Oromin retracts Sabodala global mineral inventoryWTF ?
2009-11-20 15:02 PT - News Release
Mr. Chet Idziszek reports
OROMIN EXPLORATIONS LTD.: CLARIFICATION OF SABODALA MINERAL RESOURCES
In its news releases in Stockwatch dated Sept. 9, 2009, and Oct. 19, 2009, and material change reports dated Sept. 15, 2009, and Oct. 21, 2009, Oromin Explorations Ltd. reported that its Sabodala property contained a global mineral inventory of almost three million ounces of gold.
This disclosure is not permitted by National Instrument 43-101 and Oromin hereby retracts reference to the global mineral inventory. As previously disclosed, the estimated indicated and inferred mineral resources were contained within the global mineral inventory are in the attached table.
INDICATED AND INFERRED MINERAL RESOURCE ESTIMATES Deposit Cut-off grade(Au g/t) Tonnes Grade (Au g/t) Contained Au (oz)Higher-grade Au deposits Indicated mineral resource estimateGolouma West 0.5 6,100,000 2.60 505,000Golouma South 0.5 2,220,000 4.20 297,000Kerekounda 1,0 744,000 6.90 164,000Total indicated mineral resource estimate 9,064,000 3.34 966,000 Inferred mineral resource estimateGolouma West 0.5 502,000 3.00 48,000Golouma South 0.5 13,000 3.50 1,000Kerekounda 1.0 244,000 6.10 48,000Total inferred mineral resource estimate 759,000 4.01 97,000Lower-grade Au deposits Indicated mineral resource estimateMasato 0.5 32,800,000 1.20 1,220,000 1.0 15,900,000 1.60 810,000Niakafiri SE 0 0 0.00 0Maki Medina 0 0 0.00 0Total indicated mineral resource estimate at 0.5 COG 32,800,000 1.20 1,220,000 Inferred mineral resource estimateMasato 0.5 1,535,000 1.40 71,000 1.0 1,000,000 1.90 60,000Niakafiri SE 0.5 4,350,000 0.90 119,000Maki Medina 0.5 1,500,000 1.50 70,000Total inferred mineral resource estimate at 0.5 COG 7,385,000 1.13 260,000
The balance of the ounces reported in the global mineral inventory reported by SRK Consulting are not considered to be indicated or inferred mineral resources as it is not known at this time whether such material has a reasonable prospect for economic extraction.
The foregoing resource estimate was calculated by SRK Consulting based on drilling up to May, 2009, which included diamond core holes up to DH-475 and reverse circulation holes up to RC-625. Since that date, Oromin has completed an additional 125 diamond core holes and a further 30 reverse circulation holes. The objective of the bulk of these 155 new drill holes is to add additional resources and upgrade current resources at the Kerekounda, Golouma West, Golouma South and Epsilon deposits, all of which are categorized as higher-grade gold deposits.
A revised and updated resource estimate is scheduled for completion in the second quarter of 2010 and will incorporate these new drilling results as well as additional drilling completed by the end of the first quarter of 2010.
We seek Safe Harbor.