🕐01.12.09 - 18:19 Uhr
ORIENTAL MINERALS NEGOTIATES DEFERMENT OF VENDOR PAYMENT
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Re: News Releases - Tuesday, December 01, 2009
ORIENTAL MINERALS NEGOTIATES DEFERMENT OF VENDOR PAYMENT
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Vancouver, BC, December 1st, 2009 -- Oriental Minerals Inc.
(OTL:
TSX-V) (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 Sangdongs 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
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 Companys 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 Companys
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.
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Copyright (c) 2009 ORIENTAL MINERALS INC.
(OTL) All rights reserved.
For more information visit our website at
http://www.orientalminerals.com/ or send mailto:
Message sent on Tue Dec 1, 2009 at 9:12:46 AM Pacific Time
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