Oromin Files Updated Heap Leach NI 43-101 Technical Report for OJVG Gold Project
Published : March 27, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2013) - Oromin Explorations Ltd. ("Oromin") (News - Market indicators)(OTCBB:OLEPF), on behalf of Oromin Joint Venture Group ("OJVG"), announces that the NI 43-101 Technical Report "OJVG Golouma Gold Project Updated Preliminary Economic Assessment of the Heap Leach Potential" ("PEA") has been filed on SEDAR (www.sedar.com) and is also available on Oromin's website at www.oromin.com.

The positive results of the PEA update for the OJVG Gold Project in Senegal, West Africa were previously announced in separate Oromin news release on January 31, 2013 and are summarized below. All figures are in US Dollars.

Heap Leach PEA Update - Highlights

  • A proposed heap leach operation provides an opportunity to capture value from lower grade resources on the project.
  • At a gold price of $1,550/oz the pre-tax Net Present Value is $98 million and after-tax is $76 million at a 5% discount rate generating an after-tax internal rate of return of 36% with an 1.9 year payback
  • Average annual heap leach gold production for the first full three years of production is 36,000 ounces per year at a $760 operating cash cost per ounce
  • Average annual life of mine ("LOM") heap leach gold production is 27,000 ounces per year at an operating cash cost of $929 per ounce
  • Several open pit gold deposits will provide a heap leach production period of just over 14 years
  • Average estimated LOM gold recovery of 70%
  • Based on the assumption that the heap leach operation would be an extension to the proposed CIL operation, the estimated heap leach start-up capital cost is $54 million including a $10.5 million contingency
  • The size of the heap leach resource potential is such that a significant increase in the throughput rate for the currently assumed 2 Mt up to 4-5 Mt/year is likely warranted
  • All of the heap leach deposits remain open to expansion and a minimum of fourteen additional exploration prospects may further enhance the Project's future resource base

Oromin emphasizes to readers that the prospective heap leach development scenario summarized above is entirely in addition to the much larger carbon-in-leach ("CIL") project summarized in our news release last week on March 19th. The CIL conventional mining-milling project anticipates a mine life of 17 years with LOM gold production of 144,000 ounces per year, including 182,000 ounces annually in the initial three years of full production. The pre-tax NPV5% of the CIL project is $740 million and post-tax $558 million, using a $1,550 per ounce gold price.

Oromin is continuing to work with its OJVG partners and its financial advisor, RBC Capital Markets, to access development, financing and strategic alternatives towards maximizing Project value.

Authors / Qualified Persons

The technical report titled "OJVG Golouma Gold Project Updated Preliminary Economic Assessment of the Heap Leach Potential" was prepared on behalf of OJVG by Oromin Explorations Ltd. under the direction of Ken Kuchling, P.Eng. and Douglas Turnbull, P.Geo, Oromin's designated Qualified Person for this news release who has reviewed and validated that the information in this release is consistent with the information presented in the PEA.

To find out more about Oromin Explorations Ltd., visit www.oromin.com

On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.

Chet Idziszek, President and CEO

Cautionary Statements

This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this press release has as its principal subject a preliminary economic assessment update (the "2013 PEA") as at today's date prepared by our independent consultants. It is emphasized to readers that any PEA is based upon assumptions about such factors as extent and continuity of mineralization, rock density, and variation between predicted and actual deposit shapes. In addition any PEA is based upon assumptions about such factors as availability of capital for development, commencement of construction, capital costs, ore grade, anticipated gold production, gold recovery, cash operating costs and other costs, expected mine life, projected internal rate of return, projected payback period, sensitivity to metal prices and other sensitivities, and assumptions underlying any financial analysis. Statements based on such assumptions may be viewed as forward-looking statements.

Any company contemplating the development of a mineral resource is subject to such risks and uncertainties as commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, market competition, ongoing relations with employees and impacted communities, general economic conditions and other risks involved in the mineral exploration and development industry, as well as those risk factors discussed in the section entitled "Description of Business - Risk Factors" in Oromin's Annual Information Form filed on SEDAR May 29, 2012. Statements based on such assumptions may be viewed as forward-looking statements.

