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Mineral Deposits Acquires Equity Position in Oromin Explorations

Mineral Deposits Limited (MDL, TSX: MDM) today announced it has agreed to acquire 18,699,500 common shares (the “Oromin Shares”) in Oromin Explorations Ltd (“Oromin), representing approximately 15.01% of the issued and outstanding common shares of Oromin. MDL will issue 24,870,335 ordinary shares as consideration for the Oromin Shares acquired upon settlement, as well as an additional 994,813 ordinary shares to GMP Securities Europe LLP as financial adviser to the share purchase, all at an issue price of AUD$0.93 per share (equivalent to approximately Cdn$0.87 per share). The Oromin Shares were acquired pursuant to the terms of certain Share Sale Agreements containing customary representations, warranties, covenants and other terms and conditions. Oromin is a TSX listed company (TSX: OLE) with its principal property being an interest in a joint venture covering a landholding in Senegal, West Africa which is contiguous with MDL’s Sabodala Mining Concession (containing the Sabodala mine and processing plant) and regional exploration tenements. The Oromin Shares have been acquired by MDL for investment purposes. It is the intention of MDL to evaluate its investment in Oromin on a continuing basis and may, from time to time, increase or decrease its holding of Oromin securities, depending on market conditions and other relevant factors.