanal mining site on the OJVG Gold Project.
Oromin Explorations Ltd. (“Oromin”), on behalf of Oromin Joint Venture Group Limited (“OJVG”), is pleased to provide a further update including the remaining results of its 2010 drilling program at the OJVG Gold Project in eastern Sénégal, West Africa. Drilling in the latter part of 2010 focused on resource and reserve expansion with particular emphasis (1) on Golouma Style higher grade gold deposits, and (2) on initial definition drilling of higher grade gold potential beneath the proposed open pit at the Masato deposit.
Chet Idziszek, President and CEO, stated, “We are very pleased with our continued exploration successes as they confirm that the project’s potential is still expanding. For example, last year’s feasibility study outlined 1.22 M ounces of indicated resources in the Golouma style deposits, based on drilling to 250 metres. Subsequent drilling to 600 metres has confirmed grade and continuity of the mineralization and we see no indication that this will not continue at depth. If subsequent drilling does confirm additional continuity and similar grade to a depth of say 1,000 metres, we would expect this to have a significant, positive impact on the resource base at Golouma. Similarly, drill results from 2010 at Masato have confirmed continuity of mineralization to depth in multiple zones which we expect will also have a positive impact on the resource base at Masato.”
“We are also very encouraged by continuing to make new discoveries, such as at Saboraya, which will provide drill targets throughout 2011 and, we expect, beyond. The new Saboraya target lies between two established deposits, and may represent a highly prospective continuous zone of mineralization.”
The new drill results, along with those previously reported in Oromin’s January 12th, 2011 news release are listed below and detailed with included intervals in Appendix A and B. These drill results further confirm the continuity of mineralization and increasing expansion potential for those higher grade Golouma Style deposits down-dip and below the limits of the resource/reserve block model used for the July 2010 Feasibility Study. The reserves from the Golouma Style Deposits in the July 2010 Feasibility totalled 960,000 ounces (7.4 million tonnes at 4.06 g/t Au) while indicated resources totalled 1.2 million ounces (10.5 million tonnes at 3.59 g/t Au) with an additional inferred resource of 149,000 ounces (1.1 million tonnes at 4.15 g/t Au). See our July15, September 22 and November 18, 2010 News Releases and our November 9, 2010 Short Form Prospectus for details.
Golouma Style Deposits
| New Results | Previously Reported (January 12, 2011) |
| Kerekounda | Golouma South |
| 7.51 g/t Au over 2 m in DH-946 | 8.90 g/t Au over 7 m in DH-929 |
| Golouma South | |
| 14.30 g/t Au over 8 m in DH-937 | Golouma West |
| 5.30 g/t Au over 10 m in DH-938 | 9.78 g/t Au over 3 m in DH-919 |
| 6.84 g/t Au over 9 m in DH-938 | 4.36 g/t Au over 16 m in DH-925 |
| 3.08 g/t Au over 11 m in DH-942 | 46.04 g/t Au over 11 m in DH-927 |
| Golouma West | 5.54 g/t Au over 8 m in DH-928 |
| 5.23 g/t Au over 12 m in DH-907 | 12.20 g/t Au over 8 m in DH-928 |
| 6.13 g/t Au over 12 m in DH-939 | |
| 15.24 g/t Au over 2 m in DH-941 | |
| 5.85 g/t Au over 5 m in DH-941 | |
| 2.99 g/t Au over 11 m in DH-943 | |
| 3.01 g/t Au over 17 m in DH-944 | |
| 10.26 g/t Au over 3 m in DH-947 | |
| 6.00 g/t Au over 28 m in DH-948 |
At the Masato Deposit, new results from mineralized zones below the proposed open pit continue to confirm and extend the zones of higher grade gold mineralization potentially amenable to underground mining. The Masato Deposit mineralization will be modelled as a combined Open Pit and Underground operation for the planned resource and reserve updates scheduled in Q1 and Q2 of 2011 respectively.
