Oriental Minerals Inc.
TSX VENTURE : OTL

Oriental Minerals Inc.

October 10, 2005 04:00 ET

Oriental Minerals Announces CAD$450,000 Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 10, 2005) - Oriental Minerals Inc. (TSX VENTURE:OTL) is pleased to announce a non-brokered private placement of 2,812,500 Units at CAD$0.16 per Unit to raise gross proceeds of CAD$450,000. 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$0.24 when exercised within the first year and CAD$0.30 when exercised in the second year from closing. A finder's fee is payable on a portion of this financing.

This financing is subject to the normal regulatory approval of the TSX Venture Exchange.

This placement will allow Oriental to expeditiously complete the fieldwork analysis (CAD$50,000) (please refer News Release "Commencement of Fieldwork" dated June 30, 2005) and plan the next phase of activity (CAD$100,000) on its Geodo project in South Korea, and provide working capital (CAD$300,000).

The current phase of fieldwork comprised geochemical soil sampling, mapping and sampling of mineralised outcrop geology which is well exposed in numerous road cuttings and a limestone quarry located on the site. The work program has been designed with the objective of locating optimum sites for follow up drilling on Au, Ag, Cu (gold, silver, copper) mineralization. Sample collection is complete and transport of the samples to ALS Chemex Laboratory in Brisbane, Australia (www.alschemex.com) is being arranged.

Oriental Minerals President, Errol Smart commented, "Having visited the site and been exposed to the setting and clearly prospective geology of Geodo, I believe that the project has the hallmarks of a large polymetallic deposit that can be mined by means of modern, massive mining. The South Korean culture, being technologically advanced and offering an educated labour force with strong work ethic suggests an attractive operating environment. Oriental is looking forward to consolidating its position in South Korea and will be investigating other projects that have been brought to its attention."

Oriental Minerals is a minerals exploration company focused on developing its Geodo gold, silver, 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 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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