Orezone Resources Inc.
TSX : OZN
AMEX : OZN

Orezone Resources Inc.

May 01, 2008 07:45 ET

Orezone Essakane Satellite Gold Deposit Yields Positive Results

Reverse Circulation drilling at Falagountou returns 22 m of 1.83 g/t

OTTAWA, ONTARIO--(Marketwire - May 1, 2008) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce the results of a recently completed 31 hole, 2,820 m Reverse Circulation (RC) drilling program on the Falagountou Deposit located 8 km east of the Essakane Main Zone (EMZ) in Burkina Faso, West Africa. The program was designed to advance and verify the geological model of two mineralized zones that had been previously outlined by the Company. The recent drilling has confirmed the geological model and intersected higher grade mineralization in several areas including 13 m of 2.46 g/t and 22 m of 1.83 g/t.

In addition, a 2,368 m in-fill diamond drilling (DD) program was just completed at Falagountou to test for down-dip and down-plunge continuity; results should be released during the second quarter. The 2008 RC and DD data will be used to update the current resource model and produce a NI 43-101 compliant resource estimate to be released before year end. The Company's objective is to outline one or more years of additional oxide ore for the CIL plant envisioned at Essakane. In conjunction with this program, the Company is also working on design modifications to increase the plant's throughput of oxide and transitional ores in the early years of production. A location map and more information regarding this project areavailable on the Orezone website.



Table 1 Significant results from the 2008 Falagountou RC program

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Hole Section From To Length Au
(ID) (ID) (m) (m) (m) (g/t)
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FRC1734 F0650N 29 36 7 1.82
48 54 6 2.57
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FRC1736 F0625N 56 61 5 3.53
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FRC1737 F0600N 54 67 13 2.46
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FRC1738 F0525N 54 57 3 4.29
59 62 3 0.59
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FRC1742 F0300N 45 49 4 1.27
66 69 3 1.61
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FRC1743 F0350N 18 22 4 1.95
27 31 4 1.14
34 46 12 1.57
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FRC1745 F0425N 38 60 22 1.83
62 65 3 1.88
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FRC1746 F0450N 14 19 5 0.89
21 29 8 2.92
41 44 3 0.67
57 60 3 0.84
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FRC1747 F0475N 29 35 6 1.44
41 46 5 1.78
59 63 4 1.91
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FRC1748 F0550N 29 35 6 3.43
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FRC1749 F0600N 0 3 3 1.04
45 50 5 1.11
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FRC1750 F0675N 45 48 3 0.81
58 62 4 3.86
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FRC1752 F0525N 14 22 8 0.9
40 48 8 2.08
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FRC1753 F0500N 4 7 3 2.16
42 50 8 2.29
56 59 3 0.94
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FRC1755 F0425N 73 79 6 1.14
81 85 4 0.48
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FRC1758 F0400N 43 49 6 2.77
67 70 3 0.66
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FRC1759 F0300N 58 61 3 6.9
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FRC1768 F0500N 38 43 5 2.44
86 92 6 2.02
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FRC1770 F0450N 52 56 4 3.83
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FRC1771 F0650N 3 6 3 1.02
41 44 3 0.55
50 54 4 1.76
58 64 6 2.03
-------------------------------------------------------------------
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(i) Down hole intervals: holes were drilled at an average dip of 45
degrees and thus true widths expected to be approximately 85%
(ii)0.5 g/t Cut-off


The Falagountou drilling programs were supervised by Pascal Marquis, Orezone President, 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 preparation and Bottle-roll LeachWELL® analysis were completed at SGS Laboratory in Ouagadougou.

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. Except for statements of historical fact relating to the company, certain information contained herein constitutes such forward-looking statements and forward-looking information.. 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 assay results, the time for completion of definition diamond drilling on the EMZ, the time for release of an updated NI 43-101 report, expectations for revised capital and operating cost estimates for the Essakane Project, the time for production start-up at the Essakane Project, the establishment of a debt facility of up to US$250 million, and the time for completion of a mining convention.

Forward-looking statements are based on certain assumptions and 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. The assumptions include including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for construction and development is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment functions are as specified, that no unusual geological or technical problems occur, sufficient financing is available and in place and that on-going contractual negotiations will be completely successful and progressed and/or completed in a timely manner. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality 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, failure of contracted parties to perform as contracted, 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, 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
    613-241-3699
    Toll Free: 888-673-0663
    rlittle@orezone.com
    or
    Orezone Resources Inc.
    Pascal Marquis, President
    613-241-3699
    Toll Free: 888-673-0663
    pmarquis@orezone.com
    or
    Orezone Resources Inc.
    Niel Marotta, VP Corp
    613-241-3699
    Toll Free: 888-673-0663
    nmarotta@orezone.com
    or
    Orezone Resources Inc.
    Janet Eastman, Manager IR
    613-241-3699
    Toll Free: 888-673-0663
    jeastman@orezone.com