Oriental Minerals Inc.
TSX VENTURE : OTL

Oriental Minerals Inc.

January 30, 2008 07:00 ET

Oriental Minerals Inc.: Initial Resource Estimation for Sangdong Reports 50 Million Tonnes of O.28% WO3 & 0.04% MoS2 Inferred and 5.7 Million Tonnes of 0.31% WO3 & 0.04% MoS2 Indicated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Oriental Minerals Inc. (TSX VENTURE:OTL) is pleased to announce an inferred resource of 50.7 million tonnes of 0.28% WO3, and 0.04% MoS2, and an indicated resource of 5.7 million tonnes of 0.31% WO3 and 0.04% MoS2. for the Sangdong Tungsten-Molybdenum deposit in South Korea.

The report of initial resource estimations are done by Wardrop Engineering Inc. in compliance with NI 43-101, and are based on the first 27 of 45 (as at Jan 22nd) drill holes completed out of a planned 87 hole drill program. Only the 27 holes completed prior to 31st October are included in this initial estimation.

This initial resource is at the south-eastern end of the deposit and includes mineralisation from surface. Updates to the resource estimation are being planned to incorporate subsequently received drill assays.

Commenting on the report President and CEO, Mr. Willie McLucas, said: "This first report illustrates the longer term potential of Sangdong mine as one of the largest known Tungsten deposits in the world. With approximately one third of the total drill results known to date, the scale of the deposit is becoming much clearer. Drilling continues apace at Sangdong. The Corporation continues to pursue its other mineral interests in Molybdenum, Base Metals, Gold and now Uranium as well."

The tables below have been estimated by Wardrop Engineering Inc. using a cut off grade of 0.15% WO3. Results from subsequent holes are pending and will be released and incorporated into a resource update when ready. Several of the results are from areas not included in the resource estimation to date.



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KRIGE INDICATED greater than 0.15% WO3
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ROCKGROUP TONNES WO3% MoS2% Bi% US$EQUIV
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LIMESTONE 0 0 0 0 0.00
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SKARN 5,739,500 0.31 0.04 0.00 93.00
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QUARTZITE 0 0 0.00
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TOTAL INDICATED 5,739,500 0.31 0.04 0.00 93.00
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In addition Wardrop Engineering Inc. reported the following resource estimation.


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KRIGE INFERRED greater than 0.15% WO3
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ROCKGROUP TONNES WO3% MoS2% Bi% US$EQUIV
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LIMESTONE 78,400 .19 0.02 0.02 55.00
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SKARN 49,829,400 .28 0.04 0.00 85.00
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QUARTZITE 794,300 .26 0.00 0.02 63.00
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TOTAL INFERRED 50,702,100 .28 0.04 0.00 85.00
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Source Wardrop Engineering Inc.

SANGDONG RESOURCE ESTIMATE METHODOLOGIES

The Sangdong Tungsten mineralization is hosted primarily in tabular calc-silicate horizons in Cambrian-age Myobong Slate (Skarn) associated with bedding concordant and stockworked quartz - carbonate - scheelite veins. Alteration and mineralization is concentrically zoned, diminishing outwards, above a granitic intrusive which induced a higher-grade tungsten molybdenum core.

The deposit was modelled using lithological boundaries, WO3, MoS2 and Bi assay data from both Oriental and 788 historical underground drill holes with Gemcom mining software. Assays were partially capped and samples were composited over 1 metre (m) intervals. A Specific Gravity value of 2.89 g/cm3 was used for the Skarn. WO3, MoS2 and Bi grades were interpolated into blocks 20m (strike) x 20m (dip direction) x 5m (vertical) using ordinary Kriging.

Oriental drill holes are located on a 100m x 100m north-south orientated grid. Holes are drilled oblique to this grid at azimuths of 135 degrees and 315 degrees. SD-01 to SD-24 were drilled diamond core, size HQ & NQ. SD-25 to 27 were drilled by RC (Reverse Circulation).

The values are based on a three year moving average price of US$231 per MTU for the Ammonium Para Tungstate (APT) and US$28.84 per pound for Molybdenum TriOxide.

Recoveries of 90% for Scheelite and 95% for Molybdenum have been assumed and are based on reports received from SGS Advanced Mineralogy Facility in Lakefield, Ontario.

Complete results and a drill plan and cross section are available on the website at:

http://www.orientalminerals.com/s/MapPhotos.asp?ReportID=274062

SCOPING AND PRE-FEASIBILITY STUDY

Based on this first resource estimation, the Corporation has appointed Wardrop Engineering Inc. to carry out a scoping and pre-feasibility study. The work will also include a review of the likely operating costs and will result in a review of the cut off grade to be used in estimating the size of the deposit.

CURRENT DRILLING

During the Christmas period a total of 1,122m were drilled and 828 pulps delivered to the ALS Laboratory in Brisbane for assay. As at January 25th, 2008 Oriental has completed 14,731m of drilling at Sangdong.

Five drill rigs are currently operational at the site. Results will be announced to the market as they are received.

COMMUNITY SUPPORT

Mr. Sun Kyu Park, the Mayor of Yeongwol County, announced in his recent address to the County Council that the re-development of the Sangdong mine would represent one of the most important regeneration projects in the region.

He emphasised that the Sangdong tungsten-molybdenum project is one of the economic priorities for the County administration for 2008 during his first official meeting with Sangdong residents on January 17, 2008.

BASE METALS AT SANGDONG

At this stage no estimations have been prepared using more recent drill information, which show notable base metal grades in the limestone sequence overlying the western part of the Tungsten-Molybdenum deposit. Further results will be announced as they become available.

DEEP MOLYBDENUM

In addition to the work being carried out on Tungsten, Oriental has appointed Kenex Ltd. of New Zealand to prepare an initial molybdenum resource estimate from historic mining records and from recent drilling, which indicate the possibility of a Molybdenum deposit underlying the Tungsten Resource. To date four holes have been completed. Further drilling is currently underway to fully evaluate the deposit.

QUALIFIED PERSON

The Qualified Person who prepared the resource estimate, and is responsible for the resource estimate disclosure in this release, is Mr. Gregory Z. Mosher, a Senior Geologist with Wardrop Engineering Inc. Mr. Mosher visited the property on 2nd and 3rd November 2007 and has over 35 years of relevant experience.

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.

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