Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

November 16, 2010 09:04 ET

Major Expansion Drill Program Commences at Bomboré Project

Preliminary Economic Assessment Underway

OTTAWA, ONTARIO--(Marketwire - Nov. 16, 2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce that it has commenced an extensive 120,000m drill program to further infill and expand gold resources at its 100% owned Bomboré Project in Burkina Faso, West Africa. Orezone recently announced a substantial increase in both the average grade and the size of the Bomboré deposit as described in the Company's October 19th 2010 press release. Indicated resources of 1.6Moz and Inferred resources of 1.9Moz grading an average of 0.9g/t are contained within optimized open pit shells using current economic and technical parameters. Over 80% of the resources are located in the top 80m from surface. Since drilling only averages 60m deep to date, there is immediate potential to add more resources by drilling beneath and along strike of the current resources.

The first of several planned core rigs has recently started drilling where previous results indicated good continuity in the better grade zones. Drilling will focus on expanding and testing the continuity of the sulphide resources at depths between 60 to 120m. The first results from the new drilling are expected to be reported before year end. To date, the Company has secured three core rigs and one reverse circulation rig and additional core rigs will be required to complete the 120,000m program. 

The Company is finalizing a land purchase to build a permanent exploration camp in the immediate vicinity of the deposit, which will improve productivity and lower exploration costs. As well, a new all-weather access road is under construction. The additional drill rigs will be added to the project as they become available and as accommodations allow.

In January 2011 the RC rig is expected to commence an infill and expansion drill program focused on the surface oxide resources in conjunction with the deeper sulphide core drilling program. To assist with the expansion drill program of the surface oxide resources, the Company has just completed a high-resolution airborne geophysical survey over the entire Bomboré Gold project.

A Preliminary Economic Assessment of the project is already underway to study both heap leach and carbon in leach (CIL) plant scenarios and is expected to be completed in Q1 2011.  

Orezone is a gold exploration and development company with significant gold resources in Burkina Faso and more than 15 years of operating experience in West Africa, one of the world's fastest growing gold producing regions. Orezone is focused on developing Bomboré, the second largest gold deposit in the country, and its pipeline of advanced gold projects. 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.

Drilling on the Bomboré property is supervised by Pascal Marquis, Ph.D., P. Geo., Vice President and Qualified Person for Orezone as defined by National Instrument 43-101 and who has reviewed and approved the technical information in this release.

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.

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, 2009 and other continuous disclosure documents filed by Orezone since January 1, 2010 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
    Pascal Marquis
    V.P. Exploration
    613-241-3699 / Toll Free: 888-673-0663
    pmarquis@orezone.com