Oromin Explorations Ltd. (TSX: T.OLE, Stock Forum) said that indicated gold resources have increased by 1.24 million ounces at the OJVG gold project, a 49% increase since the positive 2010 feasibility study, in West Africa.
The OJVG gold project, located in Eastern Senegal, is an advanced stage, low-risk, construction-ready gold project with numerous options for development and further resource enhancement.
According to the Oromin Explorations press release, all of the gold deposits comprising the current resources at the OJVG project remain open to expansion both laterally and at depth.
The Masato, which is made up of 10 widely distributed Heap Leach deposits had an increase to 1.93 million ounces of gold grading 1.34 grams per tonne gold and the Golouma, which is made up of three large, closely clustered and high grade deposit had an increase to 1.40 million ounces of gold grading 3.18 grams per tonne.
In addition, exploration successes, including ongoing 2012 surface exploration, at 13 other prospects provide further opportunities for delineation of future resources.
Oromin Explorations is a growth-orientated resource company with a focus on West Africa.
On Monday, Oromin was trading at $0.69 a share. The company has a market cap of $94.2 million, based on 136.6 million shares outstanding. The 52-week high and low was $1.20 and $0.435 respectively.