Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

September 04, 2012 09:39 ET

35,000 m of Positive Drill Results Support Further Growth at Bombore

OTTAWA, ONTARIO--(Marketwire - Sept. 4, 2012) - Orezone Gold Corporation (TSX:ORE) is pleased to announce 35,000 m of additional positive oxide and sulphide drill results from infill and expansion drilling completed during the second quarter at its wholly owned Bomboré Gold Project in Burkina Faso, West Africa. These results were not included in the Bomboré resource update announced on August 27, 2012.

Highlights

• Results include 408 reverse circulation holes (RC) (21,113 m) and 93 core holes (DD) (14,161 m). For all results see the following Table.

• The majority of these results are from the southern area of the project, which now accounts for approximately 40% of the Bomboré resource. A significant portion of the new results are situated outside and close proximity to the southern area pit shells that constrain the resource.

• Five new holes from the P17N prospect confirmed the continuity of this new discovery and definition drilling will commence over a strike of at least 350 m. This prospect was not included in the 2012 resource estimate and the new drilling will focus on upgrading resources to an indicated level.

• In the northern area, a possible southwest extension of the Maga main zone was confirmed. Additional drilling focused on upgrading resources to an inferred level will commence over a strike length of 1.2 km.

• Based on the positive results, the board has approved an additional 42,000 m RC and 46,000 m of core drilling to upgrade and expand the inferred oxide and sulphide resources of the project. The drilling program has already started with one RC and two core rigs.

• The next resource update is planned for Q1 2013 that will incorporate the 35,000 m of new results plus an expected 30,000 m of results from the upcoming drill program.

• The new on-site Bomboré sample preparation facility can handle in excess of 15,000 samples per month (17,109 samples prepared in July) and will significantly improve the delivery time of the future drill results.

"These results confirm that there is excellent potential for further expansion of the oxide and sulphide resources." said Pascal Marquis, SVP Exploration for Orezone. "The next round of drilling is designed to continue to expand resources and steadily improve the project economics."

Table 1. Cumulative Historical Results Reported to Date

Total Drilling to Date Grade g/t
Zone # of Holes Total m Uncut Cut
KT - RC 120 7,830 1.45 1.29
KT - DD 6 642 1.73 1.67
CFU - RC 212 13,836 1.57 1.07
CFU - DD 26 3,938 1.75 0.99
Maga - RC 750 49,110 1.21 1.07
Maga - DD 155 22,817 1.21 1.11
P8P9 - RC 1,186 81,119 1.19 1.02
P8P9 - DD 240 40,622 1.18 1.00
P11 - RC 368 20,422 1.03 0.99
P11- DD 88 12,358 1.11 0.97
Siga E - RC 371 22,042 1.02 0.93
Siga E - DD 105 15,334 1.30 1.05
Siga W - RC 298 16,208 0.94 0.89
Siga W - DD 93 12,773 0.90 0.87
Siga S - RC 456 23,465 1.80 0.94
Siga S - DD 96 15,042 1.04 0.98
P17 N - RC 9 451 1.29 1.15
P17 N - DD 0 0
P17 S - RC 0 0
P17 S - DD 3 414 3.09 2.59
P17 - RC 32 1,951 2.24 1.86
P17 - DD 24 2,980 1.50 1.38
P16 - RC 51 3,124 1.48 1.28
P16 - DD 27 3,931 2.71 1.64
North - RC 2,268 151,895 1.22 1.04
North - DD 427 68,019 1.21 1.04
South - RC 1,493 82,137 1.36 0.94
South- DD 382 55,506 1.06 0.96
SE - RC 92 5,526 1.69 1.44
SE - DD 54 7,325 2.31 1.55
All - RC 3,853 239,558 1.29 1.02
All - DD 863 130,850 1.20 1.03
[1] Weighted average grade of individual assays, cut to 5 g/t

Table 2. Breakdown of Drilling Meterage for this Release

Zone Core Drilling RC Drilling
# of holes Total m # of holes Total m
Maga 0 0 56 3,090
CFU 0 0 3 198
P8P9 25 4,621 30 1,665
P11 3 496 24 1,308
Siga E 15 1,920 46 2,344
Siga W 17 2,127 44 2,234
Siga S 30 4,529 177 8,877
P17 N 0 0 5 250
P16 0 0 12 587
P13 0 0 1 50
Goingho 0 0 4 200
MV2 0 0 2 110
MV3S 3 468 4 200
TOTAL 93 14,161 408 21,113

Table 3. Highlights of Diamond Drill Hole Results for this Release

(Includes holes previously reported for which the final total assay results are now available)

