Oromin Explorations Ltd.: OJVG Gold Project-Status of Feasibility Study
December 12 2012 - 1:25PM
Marketwired
Oromin Explorations Ltd. (TSX:OLE)(OTCBB:OLEPF), on behalf of
Oromin Joint Venture Group Ltd. ("OJVG"), provides this update on
the status and expected timing of a complete Carbon-in-Leach
("CIL") Feasibility Study on the OJVG Gold Project in the Republic
of Senegal, and of an updated Preliminary Economic Assessment
("PEA") of certain heap leach potential at this project.
Our engineering consultants, SRK Consulting (Canada) Inc. and
Ausenco Solutions Canada Inc., advise that results of the CIL
Feasibility Study and PEA update are progressing well towards being
available in the second half of January 2013. The deferral of this
target date, previously expected by the end of Q4 2012, is in part
due to the new resource model driving more significant physical and
economic updates than were anticipated, and in part due to the
Christmas Holiday period affecting various work and delivery
schedules. This brief delay will allow the consultants to
incorporate the most current estimates of capital and operating
costs into the related financial analysis for the project's revised
production schedule.
Our consultants have advised us that the process of establishing
mining schedules and reserve estimates which will be evaluated in
the Feasibility Study technical and economic model is very well
advanced. As could be inferred from our announcement of an expanded
resource base in the resource update made in our news release of
October 1, 2012, we expect the capital and operating parameters of
the updated studies will embrace significantly increased mineral
processing quantities and mine lives from those set out in our 2010
CIL Feasibility Study and 2011 heap leach PEA.
To find out more about Oromin Explorations Ltd., visit
www.oromin.com in the section "Investors / Presentations", a new
file titled Project Update - October 2012.
On behalf of the Board of Directors of OROMIN EXPLORATIONS
LTD.
Chet Idziszek, President and CEO
Cautionary Statements
This press release contains forward-looking information as
defined in applicable securities laws (referred to herein as
"forward-looking statements"). Specifically, this press release
discusses the expected timing and availability of in-progress
Feasibility Study and Preliminary Economic Assessment updates, and
states that "we expect the capital and operating parameters of the
updated studies will embrace significantly increased mineral
processing quantities and mine lives from those set out in our 2010
CIL Feasibility Study and 2011 heap leach PEA".
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 such 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.
Contacts: 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