The operating and capital costs in the 2013 PEA which is the principal subject of this news release were developed to be reasonable estimates within industry benchmarks. The 2013 PEA uses estimates of gold prices in line with norms currently used in our industry. There is no certainty that the results of the 2013 PEA will ever be realized. Should one or more of the risks or uncertainties involved in forward-looking statements relating to the 2013 PEA materialize, or should the assumptions underlying the 2013 PEA prove incorrect, actual results of the 2013 PEA may vary materially from those anticipated, believed, estimated or expected. Statements based on such assumptions may be viewed as forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Oromin's ability to predict or control and may cause Oromin's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Oromin undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Cautionary Note to U.S. Readers Regarding Estimates of Indicated and Inferred Resources

The 2013 PEA is, according to engineering standards in use in Canada, based in substantial measure on "indicated mineral resources" and "inferred resources". The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations, they are not recognized by the SEC. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred" or "indicated mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of a feasibility study or prefeasibility studies, except in rare cases, such as with an initial PEA. The SEC, normally, only permits issuers to report mineralization that does not constitute "reserves" as in-place tonnage and grade, without reference to unit measures. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and resources contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.



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
Data and Statistics for these countries : Canada | Senegal | All
Gold and Silver Prices for these countries : Canada | Senegal | All

Oromin Explorations Ltd.

EXPLORATION STAGE
CODE : OLE.TO
ISIN : CA6870821072
CUSIP : 687082 10 7
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Oromin Expl. is a gold exploration company based in Canada.

Its main exploration properties are SANTA ROSA DOME CULMINATION PROJECT in Argentina and MASATO DEPOSIT (SABODALA) and GOLOUMAS DEPOSIT (SABODALA) in Senegal.

Oromin Expl. is listed in Canada and in United States of America. Its market capitalisation is CA$ 24.1 millions as of today (US$ 23.2 millions, € 17.1 millions).

Its stock quote reached its highest recent level on September 24, 2010 at CA$ 1.49, and its lowest recent point on July 05, 2013 at CA$ 0.20.