From To Length Uncut
Grade
(1)
Cut
Grade
(2)
Total
Zone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(3)
CFU 3150 BBD0729 28.50 36.00 7.50 14.14 4.15
Maga 4425 BBD0639 105.50 149.00 43.50 1.22 1.22
Maga 4400 BBD0820 137.00 189.00 52.00 1.36 1.27
Maga 4375 BBD0772 76.00 109.00 33.00 1.10 1.10
Maga 4350 BBD0738 74.00 97.00 23.00 1.11 1.11
Maga 4350 BBD0738 100.00 111.00 11.00 1.38 1.38
Maga 4325 BBD0688 93.00 113.00 20.00 1.32 1.32
Maga 4250 BBD0638 104.00 126.00 22.00 0.92 0.92
Maga 4225 BBD0637 125.00 144.00 19.00 1.01 1.01
Maga 4075 BBD0736 10.50 22.50 12.00 1.66 1.66
Maga 4075 BBD0737 172.00 199.00 27.00 1.22 1.12
Maga 4050 BBD0770 71.00 91.00 20.00 0.77 0.77
Maga 4050 BBD0771 177.00 193.00 16.00 1.25 1.25
Maga 3975 BBD0817 0.00 22.50 22.50 2.67 2.14
Maga 3975 BBD0817 126.00 156.00 30.00 1.48 1.48
Maga 3950 BBD0816 194.00 210.00 16.00 1.19 1.19
Maga 3900 BBD0685 27.00 43.00 16.00 1.03 1.03
Maga 3900 BBD0685 156.00 179.00 23.00 2.40 1.57
Maga 3875 BBD0733 29.00 71.00 42.00 1.47 1.47
Maga 3875 BBD0734 89.00 109.00 20.00 0.92 0.92
Maga 3825 BBD0684 52.00 81.00 29.00 1.43 1.43
P8P9 2050 BBD0833 104.00 125.00 21.00 1.36 1.29 Pending
P8P9 2000 BBD0837 112.00 123.00 11.00 1.51 1.37 Pending
P8P9 1950 BBD0834 32.00 49.00 17.00 1.55 1.55 Pending
P8P9 1950 BBD0835 0.00 16.50 16.50 3.48 2.96 Pending
P8P9 1950 BBD0835 36.50 52.00 15.50 1.44 1.44 Pending
P8P9 1800 BBD0539 0.00 6.00 6.00 3.23 3.02
P8P9 1600 BBD0870 63.50 72.50 9.00 1.94 1.86 Pending
P8P9 1300 BBD0871 239.00 263.00 24.00 0.74 0.74 Pending
P8P9 1300 BBD0871 285.00 295.00 10.00 1.79 1.62 Pending
P17 S 42725 TDD0001 47.00 52.00 5.00 3.68 3.33
P17 S 42725 TDD0002 70.00 74.00 4.00 5.67 4.57
P17 S 42725 TDD0003 21.00 34.00 13.00 2.28 1.81
P11 48700 BBD0862 40.00 56.00 16.00 3.78 1.64 Pending
Siga S 10900 BBD0644 57.00 78.50 21.50 0.85 0.85
Siga S 10750 BBD0776 159.00 185.00 26.00 0.70 0.70
Siga S 10700 BBD0647 158.00 175.00 17.00 1.81 1.40
Siga S 10550 BBD0648 121.00 155.00 34.00 1.32 1.32
Siga S 10450 BBD0640 12.50 57.00 44.50 1.20 1.17
Siga S 10450 BBD0641 90.00 110.00 20.00 1.12 1.12
Siga S 10400 BBD0698 60.00 80.00 20.00 1.30 1.26
Siga S 10300 BBD0699 115.00 135.00 20.00 1.61 1.24
Siga S 10250 BBD0746 5.50 20.00 14.50 1.84 1.52
Siga W 12100 BBD0853 59.00 78.00 19.00 0.99 0.99 Pending
Siga W 11550 BBD0825 24.00 47.00 23.00 1.62 0.90
Siga W 11300 BBD0783 80.00 105.00 25.00 0.61 0.61
P16 44325 BBD0813 177.00 189.00 12.00 3.09 1.36
P16 44325 BBD0813 198.00 216.00 18.00 1.22 1.22
P16 44275 BBD0768 106.00 115.00 9.00 5.18 2.31
P16 44275 BBD0768 136.00 154.00 18.00 10.55 1.57
P16 44250 BBD0763 105.00 115.00 10.00 1.81 1.81
P16 44250 BBD0763 137.00 150.00 13.00 1.43 1.43
P16 44050 BBD0814 0.00 21.00 21.00 0.92 0.92

Table 4. Highlights of Reverse Circulation Results for this Release

(Includes holes previously reported for which the final total assay results are now available)

