Orezone Gold Corporation

Orezone Gold Corporation

October 14, 2009 09:04 ET

Orezone Confirms Bombore Gold Deposit is Amenable to Heap Leaching

Indicated recoveries of +79% for oxide and +76% for transition resources

OTTAWA, ONTARIO--(Marketwire - Oct. 14, 2009) - Orezone Gold Corporation (TSX:ORE) is pleased to report positive metallurgical test results on its 100% owned Bombore gold deposit located in Burkina Faso, West Africa. All test results for the near surface oxide and transition (mixed oxide/sulphide) resources are better than estimates previously used for an in-house scoping study and will therefore enhance the economics of the project.

Metallurgical Highlights

Bottle-roll Cyanidation on coarse material (passing 25mm)

  • +82% gold recoveries for the oxide resource;
  • +72% gold recoveries for the transition resource.

Column Leach test

  • +79% gold recoveries for the oxide resource and +76% recoveries for the transition resource after 26 days of leaching (test ongoing);
  • Agglomeration: 3kg/t cement for the transition and 9kg/t cement for the oxide resource.

The potential to increase all categories of the resources is high, however the Company's primary focus is on the expansion of the oxide and transition resources. Significantly less capital investment and time is required to develop a heap leach operation at Bombore. The Company will carry out a $2M delineation drill program to both increase and upgrade the oxide and transition resources. This drill program will be completed by mid-2010. All metallurgical testing, updated scoping study results, and a baseline study of the project foot print will be completed by year-end. The Company is continuing to study power costs for grinding and processing of the sulphide resource using conventional milling techniques as they may provide additional upside for the development of the project beyond a heap leap leach operation.

The Bombore gold deposit hosts 0.93 Million ounces of Indicated resources and 1.78 Million ounces of Inferred resources at an average gold grade of approximately 0.5 g/t in the near surface oxide zone and 1.0 g/t in the underlying primary sulphide resource. Approximately half of the inferred resource is oxide and transition material amenable to heap leach processing.

The Bombore property has the potential to host a large, open pit gold project with very good infrastructure in place compared to many projects in West Africa as it is located just 80km east of the capital city of Ouagadougou and adjacent to a major national highway, near a large water reservoir, and accessible to an international power grid expected to be constructed in the near future.

Dr. Pascal Marquis, Vice President of Exploration for Orezone, supervised the metallurgical sampling program. Alex Mitchell, Principal Metallurgist with GBM Minerals Engineering Consultants Limited, designed and supervised the test work program. The test work was performed by AMMTEC laboratory in Perth, Australia. The samples sent to AMMTEC were selected to be representative of the various grades and rock types for 85% of the Bombore gold resources. Tests included head analyses, coarse bottle leach and preliminary heap leach (including percolation and agglomeration tests), column leach, extraction on milled samples (including true SG determination, AMD testing, grind establishment, gravity separation, flotation, and cyanidation of whole ore, gravity tailings and flotation concentrate). Samples included six HQ half core 200kg composites of oxide (2), transition (2) and fresh zones (2); two 300 kg PQ whole core composites of transition and fresh zones only; and one 60 kg PQ whole core composite oxide sample. Mr Mitchell and Dr. Marquis are both Qualified Persons under National Instrument 43-101 and approved the technical information in this release.

Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, developed, financed and sold Burkina Faso's largest deposit (Essakane) to IAMGOLD for $350M and continues to focus on developing the rest of its pipeline of advanced projects including Bombore, one of the largest deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.

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, 2008 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

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