Lund Gold Ltd.

Lund Gold Ltd.
Oromin Explorations Ltd.

Oromin Explorations Ltd.

March 01, 2005 16:23 ET

Lund and Oromin Acquire Brazilian Gold Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LUND GOLD LTD.

TSX VENTURE SYMBOL: LGD

AND OROMIN EXPLORATIONS LTD.

TSX VENTURE SYMBOL: OLE

MARCH 1, 2005 - 16:23 ET

Lund and Oromin Acquire Brazilian Gold Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) - Lund Gold
Ltd. ("Lund") (TSX VENTURE:LGD) and Oromin Explorations Ltd. ("Oromin")
(TSX VENTURE:OLE) are pleased to announce that they have been granted an
option to jointly acquire a 100% interest in the 5,000-hectare
Carneirinho gold exploration property in north central Brazil. The
Carneirinho Property is located approximately 200 kilometres southwest
of the city of Itaituba within the very active Tapajos region, generally
regarded as the premier epithermal gold district in Brazil. The
Carneirinho Property lies approximately 30 kilometres northwest of the
Tocantinzinho Property currently being explored by Brazauro Resources
Corp.

Extensive former and current garimpeiro workings are located within the
Carneirinho Property. Since 1996 when garimpeiro activity and
small-scale mining began, historical production from the property is
reported to be approximately 3 tonnes of gold. At the Carneirinho
Property's main garimpeiro pit, Antonio de Luca, a total of 600
kilograms of gold were reportedly produced from the 70 metre long, 25
metre wide and 25 metre deep excavation.

Antonio de Luca is one of a series of garimpeiro pits excavated along
the 800 metre long Araguari structural trend. The Araguari structure is
open to expansion beyond the current area of former and current
workings. Limited exploration by TVX Gold Inc. ("TVX") in 1996 and 1997
outlined at least two parallel structures, the Duesdeth and the
Cuiabano. These structural trends are components of the Tapajos regional
structural zone, a 200 kilometre long regional-scale northeast-southwest
trending shear zone that accounts for the majority of the 7 to 10
million ounces of gold produced by garimpeiros in the Tapajos region.

Exploration undertaken by TVX included soil geochemistry, induced
polarization ("IP") and magnetics geophysical surveying, structure
lineament analysis, rock and saprolite channel sampling and drilling of
three core holes. Lund and Oromin's Brazil based geological consultant
is Jose Lenzi, formerly the Exploration Manager for TVX, who is very
familiar with the exploration potential of the Tapajos region in general
and the Carneirinho Property in particular.

Channel sampling results reported by TVX are outlined below:



Structural
Trend Garimpeiro Pit Gold (g/t) Sample Length (m)
-----------------------------------------------------------
Araguari Antonio de Luca 12.68 26.0
Joao Pinto 0.09 8.0
10.83 7.0
Deusdeth Deusdeth 9.03 10.0
12.06 2.0
2.34 4.0
5.70 4.5
0.09 7.0
Fininho 1.94 13.6
12.38 1.9


Lund and Oromin's Brazil based geological consultant believes that TVX's
three drill holes were not properly located and oriented to test the
mineralization identified on surface. One hole intersected a diabase
intrusive at the projected depth of the mineralized zone and a second
hole was oriented incorrectly, drilling sub-parallel to the projected
dip of the mineralized zone, and was stopped prior to reaching the
target. The third hole tested on IP anomaly adjacent to, but off the
trend of the mineralized structural zone and was terminated prematurely
as it reached a sulphidized phyllic alteration zone.

The Carneirinho Property is underlain by granitic units and rhyolite
flows - volcanic sediments that have been intruded by younger
alkali-granites. These younger alkali-granite units, directly linked to
gold mineralization at Carneirinho, have intruded along the Tapajos
regional NW-trending structural corridor and along intersection zones
with late NE-trending structural systems. Similar geological and
structural controls commonly occur throughout the Tapajos region.

Representatives of Lund and Oromin paid a brief visit to the Carneirinho
Property to assess the geologic potential of the previously identified
mineralized structural trends. Although the majority of former
garimpeiro sites were covered by more recent tailings and were no longer
active, the representatives were able to collect three character grab
samples from saprolite at the Deusdeth garimpeiro pit that returned
assay values of 2.49 g/t gold, 4.63 g/t gold and 17.85 g/t gold. One
additional sample taken from the only currently active garimpeiro
operation located between the Antonio de Luca and Joao Pinto pits
returned an assay value of 9.30 g/t gold. Three other samples, taken
from non-altered, non-mineralized saprolite at various locations on the
property, returned less than 100 ppb gold.

Lund and Oromin plan to initiate exploration activities as soon as crews
can be mobilized to Carneirinho. Preliminary evaluation will include
geological mapping, prospecting, channel sampling and auger drill
sampling. Additional geophysics covering an area larger than previous
ground surveys and core drilling is also proposed as a second phase
program.

The option to acquire the Carneirinho Property is structured as a
two-stage option with Lund and Oromin jointly acquiring a 50% interest
at each stage. In order to exercise the first option, Lund and Oromin
must pay the vendor US$50,000 on or before April 30, 2005 and a total of
US$1,700,000 by April 30, 2009. Following the exercise of the first
option, in order to exercise the second option, Lund and Oromin must pay
the vendor an additional US$6,000,000 on or before April 30, 2010.

In connection with this acquisition, Lund and Oromin have agreed,
subject to regulatory approval, to pay a finders fee to Jose Lenzi based
on the number of ounces of gold discovered by Lund and Oromin as a
result of its exploration of the Carneirinho Property, as calculated by
a "qualified person" in compliance with the provisions of National
Instrument 43-101.

On behalf of the Board of Directors of

LUND GOLD LTD.

Chet Idziszek, President

On behalf of the Board of Directors of

OROMIN EXPLORATIONS LTD.

Chet Idziszek, President

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Lund Gold Ltd.
    David Scott
    Investor Relations
    (604) 331-8772
    (604) 331-8773 (FAX)
    dscott@mine-tech.com
    www.lundgold.com
    or
    Oromin Explorations Ltd.
    David Scott
    Investor Relations
    (604) 331-8772
    (604) 331-8773 (FAX)
    dscott@mine-tech.com
    www.oromin.com
    No stock exchange has approved or disapproved the information contained
    herein.