SOURCE: Oriental Minerals Inc.

December 14, 2006 16:05 ET

Oriental Minerals Increases to $9.6 Million

VANCOUVER, BC -- (MARKET WIRE) -- December 14, 2006 -- Oriental Minerals Inc. (TSX-V: OTL) is pleased to announce an increase to its non-brokered private placement of to up to 7,500,000 Units at a price of $1.28 per Unit for total gross proceeds of up to $9,600,000, as announced December 5th, 2006.

The Units consist of one common share and one-half of a share purchase warrant, with each warrant exercisable for $1.60 for another 18 months from the closing date of the private placement. A finder's fee in accordance with Exchange guidelines may be payable on this financing.

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.

On behalf of the Board of Directors,

Damien Reynolds,
Director and Co-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

  • Oriental Minerals Inc.
    Kelly Boatright
    (704) 588-8600
    Email Contact