Orezone Resources Inc.

Orezone Resources Inc.

April 23, 2008 08:00 ET

Orezone Bombore Gold Project Update

Drilling Results Indicate Better Than Expected Grades and Continuity

OTTAWA, ONTARIO--(Marketwire - April 23, 2008) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce the results of a recently completed 57 hole, 5,700m diamond drilling (DD) program on its Bombore Gold Project in Burkina Faso, West Africa. More than 13km of the mineralized trend was tested to a vertical depth of 75m with numerous holes ending in mineralization. The program was designed to test the continuity of the NI 43-101 resource model that contains 576,000 oz at 0.61 g/t of indicated resources and 501,000 oz at 0.66 g/t of inferred resources. All of the intersections from this program occurring within the current NI 43-101 resource model returned values that exceed those grades and widths indicated from the grade block model. Table 1 presents significant intercepts using a 0.4 g/t cutoff as per the initial resource estimate. Several intervals of more than 20m and 1.0 g/t were encountered in addition to numerous higher grade zones over 2.5 g/t.

In addition to better than expected grades and widths the new results demonstrate that at a slightly lower cut-off value (e.g., 0.2-0.3 g/t, which is typical of large low-grade bulk tonnage deposits) the continuity of mineralization is significantly increased. "The recent core program at Bombore has achieved two important objectives by demonstrating higher gold values and confirming the consistency of a larger lower grade envelope." stated Steve King, V.P. Exploration for Orezone.

20,000m of Reverse Circulation (RC) drilling continues on the project in order to in-fill the resource model and expand resources. A preliminary metallurgical study is expected this quarter and a resource update by year end. A location map and more information are available on the Orezone website (Orezone.com)

Table 1 Significant results from the 2007-2008 Bombore DD program

Hole Prospect Section From To Length Au
(ID) (ID) (ID) (m) (m) (m)(i) (g/t)(ii)
BBD011 P17 44100 36 41 5 3.76
BBD011 P17 44100 23 34 11 0.55
BBD012 P17 44250 26 40 14 1.33
BBD013 Siga 11600 88 94 6 3.63
BBD013 Siga 11600 113 118 5 2.49
BBD017 Siga 12300 19 22 3 4.97
BBD018 Siga 12500 81 95 14 0.68
BBD019 Siga 12500 17 40 23 1.23
BBD019 Siga 12500 10 15 5 4.83
BBD019 Siga 12500 72 86 14 0.76
BBD024 P11 48800 23 27 4 2.85
BBD024 P11 48800 78 92 14 0.72
BBD024 P11 48800 64 76 12 0.65
BBD027 P11 49000 10 14 4 3.93
BBD032 P8P9 1000 0 7 7 2.23
BBD036 P8P9 1600 55 64 9 2.26
BBD036 P8P9 1600 88 100 12 1.44
BBD036 P8P9 1600 13 35 22 0.74
BBD037 P8P9 1600 57 67 10 0.91
BBD039 P8P9 1700 57 73 16 1.84
BBD039 P8P9 1700 41 46 5 3.40
BBD040 P8P9 1800 88 99 11 0.88
BBD040 P8P9 1800 28 38 10 0.85
BBD042 P8P9 1900 42 53 11 1.50
BBD042 P8P9 1900 17 29 12 0.81
BBD042 P8P9 1900 88 100 12 0.74
BBD043 P8P9 1900 8 29 21 1.06
BBD043 P8P9 1900 31 45 14 1.04
BBD043 P8P9 1900 48 60 12 0.78
BBD047 Maga 3200 78 91 13 0.51
BBD047 Maga 3200 66 76 10 0.65
BBD049 Maga 3400 68 73 5 2.75
BBD052 Maga 3600 43 56 13 2.80
BBD053 Maga 3600 42 48 6 2.40
BBD056 Maga 3850 13 26 13 0.86
BBD057 Maga 4000 60 73 13 1.89
BBD062 Maga 4300 74 83 9 1.43
BBD063 Maga 4300 0 13 13 0.70
BBD064 Maga 4400 50 72.5 22.5 1.44
BBD065 Maga 4450 7 23 16 0.92
BBD066 KT 6200 45 64 19 0.88

(i)Down hole intervals: true widths expected to be approximately 70%
(ii)0.4 g/t Cut-off

Drilling programs are supervised by M.S. (Steve) King, P. Geo., VP, 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. Sample prep was completed at Abilab Burkina SARL Ouagadougou (subsidiary of ALS Laboratory group) and fire assay analysis was completed at ALS Bamako, SGS Ouagadougou and ALS Vancouver.

Orezone is an explorer and emerging gold producer whose main asset is Essakane, the largest gold deposit in Burkina Faso, West Africa. Essakane contains 4.0 Moz of indicated resources and 1.3 Moz of inferred resources at a 0.5 g/t cut off. Reserves contained within a US$500 gold price mine plan are 2.65 Moz. The deposit remains open and untested below 300m from surface and is surrounded by several satellite deposits. 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 Section 21E of the United States Securities Exchange Act of 1934, as amended, and "forward-looking information" 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 news release include statements with respect to the timing of release of a preliminary metallurgical study and the scope and timing of the drilling program for the Bombore gold 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, and that no labour shortages or delays are incurred. 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, 2007, 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.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release uses the terms "Measured", "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

Contact Information

  • Orezone Resources Inc.
    Ron Little, CEO
    Toll Free: 888-673-0663
    Orezone Resources Inc.
    Pascal Marquis, President
    Toll Free: 888-673-0663
    Orezone Resources Inc.
    Niel Marotta, VP Corp
    Toll Free: 888-673-0663
    Orezone Resources Inc.
    Janet Eastman, Manager IR
    Toll Free: 888-673-0663