Oromin Expl. has 65 228 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Oromin Explorations Ltd.
9/26/2007compaired to Carlin/Cortez trends
Nominations of Oromin Explorations Ltd.
3/25/2010Appoints vice president of Senegal operations
5/9/2007appoints advisor to the Board
Project news of Oromin Explorations Ltd.
9/13/2011OJVG Gold Project Corporate Profile Summary
6/22/2011(Masato Deposit (sabodala))OJVG Gold Project – Q3 Exploration Outlook
5/12/2011(Masato Deposit (sabodala))OJVG Announces Resource Update, New Drill Results and Additi...
5/5/2011(Goloumas Deposit (sabodala))POSITIVE OUTCOME OF HEAP LEACH PRELIMINARY ECONOMIC ASSESSM...
4/11/2011(Goloumas Deposit (sabodala))DRILLING CONFIRMATION OF THREE NEW DISCOVERIES
3/15/2011(Goloumas Deposit (sabodala))INITIAL 2011 DRILLING RESULTS CONTINUE PROVIDING POSITIVE GR...
2/3/2011(Goloumas Deposit (sabodala))NEW DISCOVERIES AND REMAINDER OF 2010 DRILLING RESULTS
1/12/2011(Goloumas Deposit (sabodala))ADDITIONAL GOLD RESULTS FROM OJVG’S RESOURCE EXPANSION
7/15/2010Receives Positive Feasibility Study for Its OJVG Gold Projec...
3/24/2010(Goloumas Deposit (sabodala))on schedule for mid-2010 feasibility study and development o...
1/19/2010(Goloumas Deposit (sabodala))OJVG Upgrades Sabodala Gold Project Feasibility Study
10/19/2009(Goloumas Deposit (sabodala))Continues strategic planning for development at Sabodala
10/8/2009(Goloumas Deposit (sabodala))Exploration continues to provide encouraging results from va...
7/28/2009(Santa Rosa Dome Culmination Project) Santa Rosa, Argentina update
5/14/2009New High-grade discovery at sabodala to complement six other...
2/28/2009(Goloumas Deposit (sabodala))Resource update adds 860,000 inferred gold ounces
1/13/2009(Goloumas Deposit (sabodala))2008 DRILL PROGRAM IDENTIFIES ADDITIONAL GOLD DEPOSITS AT SA...
1/8/2009(Santa Rosa Dome Culmination Project)SANTA ROSA LICENCE TRANSACTION EXECUTION
12/11/2008(Goloumas Deposit (sabodala))NEW HIGH GRADE GOLD DISCOVERY AT SABODALA
6/5/2008(Goloumas Deposit (sabodala))Six Drills Continue to Provide Excellent Results at Sabodala
5/15/2008(Santa Rosa Dome Culmination Project)UPDATE ON SRK RESOURCE STUDY AND SANTA ROSA PROSPECT
5/5/2008(Goloumas Deposit (sabodala))EXCELLENT DRILLING RESULTS CONTINUE AT SABODALA
3/21/2008EXCELLENT DRILLING RESULTS CONTINUE
2/4/2008(Goloumas Deposit (sabodala))SABODALA 2008 PROGRAM AND OBJECTIVES
8/15/2007(Goloumas Deposit (sabodala))GRANDICH LETTER
5/4/2007(Goloumas Deposit (sabodala))Core and Reverse Circulation Drilling Continues to Identify ...
12/1/2010(Goloumas Deposit (sabodala))FURTHER POSITIVE DRILLING RESULTS FROM ONGOING RESOURCE EXP...
Corporate news of Oromin Explorations Ltd.
8/27/2013Teranga and Oromin Announce Plan of Arrangement Transaction
8/7/2013Teranga and Oromin Announce Completion of Offer
8/7/2013Teranga and Oromin Announce Completion of Offer
7/23/2013Teranga and Oromin Announce Friendly Transaction
7/3/2013Announces Change of Date for Annual & Special Meeting of Sha...
6/20/2013Responds to Unsolicited Offer
6/3/2013Responds to Teranga Announcement
3/27/2013Files Updated Heap Leach NI 43-101 Technical Report for OJVG...
3/19/2013Files Updated NI 43-101 Technical Report for OJVG Gold Proje...
1/31/20132ND NEWS RELEASE FOR JANUARY 31, 2013
1/31/2013Announces Robust CIL Feasibility Study Results at the OJVG G...
10/29/2012News Release
10/1/2012News Release
5/29/2012News Release
4/23/2012APRIL 12, 2012 MACKIE RESEARCH REPORT
4/23/2012MACKIE RESEARCH REPORT
4/20/2012News Release
12/7/2011
6/20/2011OJVG Gold Project-Q3 Exploration Outlook
4/12/2011Drilling Confirmation of Three New Discoveries, Additional S...
7/19/2010Confirmation of All the Flashy Drill Results
6/2/2010Exploration Drilling Continues to Generate Excellent Results...
4/13/2010Drilling Extends Kourouloulou Gold Deposit to 300 Metre Dept...
4/1/2010Public relations consultant
2/17/2010Government of Senegal grants 15 year renewable mining licens...
1/30/2010provides Exploration and Development Highlights
12/23/2009Sabodala proprty results continue to expand new discoveries....
12/2/2009Announces Closing of $6.9 Million Bought-Deal Financing
7/16/2009Drilling commences at Santa Rosa, Argentina
7/8/2009Drill mobilization at Santa Rosa, Argentina
12/15/2008TO COMMENCE TRADING ON TORONTO STOCK EXCHANGE
9/16/2008Ongoing drilling continues to expand mineralization at estab...
8/6/2008EXPANDS GOLD MINERALIZATION AT SABODALA
7/31/2008SHAREHOLDERS RATIFY SHAREHOLDER RIGHTS PLAN
7/24/2008INITIAL OPEN PIT RESOURCE ESTIMATE FOR THE FIRST THREE DEPOS...
7/9/2008Announces Prospective Oil Resources at its Santa Rosa Prospe...
6/27/2008ADOPTS SHAREHOLDER RIGHTS PLAN
5/2/2008OFFICIAL DECREE AUTHORIZES SANTA ROSA OIL PROJECT
2/29/2008ENGAGES OTIS AND MANDY PARTNERS LLC
12/19/2007 Excellent Drill Results at Golouma West, Golouma South and
9/27/2007To provide Google search engine IR Program and social networ...
9/7/2007Golouma West and Golouma South Gold Deposits Continue to Exp...
7/30/2007Golouma West Gold Deposit Expanding Further West and Merging...
7/12/2007Ongoing 75,000 Metre Drill Program Demonstrates Excellent Co...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (OLE.TO)OTC BB (OLEPF.OB)
0.370-2.63%0.661+14.16%
TORONTO
CA$ 0.370
10/08 13:54 -0.010
-2.63%
Prev close Open
0.380 0.380
Low High
0.370 0.380
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.370 -%
Volume 1 month var.
10,000 -%
24hGold TrendPower© : -15
Produces
Develops
Explores for Gold - Natural gas - Oil
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 4/28/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02+2.33%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.13+0.97%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+1.75%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.44-2.40%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.90-1.00%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-1.89%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+8.16%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.19+2.34%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.40-0.93%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :