Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

July 29, 2009 09:21 ET

Orezone Completes Drilling Below Surface Resources at Bombore

OTTAWA, ONTARIO--(Marketwire - July 29, 2009) - Orezone Gold Corporation (TSX:ORE) is pleased to announce assay results for the remaining thirteen holes of a twenty hole, 4,500m diamond drilling program on its wholly owned Bombore gold project in Burkina Faso, West Africa. The program has confirmed the continuation of the gold mineralization below the surface oxide resources (average 40m depth) to a depth of 175m. Although the program has only tested 200m of a 10km resource model, the average grade of the mineralization is slightly better than expected as compared to the projected resource model at depth. The mineralization remains open at depth and will be tested along strike in due course after completion of ongoing metallurgical studies. The Bombore Project contains 0.93 Million ounces of Indicated resources and 1.78 Million ounces of Inferred resources with grades averaging approximately 0.5 g/t in the surface oxide zone and closer to one gram of gold per tonne in the fresh rock below.

The program is being carried out in an area where the pit shell used to calculate resources is approximately 1km wide, centered on a core of mineralization roughly 300m wide. Holes have been spaced every 90m along two section lines that are 200m apart. The results from the last thirteen holes further confirmed that the fresh rock mineralization at depth (above 0.5g/t) occurs only below the core or centre of the oxide resources and grades become marginal on either periphery. This is offset by the fact that the weighted grade of the samples from the Fresh zone above a lower cut-off of 0.5 g/t is 1.10 g/t, about 24% better than predicted by the model. Table 2 shows results from the Fresh zone from the entire program. Although the oxide mineralization was more restricted than the model, the average grade of the oxide/transition material was better than expected at 0.58 g/t vs 0.52 g/t (using a 0.25 g/t cutoff).



Table 1 Mineralized intervals above 0.25 g/t from the Oxide and Transition
zones

AREA SECTION HOLE FROM TO LENGTH AUPPM COMMENTS
East 1650 BBD077 17.00 20.00 3.00 1.174
East 1650 BBD077 44.00 54.00 10.00 0.330
East 1650 BBD077 57.00 66.00 9.00 0.479
East 1650 BBD078 8.50 22.00 13.50 0.334 New results
East 1650 BBD078 46.00 50.00 4.00 1.136 New results
East 1650 BBD078 61.00 64.00 3.00 0.603 New results
East 1650 BBD078 70.00 75.00 5.00 0.515 New results
East 1650 BBD078 80.00 88.00 8.00 0.476 New results
East 1650 BBD078 91.50 98.00 6.50 0.569 New results
East 1650 BBD079 NS(1) New results
--------------------------------------------------------------------------
Central 1650 BBD080 48.00 51.00 3.00 3.931 New results
Central 1650 BBD080 62.00 68.00 6.00 0.471 New results
Central 1650 BBD081 22.00 25.00 3.00 0.512 New results
Central 1650 BBD081 38.00 41.00 3.00 0.400 New results
Central 1650 BBD081 47.00 50.00 3.00 0.316 New results
Central 1650 BBD082 24.00 38.00 14.00 0.382 New results
--------------------------------------------------------------------------
West 1650 BBD083 9.00 22.00 13.00 0.646 New results
West 1650 BBD083 29.00 42.00 13.00 0.556 New results
West 1650 BBD084 0.00 4.00 4.00 0.424 New results
West 1650 BBD085 7.00 40.00 33.00 0.503 New results
West 1650 BBD085 43.00 52.00 9.00 0.453 New results
West 1650 BBD085 58.00 66.00 8.00 0.317 New results
West 1650 BBD086 0.00 33.00 33.00 0.516 New results
--------------------------------------------------------------------------
West 1850 BBD087 0.00 23.00 23.00 0.424 New results
West 1850 BBD087 48.00 66.00 18.00 0.676 New results
West 1850 BBD087 72.00 79.00 7.00 0.323 New results
West 1850 BBD088 26.00 29.00 3.00 0.464 New results
West 1850 BBD088 39.00 42.00 3.00 0.474 New results
West 1850 BBD089 2.00 13.00 11.00 0.342 New results
West 1850 BBD089 20.00 26.00 6.00 0.445 New results
West 1850 BBD089 38.00 42.00 4.00 0.830 New results
West 1850 BBD089 50.00 56.00 6.00 0.335 New results
--------------------------------------------------------------------------
Central 1850 BBD090 NS New results
Central 1850 BBD068 3.00 24.00 21.00 0.471
Central 1850 BBD068 33.00 43.00 10.00 0.422
Central 1850 BBD069 0.00 3.00 3.00 1.048
Central 1850 BBD069 9.00 15.00 6.00 0.675
--------------------------------------------------------------------------
East 1850 BBD070 59.00 62.00 3.00 0.710
East 1850 BBD071 0.00 3.00 3.00 0.306
East 1850 BBD071 36.00 39.00 3.00 0.340
East 1850 BBD071 69.00 75.00 6.00 1.248
East 1850 BBD072 3.00 23.50 20.50 1.846
East 1850 BBD072 78.00 82.00 4.00 0.407
East 1850 BBD072 85.00 95.00 10.00 0.806
East 1850 BBD073 15.00 24.00 9.00 0.357
East 1850 BBD073 72.00 80.00 8.00 0.408