Masato Deposits (Underground)
| New Results | Previously Reported (January 12, 2011) |
| 1.99 g/t Au over 26 m in DH-936 | 2.09 g/t Au over 11 m in DH-916 |
| 16.39 g/t Au over 1 m in DH-945 | 4.38 g/t Au over 7 m in DH-918 |
| 3.00 g/t Au over 6 m in DH-946 | 2.09 g/t Au over 21 m in DH-918 |
| 3.90 g/t Au over 16 m in DH-921 | |
| 3.95 g/t Au over 15 m in DH-922 | |
| 9.52 g/t Au over 6 m in DH-926 | |
| 2.87 g/t Au over 9 m in DH-930 |
2011 Exploration Program and New Discoveries
The 2011 exploration program is well underway at the OJVG Gold Project with five drills currently operating, including two core drills on combined geotechnical and exploration drilling, two other core drills on depth extension exploration drilling, and one reverse circulation drill testing a number of new exploration targets. The initial 2011 drill hole, DH-950, at the Golouma West deposit intersected an eight metre wide altered and mineralized zone hosting visible gold that appears to be a new zone lying sub-parallel to the mineralized zones intersected in DH-928 (5.54 g/t gold over 8 metres starting at 558 metres and 12.20 g/t gold over 8 metres starting at 590 metres).
Three of the new exploration drilling targets being readied for drilling, Kourouloulou South, Makana and Saboraya, are either former or current artisanal mining locations. Of these, the Saboraya Prospect, which is located midway between the Kerekounda and Kourouloulou gold deposits, is presently the most active artisanal mining location on the OJVG concession where local miners began excavations in the area of visible gold occurrences in OJVG trenches.
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. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.
To find out more aboutOromin Explorations Ltd., visit www.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 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. |
| Appendix A | ||||||
| Golouma Style Deposits | ||||||
| Deposit | Drill Hole | Grid Co-Ordinate | Azimuth/ Dip | From - To (m) | Interval (m) | Gold Grade (g/t) |
| GOLOUMA SOUTH | DH-937 | 53096N/14907E | 114/-65 | 278-286 incl.281-286 incl.282-283 300-303 | 8 5 1 3 | 14.30 21.75 42.51 3.13 |
| DH-938 | 53113N/14929E | 114/-64 | 259-269 incl.264-268 297-304 313-322 | 10 4 7 9 | 5.30 8.32 2.12 6.84 | |
| DH-942 | 53072N/14927E | 110/-60 | 147-148 291-302 incl.292-295 | 1 11 3 | 12.31 3.08 6.13 | |
| DH-929* | 53129N/14953E | 114/-65 | 240-247 incl.245-246 254-256 | 7 1 2 | 8.90 29.70 6.11 | |
| GOLOUMA WEST | DH-907 | 53818N/14182E | 150/-60 | 428-440 incl.435-439 474-487 | 12 4 13 | 5.23 8.58 2.47 |
| DH-939 | 53472N/14270E | 359/-66 | 424-436 incl.424-430 incl.428-430 450-451 | 12 6 2 1 | 6.13 10.43 14.90 8.50 | |
| DH-941 | 53267N/14678E | 013/-71 | 356-358 incl.356-357 365-370 | 2 1 5 | 15.24 28.88 5.85 | |
| DH-943 | 53687N/14280E | 104/-75 | 186-193 198-209 incl.200-203 incl.202-203 | 7 11 3 1 | 3.31 2.99 6.25 12.43 | |
| DH-944 | 53494N/14275E | 359/-65 | 384-401 incl.387-389 and 398-401 | 17 2 3 | 3.01 6.51 7.13 | |
| DH-947 | 53312N/14602E | 015/-75 | 408-411 incl.410-411 418-419 | 3 1 1 | 10.26 19.08 11.45 | |
| DH-948 | 53552N/14334E | 014/-71 | 201-206 213-241 incl.219-228 and 234-241 | 5 28 9 7 | 2.34 6.00 10.25 7.36 | |
