Oromin Explorations Ltd. (TSX: T.OLE, Stock Forum) has released a preliminary economic assessment of the heap leach potential for the Golouma gold project in Senegal, West Africa.
It said details are included in a 43-101-compliant technical report, which has been filed on SEDAR on behalf of the Oromin Joint Venture Group.
However, in a press release the company was quick to emphasize that the prospective heap leach development scenario is in addition to a much larger conventional mining-milling project that anticipates a mine life of 17 years with life of mine gold output of 144,000 ounces annually.
Oromin shares rose 1% to 49.5 cents Wednesday, leaving the company with a market cap of $68 million, based on 137 million shares outstanding. The 52-week range is 92 cents and 43.5 cents.