Weighted grade, OX+TR Zone, intervals above lower cut-off of 0.25 g/t 0.583

(1) No significant result



Table 2 Mineralized intervals above 0.5 g/t from the Fresh zone

AREA SECTION HOLE FROM TO LENGTH AUPPM COMMENTS
East 1650 BBD077 208.00 217.00 9.00 2.022
East 1650 BBD078 NS New results
East 1650 BBD079 NS New results
--------------------------------------------------------------------------
Central 1650 BBD080 84.00 87.40 3.40 0.699 New results
Central 1650 BBD080 124.00 130.00 6.00 1.180 New results
Central 1650 BBD080 154.00 167.00 12.00 1.393 New results
Central 1650 BBD080 197.00 214.00 17.00 1.134 New results
Central 1650 BBD081 55.00 60.00 5.00 0.600 New results
Central 1650 BBD081 68.00 77.00 9.00 0.714 New results
Central 1650 BBD081 88.00 105.00 17.00 1.801 New results
Central 1650 BBD081 109.00 113.00 4.00 2.717 New results
Central 1650 BBD081 139.00 147.00 8.00 0.752 New results
Central 1650 BBD081 150.00 153.00 3.00 3.100 New results
Central 1650 BBD081 190.00 194.00 4.00 0.735 New results
Central 1650 BBD082 71.00 74.00 3.00 0.420 New results
Central 1650 BBD082 107.00 114.00 7.00 0.621 New results
Central 1650 BBD082 126.00 133.00 7.00 0.471 New results
Central 1650 BBD082 138.00 144.00 6.00 0.908 New results
Central 1650 BBD082 213.00 217.00 4.00 0.463 New results
--------------------------------------------------------------------------
West 1650 BBD083 35.00 40.00 5.00 0.859 New results
West 1650 BBD083 112.00 115.00 3.00 0.857 New results
West 1650 BBD083 182.00 186.00 4.00 0.712 New results
West 1650 BBD084 96.00 103.00 7.00 0.789 New results
West 1650 BBD085 101.00 104.00 3.00 0.437 New results
West 1650 BBD085 107.00 111.00 4.00 0.673 New results
West 1650 BBD085 144.00 147.00 3.00 0.473 New results
West 1650 BBD086 211.00 215.00 4.00 0.322 New results
--------------------------------------------------------------------------
West 1850 BBD087 NS New results
West 1850 BBD088 69.00 72.00 3.00 0.957 New results
West 1850 BBD088 93.00 97.00 4.00 0.640 New results
West 1850 BBD088 133.00 136.35 3.35 0.482 New results
West 1850 BBD088 140.00 144.00 4.00 0.580 New results
West 1850 BBD088 202.00 205.00 3.00 5.883 New results
West 1850 BBD089 175.00 178.00 3.00 0.417 New results
West 1850 BBD089 203.00 206.00 3.00 0.430 New results
--------------------------------------------------------------------------
Central 1825 BBD090 76.00 82.00 6.00 0.515 New results
Central 1850 BBD068 124.50 127.50 3.00 0.623
Central 1850 BBD068 146.50 175.50 29.00 1.229
Central 1850 BBD068 178.50 184.50 6.00 1.128
Central 1850 BBD068 203.50 206.50 3.00 0.693
Central 1850 BBD068 215.50 219.50 4.00 0.928
Central 1850 BBD069 93.30 104.30 11.00 1.010
Central 1850 BBD069 111.30 124.00 12.70 2.166
Central 1850 BBD069 132.00 136.00 4.00 1.423
Central 1850 BBD069 184.00 190.00 6.00 0.733
--------------------------------------------------------------------------
East 1850 BBD070 98.00 101.00 3.00 1.083
East 1850 BBD070 105.00 110.00 5.00 2.388
East 1850 BBD070 199.00 206.00 7.00 0.784
East 1850 BBD071 172.00 175.00 3.00 0.417
East 1850 BBD072 174.00 179.00 5.00 0.468
East 1850 BBD073 107.00 113.00 6.00 0.515
East 1850 BBD073 202.00 210.00 8.00 0.545