| Appendix A (continued) | ||||||
| Golouma Style Deposits | ||||||
| Deposit | Drill Hole | Grid Co-Ordinate | Azimuth/ Dip | From - To (m) | Interval (m) | Gold Grade (g/t) |
| DH-919* | 53307N/14654E | 015/-80 | 383-386 incl.384-385 394-400 | 3 1 6 | 9.78 22.70 3.40 | |
| DH-925* | 53280N/14625E | 015/-70 | 386-402 incl.386-392 | 16 6 | 4.36 8.14 | |
| DH-927* | 53279N/14625E | 015/-75 | 396-407 incl.396-399 incl.398-399 | 11 3 1 | 46.04 161.31 434.60 | |
| DH-928* | 53819N/14379E | 215/-65 | 204-210 incl.204-205 558-566 incl.561-564 590-598 incl.593-596 | 6 1 8 4 8 3 | 2.43 7.82 5.54 7.78 12.20 26.91 | |
| DH-932* | 53290N/14614E | 015/-75 | 412-425 incl.412-417 incl.414-415 | 13 5 1 | 8.79 16.78 45.76 | |
| DH-934* | 53803N/14333E | 208/-76 | 224-229 | 5 | 6.72 | |
| DH-935* | 53290N/14314E | 015/-80 | 429-438 incl.429-434 incl.433-434 | 9 5 1 | 5.90 9.10 24.14 | |
| RC-817* | 53682N/14298E | 099/-67 | 155-171 incl.157-166 incl.157-159 and 163-165 | 16 9 2 2 | 6.52 9.87 15.79 15.46 | |
| KEREKOUNDA | DH-946 | 54441N/15341E | 057/-65 | 309-315 incl.313-315 | 6 2 | 3.00 7.51 |
| DH-903* | 54445N/15344E | 055/-71 | 326-333 342-344 | 7 2 | 6.90 7.17 | |
| DH-908* | 54416N/15349E | 055/-71 | 328-330 incl.328-329 | 2 1 | 21.20 41.36 | |
| DH-896* | 54484N/15298E | 055/-78 | 124-125 363-377 incl.363-369 | 1 14 6 | 13.75 4.13 8.26 | |
| DH-900* | 54461N/15311E | 055/-71 | 334-348 incl.337-341 incl.339-340 | 14 4 1 | 10.05 29.85 67.76 | |
| *Previously reported. Mineralized intervals are based on 1-metre samples utilizing 1.0 g/t gold cut-off levels with a maximum internal dilution of 2 metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. | ||||||
| Appendix B | ||||||
| Masato Deposit Results | ||||||
| Deposit | Drill Hole | Grid Co-Ordinate | Azimuth/ Dip | From - To (m) | Interval (m) | Gold Grade (g/t) |
| MASATO | DH-936 | 60476N/14786E | 095/-70 | 192-218 | 26 | 1.99 |
| incl.204-206 | 2 | 7.63 | ||||
| and 213-217 | 4 | 3.63 | ||||
| DH-940 | 60052N/14570E | 110/-70 | 242-246 | 4 | 2.25 | |
| 269-272 | 3 | 1.93 | ||||
| DH-945 | 59994N/14632E | 114/-65 | 135-136 | 1 | 16.39 | |
| DH-916* | 59618N/14428E | 115/-67 | 161-172 | 11 | 2.09 | |
| incl.168-171 | 3 | 4.02 | ||||
| 235-244 | 9 | 1.73 | ||||
| incl.241-244 | 3 | 3.40 | ||||
| DH-918* | 59581N/14447E | 115/-67 | 191-198 | 7 | 4.38 | |
| 206-228 | 22 | 2.01 | ||||
| incl.206-214 | 8 | 3.30 | ||||
| DH-921* | 59613N/14451E | 118/-67 | 204-220 | 16 | 3.90 | |
| incl.206-212 | 6 | 6.41 | ||||
| incl.206-208 | 2 | 12.69 | ||||
| DH-922* | 59593N/14425E | 115/-67 | 170-177 | 7 | 2.70 | |
| incl.171-173 | 2 | 6.19 | ||||
| 227-242 | 15 | 3.95 | ||||
| incl.227-236 | 9 | 6.23 | ||||
| incl.227-228 | 1 | 30.28 | ||||
| DH-926* | 59568N/14513E | 115/-67 | 50-52 | 2 | 4.00 | |
| 66-72 | 6 | 9.52 | ||||
| 99-109 | 10 | 1.73 | ||||
| incl.99-101 | 2 | 4.79 | ||||
| DH-930* | 59562N/14530E | 115/-67 | 55-64 | 9 | 2.87 | |
| incl.55-59 | 4 | 5.63 | ||||
| *Previously reported. Mineralized intervals are based on 1-metre samples utilizing 0.5 and 1.0 g/t gold cut-off levels with a maximum internal dilution of 4 metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. | ||||||