Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

November 13, 2013 09:19 ET

Orezone Closes C$5M Non-Brokered Private Placement

OTTAWA, ONTARIO--(Marketwired - Nov. 13, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Orezone Gold Corporation (TSX:ORE) ("Orezone" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). The Company raised C$5M through the issuance of 10 million new ordinary common shares at a price of C$0.50 per share. No commissions or finder's fees were paid in connection with the Private Placement.

The Company will use the proceeds to advance technical studies towards completion of the feasibility study for an oxide-only heap leach operation at the Company's Bomboré gold project located in Burkina Faso, West Africa, and for general corporate purposes. The Company expects to update its Preliminary Economic Assessment before year end and complete the feasibility study in 2014.

Directors and other insiders subscribed for a total of 4.4 million Common Shares or $2.2 million of the total offering.

About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +12 Moz and recent mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré which is situated 85 km east of the capital city, adjacent to an international highway. Mineral resources are constrained within optimized open pit shells that span 11 km, and include 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The Company is completing an NI 43-101 compliant Preliminary Economic Assessment ("PEA") for an oxide only heap leach operation at Bomboré in order to become a mid-tier gold producer.

Pascal Marquis, SVP Exploration and Ron Little, CEO are Qualified Persons under National Instrument 43-101 have reviewed the 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", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; updating the PEA for the HL scenario, completing a FS at Bomboré, and becoming a mid-tier gold producer.

FORWARD-LOOKING STATEMENTS are based on certain assumptions, 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 and geotechnical data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); 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. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.

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, 2012 and other continuous disclosure documents filed by Orezone since January 1, 2013 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 or Toll Free: (888) 673 0663
    rlittle@orezone.com

    Orezone Gold Corporation
    Sean Homuth
    CFO
    (613) 241 3699 or Toll Free: (888) 673 0663
    shomuth@orezone.com