Orezone Gold Corporation

Orezone Gold Corporation

February 17, 2010 09:03 ET

Orezone Gold Corporation: Brighton Energy Limited Receives Niger Uranium Permit Approvals

OTTAWA, ONTARIO--(Marketwire - Feb. 17, 2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce that its subsidiary, Brighton Energy Limited ("Brighton"), has completed the acquisition of three uranium exploration permits in the Republic of Niger, West Africa. Brighton is a uranium focused explorer with title to 4,000 km² of well located and prospective ground that contains key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the region (Location Map). The basin currently ranks as the sixth largest uranium producing area in the world and is expected to become the second largest by 2012 with production from Areva and China Nuclear. It still remains to be one of the most under-explored yet most prolific uranium producing districts. 

Orezone currently holds an 80% equity interest in Brighton and will be the initial manager and operator of the exploration programs on the properties. Orezone is preparing Brighton to become an independently financed, managed and listed public company. The 2010 exploration program is expected to be US$3M and will include airborne geophysical surveys followed by ground verification and drilling of the higher priority uranium targets identified along the major mineralized trends. 

Orezone will make use of its strong presence and infrastructure in Niger to assist Brighton in becoming a successful uranium company. This region is on its way to becoming the second largest uranium producing region in the world by 2012 and Orezone is well positioned through its equity stake in Brighton to capitalize on the exploration potential of Brighton's extensive land holdings," said Ron Little, President and CEO.

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, permitted, developed, and financed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD for $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bomboré, the largest undeveloped gold deposit 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 are based on 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, 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.

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