Weighted grade, FR Zone, intervals above lower cut-off of 0.5 g/t 1.10


"The results are positive but this in only small sample of such a large system", said Ron Little, President and CEO of Orezone. "The results of the ongoing detailed metallurgical work are expected in Q4 and will assist in fully evaluating the economic potential of Bombore. Our goal is to first focus on establishing the viability of the extensive surface oxide resources followed by a more detailed examination of the size and potential of the fresh rock resources at depth" he added. Bombore has the potential to host a large, lower grade open pit operation with very good infrastructure compared too much of West Africa. It is located 80km east of the capital city of Ouagadougou adjacent to a major national highway, near a large water reservoir, and will have access to an international power grid in the coming years.

Orezone is also pleased to announce the appointment of Dr. James Gill to the Board of Directors. Dr. Gill is one of Canada's most successful mining executives with almost 40 years of experience involving exploration, feasibility studies, mine finance, development and operations. He founded Aur Resources Inc. and served as President and CEO for 26 years until its acquisition by TeckCominco Ltd in August 2007 for $4.1 billion. Dr. Gill is a graduate of McGill and Carleton Universities and holds a Ph.D. in economic geology.

"We are very pleased to welcome Jim to the Board and believe his wealth of experience in the mining industry will be invaluable to the Company" said Ron Little, President and CEO of Orezone. "Jim's entrepreneurial spirit is well suited to Orezone's exploration growth and development strategies" he added. Dr. Gill's appointment remains subject to approval by the Toronto Stock Exchange.

Drilling on the Bombore property was supervised by Dr. Pascal Marquis, Vice President of Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical information in this release. Orezone employs a rigorous Quality Control Program (QCP) employing a minimum 10% standards, blanks and duplicates. All core holes were entirely sampled and the half core samples collected by Orezone are averaging a length of 1 m. The sample preparation was performed by Abilab Burkina S.A.R.L., a subsidiary of ALS Chemex. Assays were completed at BIGS Global Burkina S.A.R.L. for oxide and transition material using the LeachWELL™ method and the fresh rock material was analyzed by SGS Burkina S.A. using Fire Assay method.

Orezone is a gold exploration and development company that owns Bombore, one of the largest gold deposits in Burkina Faso, West Africa. Orezone also has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner.

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 and forward-looking information in this new release include statements with respect to the scope and timing of the drilling project and metallurgical testing for Bombore and the timing of the release of a resource update for the Sega project.

Forward-looking statements are based on certain assumptions, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. The assumptions include that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for the drilling program is available as scheduled, that no labour shortages or delays are incurred, that no material adverse change occurs to Orezone. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality include the failure of contracted parties to perform as contracted and the failure of equipment. 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.

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, 2008, and other continuous disclosure documents filed by Orezone since January 1, 2009 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

Contact Information

  • Orezone Gold Corporation
    Ron Little, CEO
    613-241-3699
    Toll Free: 888-673-0663
    rlittle@orezone.com
    or
    Orezone Gold Corporation
    Greg Bowes, Senior VP
    613-241-3699
    Toll Free: 888-673-0663
    gbowes@orezone.com