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1/14/2008
Vancouver, BC January 14, 2008
FSC / Press Release
ORIENTAL BECOMES FIRST FOREIGN COMPANY TO BE GRANTED URANIUM EXPLORATION AND MINING LICENCES IN SOUTH KOREA
Vancouver, British Columbia CANADA, January 14, 2008 /FSC/ - Oriental Minerals Inc. (TSX - VX: OTL, FWB: OZ4, OTCBB_Pink_Sheets: OMNLF), is pleased to announce the grant of two uranium mining licences known as Daejon 29 and 39 in the Ogcheon geological belt of South Korea.
Each mining title is approximately 1.88 x 1.50 km (area - 2.82 km2).
The target carbonaceous metasedimentary horizons are regarded as analogues of the Chattanooga (USA) and Alum (Sweden) shales but typically with relatively higher anomalous uranium (often in excess of 0.02%U) and vanadium (often in excess of 0.3%V). The carbonaceous and often graphitic metasediments form part of the late Precambrian to early Palaeozoic Guryongsan Formation and extend for approximately 90km within the NE-SW trending Ogcheon structural lower greenschist facies zone.
It is proposed to carry out a 6,000 metre diamond drilling programme on the granted areas. The exploration team is preparing detailed plans for the upcoming season and further information will be announced to the market when the plan is finalised.
A map of the area can be found on the Oriental web site at www.orientalminerals.com/s/Ogchon.asp?ReportID=180026.
Commenting on the grant Mr. Willie McLucas, President and CEO said, "It is very exciting to be the first foreign company operating in South Korea to be granted these leases after such an extensive review by our exploration team. During the process a total on 196 licences were sampled before we identified two highly prospective areas with grades high enough to allow the government to grant the licences."
On behalf of the Board of Directors,
Willie McLucas
President, CEO and Director
For More Information Contact:
Spiro Kletas, Investor Relations
skletas@orientalminerals.com
1-604-681-5755
www.orientalminerals.com
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Source: Oriental Minerals Inc. (OTL - TSXV) www.orientalminerals.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
Vancouver, BC January 14, 2008
FSC / Press Release
ORIENTAL BECOMES FIRST FOREIGN COMPANY TO BE GRANTED URANIUM EXPLORATION AND MINING LICENCES IN SOUTH KOREA
Vancouver, British Columbia CANADA, January 14, 2008 /FSC/ - Oriental Minerals Inc. (TSX - VX: OTL, FWB: OZ4, OTCBB_Pink_Sheets: OMNLF), is pleased to announce the grant of two uranium mining licences known as Daejon 29 and 39 in the Ogcheon geological belt of South Korea.
Each mining title is approximately 1.88 x 1.50 km (area - 2.82 km2).
The target carbonaceous metasedimentary horizons are regarded as analogues of the Chattanooga (USA) and Alum (Sweden) shales but typically with relatively higher anomalous uranium (often in excess of 0.02%U) and vanadium (often in excess of 0.3%V). The carbonaceous and often graphitic metasediments form part of the late Precambrian to early Palaeozoic Guryongsan Formation and extend for approximately 90km within the NE-SW trending Ogcheon structural lower greenschist facies zone.
It is proposed to carry out a 6,000 metre diamond drilling programme on the granted areas. The exploration team is preparing detailed plans for the upcoming season and further information will be announced to the market when the plan is finalised.
A map of the area can be found on the Oriental web site at www.orientalminerals.com/s/Ogchon.asp?ReportID=180026.
Commenting on the grant Mr. Willie McLucas, President and CEO said, "It is very exciting to be the first foreign company operating in South Korea to be granted these leases after such an extensive review by our exploration team. During the process a total on 196 licences were sampled before we identified two highly prospective areas with grades high enough to allow the government to grant the licences."
On behalf of the Board of Directors,
Willie McLucas
President, CEO and Director
For More Information Contact:
Spiro Kletas, Investor Relations
skletas@orientalminerals.com
1-604-681-5755
www.orientalminerals.com
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Source: Oriental Minerals Inc. (OTL - TSXV) www.orientalminerals.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
