Orezone Gold Corporation

Orezone Gold Corporation

January 28, 2010 09:15 ET

Orezone Commences $2 Million Drill Program at Bombore

35,000 m of Infill and Expansion Drilling to Upgrade Resources

OTTAWA, ONTARIO--(Marketwire - Jan. 28, 2010) - Orezone Gold Corporation (TSX:ORE) is pleased to report that the Company has commenced a $2 million RC drill program to upgrade and expand the oxide gold resources at its Bombore gold deposit in Burkina Faso, West Africa. The deposit has 0.93 million ounces of indicated resources and 1.78 million ounces of inferred resources at an average recoverable gold grade of 0.6 g/t. Approximately one half of the resources are oxidized and occur within 40 m from surface. The program will be comprised of 25,000 m of drilling to upgrade the oxidized resources to the indicated category and 10,000 m to test for extensions to the pit shells that host the current resources. An additional auger drilling program will test new undrilled targets within the 14 km gold in soil anomaly to identify areas for further oxide resource expansion. The program is expected to be completed before the end of the second quarter with all results released by the third quarter.

The drill program is part of an overall $3 to 4 million budget to complete a preliminary economic assessment on the project. Positive metallurgical results announced in December 2009 indicate that the oxidized resources have expected heap leach recoveries of +80%. A baseline environmental study was also completed in 2009. The drill program will lead to an updated geological model, resource update and optimized mining pit shells that will form the core of the assessment.

The Bombore project is located 85 km east of the capital city of Ouagadougou along a major national highway. The topography, drainage and rainfall are suitable to construct a large water reservoir without negatively impacting those down stream. The project footprint is in an area of low population density and an international power grid is expected to be constructed in the near future. These infrastructure advantages will translate into reduced project development and operating costs.

The Company recently completed six test holes to depths up to 300 m below several of the pit shells that contain the sulphide resources. Although the geology and mineralization continue to these depths the grade of the mineralization did not improve. The metallurgical study indicated that the deeper sulphide mineralization is not conducive to heap leaching and therefore would require recoverable grades of better than 1g/t and enough resources to consider a CIL operation. As a result, further work on the sulphides will be deferred until higher gold prices.

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, developed, financed and sold Burkina Faso's largest deposit (Essakane) to IAMGOLD for $350M and continues to focus on developing the rest of its pipeline of advanced projects including Bombore, one of the largest 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.

Dr. Pascal Marquis, V.P. Exploration for Orezone, is a Qualified Persons under National Instrument 43-101 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 and forward-looking information in this new release include statements with respect to the scope and timing of the drilling project and metallurgical testing for Bombore and the timing of the release of a resource update for the Sega 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, that no labour shortages or delays are incurred, that no material adverse change occurs to Orezone. 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, 2008, 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.

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