From To Length Uncut
Grade
(4)
Cut
Grade
(5)
Total
Zone Section Hole (m) (m) (m) (g/t) (g/t) Assay(6)
CFU 3450 BBC3169 0.00 10.00 8.00 1.64 1.64
CFU 3350 BBC3160 66.00 70.00 4.00 50.68 3.64
CFU 2850 BBC3111 3.00 17.00 14.00 1.54 1.54
CFU 2800 BBC3108 5.00 12.00 7.00 1.46 1.46
CFU 2700 BBC3096 47.00 54.00 7.00 2.29 1.60
CFU 2500 BBC2821 24.00 28.00 4.00 5.82 2.63
CFU 2500 BBC2822 25.00 40.00 15.00 1.08 1.08
KT 6100 BBC3214 0.00 9.00 9.00 1.34 1.34
Maga 4500 BBC2810 43.00 67.00 24.00 2.50 2.22
Maga 4350 BBC2811 4.00 35.00 31.00 1.33 1.33
Maga 4325 BBC2812 31.00 38.00 7.00 2.11 1.76
Maga 4325 BBC2812 45.00 74.00 29.00 1.22 1.21
Maga 4300 BBC2813 7.00 38.00 31.00 0.76 0.76
Maga 4150 BBC2779 17.00 24.00 7.00 2.17 2.17
Maga 3650 BBC2988 23.00 31.00 8.00 2.58 2.26
Maga 3300 BBC2963 0.00 7.00 7.00 2.00 2.00
Maga 2950 BBC2844 38.00 56.00 18.00 0.76 0.76
P8P9 1850 BBC2673 30.00 34.00 4.00 2.87 2.87
P8P9 1850 BBC3491 37.00 48.00 11.00 1.44 1.38 Pending
P8P9 1800 BBC2662 45.00 55.00 10.00 1.72 1.43
P8P9 1750 BBC3480 17.00 35.00 18.00 1.19 1.19 Pending
P8P9 1075 BBC2554 10.00 25.00 15.00 0.80 0.80
P17 N 45700 BBC3232 14.00 27.00 13.00 2.22 1.86
P11 48300 BBC3590 64.00 81.00 17.00 1.31 1.12 Pending
Siga E 11350 BBC3549 6.00 20.00 14.00 1.38 1.10 Pending
Siga S 10900 BBC3383 3.00 13.00 10.00 1.19 1.19
Siga S 10700 BBC3349 34.00 48.00 14.00 0.78 0.78
Siga S 10550 BBC3346 54.00 64.00 10.00 1.73 1.71
Siga S 10400 BBC3315 26.00 34.00 8.00 5.02 3.39
Siga S 10300 BBC3305 19.00 26.00 7.00 1.50 1.50
Siga S 10300 BBC3306 7.00 15.00 8.00 2.21 1.60
Siga S 10150 BBC3290 13.00 18.00 5.00 3.99 2.01
Siga S 10050 BBC3271 21.00 39.00 18.00 0.73 0.73
Siga S 9850 BBC3253 24.00 37.00 13.00 0.80 0.80
Siga S 9850 BBC3258 7.00 16.00 9.00 1.14 1.14
Siga S 9850 BBC3261 7.00 17.00 10.00 1.64 1.11
Siga S 9850 BBC3261 21.00 27.00 6.00 1.74 1.74
Siga S 9850 BBC3262 30.00 37.00 7.00 5.72 2.56
Siga W 12350 BBC3458 11.00 34.00 23.00 1.71 1.04 Pending
Siga W 11500 BBC3442 22.00 32.00 10.00 1.64 1.64
P16 44150 BBC3236 6.00 19.00 13.00 0.99 0.99
P16 44125 BBC3237 6.00 20.00 14.00 1.09 1.09
P16 44075 BBC3241 11.00 34.00 23.00 5.13 2.56

The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is approximately 85% of the drill length intervals in Maga, P16, P17 and P8P9 areas, and 95% of the drill length intervals in the Siga area. The half-core samples were collected by Orezone employees using a diamond saw. The core samples from the weathered (oxide) zone were prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex), BIGS Global Burkina s.a.r.l and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell catalyst. The samples from the fresh or sulphide zone were prepared by BIGS Global Burkina s.a.r.l, SGS Burkina Faso s.a.r.l., ACTLABS Burkina Faso s.a.r.l. and Abilab Burkina s.a.r.l. in Ouagadougou and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell catalyst.

The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg split was prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex), BIGS Global Burkina s.a.r.l and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1 kg using RSDs. A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell catalyst. The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at SGS Burkina Faso s.a.r.l.

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release. A complete table of results and the NI 43-101 Bomboré Resource Report that describes the Bomboré resource model can be found at www.orezone.com.

About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +12 M oz and recent mine development experience in Burkina Faso, West Africa. The company owns a 100% interest in Bomboré, the largest undeveloped gold deposit in the country that is situated 85 km east of the capital city, adjacent to an international highway. Mineral resources are constrained within optimized open pit shells that span 11 km, and include 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The Company is working to grow resources while completing a definitive feasibility study at Bomboré in 2013 and become a mid-tier gold producer by 2015.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this release include statements regarding, among others, ; capital and operating cost estimates; gold production for the project; completion of a Definitive Feasibility Study in 2013; completion of the next resource update in Q1 2013; commencement of production at the Bomboré Project in 2015.

FORWARD-LOOKING STATEMENTS are based on certain assumptions, the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Orezone for the year ended December 31, 2011 and other continuous disclosure documents filed by Orezone since January 1, 2012 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

(1) Weighted average grade of uncut individual assays

(2) Weighted average grade of individual assays cut to 5 g/t

(3) Composite width and grade are preliminary where leach residue fire assay results are pending

(4) Weighted average grade of uncut individual assays

(5) Weighted average grade of individual assays cut to 5 g/t

(6) Composite width and grade are preliminary where leach residue fire assay results are pending

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