SOURCE: Oriental Minerals Inc.

March 01, 2007 10:00 ET

Oriental Minerals Initial Drill Results From Sangdong

VANCOUVER, BC -- (MARKET WIRE) -- March 1, 2007 -- Oriental Minerals Inc. (TSX-V: OTL) is very pleased to announce the drill results received from the Company's first drill hole at the Sangdong tungsten-molybdenum project in South Korea. Highlights from SD-01 include an interval grading 2.37% tungsten oxide (WO3), 0.12% molybdenum with 0.34 g/t gold, 0.02% tin and 0.15% bismuth over 6 metres. The initial results indicate mineralization disseminated much more broadly than reported historically and with significant grades occurring almost 70 metres closer to surface than the old mine workings. This has very significant implications, both in terms of the amount of mineralization and the choice of a future mining method as this former tungsten mine continues to be assessed by Oriental Minerals. Other significant results from the upper portion of hole SD-01 include:

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Intersection Depth    WO3    Mo    Sn (%)    Au    Bi(%)   Formation
Thickness             (%)    (%)            (g/t)
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15 metres  145-160m   0.04          0.10    0.04    0.03  Sedimentary
                                                           Breccia
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7 metres   160-167m   0.14          0.07    0.15    0.05  Sedimentary
                                                           Breccia
-----------------------------------------------------------------------
4 metres   167-171m   0.03   0.01   0.09    0.02    0.04  Sedimentary
                                                           Breccia
-----------------------------------------------------------------------
22 metres  171-193m   0.87   0.11   0.02    0.14    0.08  Breccia-Skarn
                                                           contact
-----------------------------------------------------------------------
Including
 6m        179-185m   2.37    0.12  0.02    0.34    0.15  same
-----------------------------------------------------------------------
4 metres   193-197m   0.02    0.01                        Cut & Fill
                                                           Stope
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2 metres   197-199m   0.14    0.59          0.02          Skarn
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7 metres   199-205m   0.01    0.02                        Cut & Fill
                                                           Stope
-----------------------------------------------------------------------
7 metres   205-212m   0.29    0.08          0.12    0.04  Skarn
-----------------------------------------------------------------------
The intersections closely correlate with bedding concordant quartz-scheelite veins and as such represent near true width intersections.

The mineralization intersected between 171 to 193 m is considerably higher in grade than the average historically-reported tungsten resource grade of 0.5% WO3 at Sangdong and is at much shallower depths than the 6-metre thick Main Vein mineralization (intersected between 248-250.6m in SD-01) previously mined by the Korean Tungsten Co., Ltd during 1947-1992.

Within the overlying Pungchon Limestone, a 4-metre interval between 53 and 57 m returned 52 g/t silver, 0.53% copper, 0.52% zinc and 154 ppm bismuth. This new discovery of near-surface mineralization reinforces results from surface sampling reported on February 7, 2007. This mineralization is associated with structurally-controlled carbonate vein breccias and hematite alteration in the Pungchon Limestone, which was previously regarded as waste.

Cut and fill stope workings separate the lower 193 - 197 m and 199 - 205 m mineralized intersections. It is believed these workings represent stopes that partially extracted the Hangingwall Vein. These workings produced most of the delays encountered in the drilling of SD-01, requiring significant cement grouting and re-drilling to pass through the stope.

Drilling operations continue at Sangdong, with hole SD-02 currently at 106 metres depth and targeted to 640 metres. Drill hole SD-03 is currently at 25 metres and targeted to 320 metres depth. A third rig is on site and should commence drilling shortly.

SD-01 intersected the following lithological units in sequence:

0-144m. Pungchon Limestone.
144-182m. Basal sedimentary breccia of the Pungchon Limestone. Minor
quartz-scheelite vein stockwork.
182-309.6m. Quartz-scheelite vein stockworks in skarn altered Myobong
Slate.
309.6-417m. Jangsan Quartzite with quartz-molybdenum vein stockwork.
417-435m. Intense brecciated Jangsan Quartzite with quartz-molybdenum
vein stockwork.
435-459m. Jangsan Quartzite with quartz-molybdenum vein stockwork.
459-541m. Intense brecciated Jangsan Quartzite with quartz-molybdenum
vein stockwork.
541-692.5m. Jangsan Quartzite with quartz-molybdenum vein stockwork.
692.5-781m. Taebeksan Series schist with quartz-molybdenum vein
stockwork.
Oriental Minerals is awaiting results from the remainder of the Mybong Slate intercepts and all of the quartz-molybdenum stockwork mineralization logged in the lower 471 metres of hole SD-01.

Note: Samples are 1-metre split HQ core samples and were submitted to ALS Chemex laboratory in Brisbane, Australia and analyzed by Ore Grade Method XRF-ME05, Au-AA21, ME-ICP41s and Ag-OG46. Quality Control: Blanks and Standards samples were routinely inserted with the drill samples at random intervals. Analysis of Standards indicates the laboratory results are all within plus/minus 5% of certified assays and so results are considered reliable. Blank samples were generally clean as expected, although one blank sample inserted at the high grade zone reported minor contamination of W and Mo.

QUALIFIED PERSON

The qualified person for the purposes of this release is Mr. Mark Dugmore.

To view the Sangdong Mine Longitudinal Section chart, please click on to the link below:

http://www.usetdas.com/maps/orientalminerals/OTLSangDongMar1.pdf

Graphic hosted by Filing Services Canada Inc. website

On behalf of the Board of Directors,
Damien Reynolds
Chairman and Director
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.

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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