FSC / Press Release
Oriental Minerals Negotiates Deferment of Vendor Payment
Vancouver, British Columbia CANADA, December 01, 2009 /FSC/ - Oriental Minerals Inc. (OTL - TSX Venture, OZ4 - FWB, OMNLF - OTCBB_Pink_Sheets), (the "Company") is pleased to announce that it has negotiated a deferment of the US$1 million vendor payment obligation on the Sangdong tungsten-molybdenum project in South Korea. The payment due November 30, 2009, has now been deferred to December 18, 2009.
Ian Fodie, Oriental Minerals' President and CEO, said, "Once again, the cooperation of Sangdong's vendor, Mr. Sim, will allow us extra time to attract funds required for the vendor payment. We are working diligently to resume trading and secure financing so that we can continue to build shareholder value at the Sangdong project."
About Oriental Minerals
Oriental Minerals is focused on developing world-class mining projects in South Korea. Its flagship Sangdong tungsten-molybdenum project is nearing the completion of a Preliminary Economic Assessment as a further step to revitalizing what was formerly one of the largest tungsten mines in the world.
On behalf of the Board of Directors,
Ian Fodie
President & CEO
For More Information Contact:
Ian Fodie, President & CEO
info@orientalminerals.com
or
Mike Rodger,
Resinco Capital Partners
1-604-696-6515
www.orientalminerals.com
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Oriental Minerals Inc. (OTL - TSXV) www.orientalminerals.com
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