Orezone Gold Corporation

Orezone Gold Corporation

September 15, 2010 09:07 ET

Brighton Energy Commences Uranium Exploration in Niger

Permit extensions granted and Orezone consolidates ownership

OTTAWA, ONTARIO--(Marketwire - Sept. 15, 2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce that its subsidiary, Brighton Energy Limited ("Brighton"), has received 20 to 27 month extensions for its five uranium exploration permits in the Republic of Niger, West Africa. Utilizing its own treasury, Brighton has commenced a $3M exploration program that will include airborne geophysical surveys followed by ground verification and drilling of the higher priority targets identified along the major mineralized trends. Drilling is expected to commence by November. 

Orezone is also pleased to announce that it has concluded a transaction to increase its equity ownership in Brighton to 66.6% (see release June 23, 2010). Brighton, through its Niger subsidiary, has title to 4,000 km² of well located and prospective ground within the Tim MersoÏ sedimentary Basin (Location Map). The permits host key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the basin. This region currently ranks as the sixth largest uranium producer in the world and is expected to become the second largest by 2013 with additional production from Areva and China Nuclear. Even with the increased production profile the area remains largely underexplored. 

"With extensive land holdings, a solid treasury and Orezone's interest in Brighton consolidated, both Orezone and Brighton stakeholders are well positioned to benefit from any success with our exploration programs" said Ron Little, President and CEO for Orezone. 

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, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD in a transaction worth approximately $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bomboré, one of the largest undeveloped gold 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 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. 

Contact Information

  • Orezone Gold Corporation
    Ron Little, CEO
    Toll Free: 888-673-0663
    Orezone Gold Corporation
    Pascal Marquis, V.P. Exploration
    Toll Free: 888-673-0663