SOURCE: Oriental Minerals Inc.

August 10, 2007 13:49 ET

Oriental Minerals Closes Non-Brokered Private Placement

VANCOUVER, BC--(Marketwire - August 10, 2007) - Oriental Minerals Inc. (TSX-V: OTL) is pleased to announce the completion of the non-brokered private placement previously announced on July 10, 2007.

The third tranche of the financing was in the amount of 1,515,000 Units, representing gross proceeds of $2,348,250. Each Unit consists of one common share and one share purchase warrant, with each full warrant exercisable at $2.00 for 18 months from the date of the closing.

A total of 6,209,387 shares were placed at a price of $1.55 per share for gross proceeds of $9,624,549.80 (Cdn). Securities issued under each tranche of the private placement are subject to a four-month hold period from the date of each close.

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

About Oriental Minerals Inc.

Oriental Minerals is a Canadian-based exploration company exploring for world-class mineral deposits in South Korea. The Company's current projects include tungsten-molybdenum, base metals and gold-silver properties with significant known mineralization and excellent regional potential.

South Korea is an independent country with strong ties to the USA and a key trading partner with Canada and Australia. The country has an excellent infrastructure, established and workable Mining Laws, and available trained mining workforce.

These factors combined with an in country bi-lingual team, assists OTL in capturing a first class country-wide, diversified minerals portfolio.

On behalf of the Board of Directors,

Damien Reynolds,
Chairman

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 laws and may not be offered or sold within 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 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 and accuracy of this release.

Contact Information

  • For More Information Contact:
    Spiro Kletas
    Investor Relations
    604-681-5755