Oriental Minerals Inc.
TSX VENTURE : OTL

Oriental Minerals Inc.

May 29, 2006 10:15 ET

Oriental Minerals CAD$0.775m Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2006) - Oriental Minerals Inc. (TSX VENTURE:OTL) is pleased to announce a non-brokered private placement of up to 7,750,000 Units at CAD$0.10 per Unit to raise gross proceeds of up to CAD$0.775 million. Each Unit consists of one common share and one full share purchase warrant, with each warrant entitling the holder to purchase an additional common share at an exercise price of CAD$0.20 per share for eighteen months from closing. A finder's fee in accordance with Exchange guidelines is payable on this financing. This financing is subject to the normal regulatory approval of the TSX Venture Exchange.

OTL's recent exploration activities in South Korea have come to the attention of Longview Strategies Incorporated (TSX VENTURE:LV), a resource-focused merchant bank. It is Longview's desire to strongly support these activities and accordingly they are participating in this placement in the amount of $450,000. Longview has been invited to nominate two Directors for election to the Board of OTL.

The securities issued under the private placement, including any common shares issuable on exercise of the warrants, are subject to hold periods expiring four months after shares are issued. Up to 900,000 units will be issued to Insiders, Officers and Directors.

Proceeds from the private placement will be used to fund planning and the current phases of work on the Geodo project in South Korea, additional project acquisitions, working capital, and payment of current liabilities.

GEODO WORK PROGRAM

Due to the very encouraging gold and copper soil values recently returned for almost the entire mapped strike length of the skarn units, planning for a two-phase work program has commenced. The initial Phase will include detailed geological and structural mapping and rock chip sampling to define drill targets throughout the large anomalous zone. Phase II will be a drill program.

Oriental Minerals is a minerals exploration company focused on developing its Geodo gold, silver and copper project, and enlarging its portfolio of properties, in South Korea.




ORIENTAL MINERALS INCORPORATED

"Malcolm L. Stevens" "Errol Smart"
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Malcolm L. Stevens Errol Smart
Executive Chairman President and CEO


This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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