Orezone Gold Corporation

Orezone Gold Corporation

August 08, 2011 13:55 ET

Orezone Expands Bombore Gold Project Area 60% With New Permit

New Permit Captures Possible Extension of Bombore Mineralization to Southwest

OTTAWA, ONTARIO--(Marketwire - Aug. 8, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce it has been granted exploration rights to an additional 63 km2 of prospective ground adjacent to its Bomboré gold project in Burkina Faso. The Toéyoko permit (see map: http://www.orezone.com/sites/default/files/Orezone%20Permits%20-%20Bombore%20%2B%20Toeyoko%20Permits%20%2B%20Soil%20Geochemistry.JPG) extends the project footprint to the south and southwest by 60%. The Bomboré resource model and mineralization currently spans a 14 km distance where regional gold-in-soil geochemistry and auger drilling results indicate there's potential for mineralization to extend from Bomboré onto the new Toéyoko permit.

"With recent drilling in the southern half of the Bomboré deposit delivering higher grades and better continuity, the Toéyoko permit is an attractive target for future exploration," said Ron Little, CEO of Orezone. "The auger drilling and gold-in-soil geochemical anomalies adjacent to the new permit are positive indications that what we are currently investigating on Bomboré could extend onto the Toéyoko permit."

A 12,146 m 2,547-hole auger drilling program was completed on the Bomboré permit between February and July 2011, including some fences along the boundary with the new Toéyoko permit. The program was undertaken on a line spacing of 200 m, with holes drilled at 25 m intervals to depths of up to 15 m but averaging 5 m. About 10% of the results are still pending, but significant anomalies warranting reverse circulation (RC) follow-up drilling have been identified in several areas. The best results are in the Maga-CFU area, along a structure on the western limit of the current P8P9 resources that could represent the northern extension of the 3.7 km long Siga W-Siga South shear zone, and in the southwestern corner of the Bomboré permit.

The auger drilling has confirmed the results of some soil geochemistry anomalies that were previously identified by other operators, and defined priority areas for RC drilling. This drilling will be completed concurrent with the planned resource expansion RC program in the areas that are accessible during the rainy season. The target adjacent to the Toéyoko permit will be drilled after the rainy season when the area will become accessible again. Full results of the auger drilling are expected in August. Additional auger drilling will be completed to determine whether gold mineralization extends onto the Toéyoko permit.

Pascal Marquis, SVP Exploration for Orezone, is a Qualified Person under National Instrument 43-101 and has approved the technical information in this release.

About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +10 M oz and recent mine development experience in Burkina Faso, West Africa. Bomboré, the Company's 100% owned flagship project, is one of the largest undeveloped gold deposits in the country and is situated 85 km east of the capital city, adjacent to an international highway. Resources are constrained within optimized open pit shells that span 11 km, and include 1.6 Moz indicated (61 Mt @ 0.8 g/t) and 1.9 Moz inferred (61 Mt @ 1 g/t) resources with an average drill depth of only 60 meters. The Company is currently completing a $24 M, 170,000 meter drill program to significantly expand resources and support the completion of feasibility studies in 2012. Orezone's goal is to develop Bomboré into a world-class deposit by 2012 and become a mid-tier producer by 2015.

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 in this release include statements regarding, among others, the completion of a 170,000 m drill program; capital and operating cost estimates; gold production for the project; completion of a feasibility study in 2012; completion of a resource update in early 2012; commencement of production at the Bomboré Project; and completion of metallurgical testing and social impact studies.

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 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, 2010 and other continuous disclosure documents filed by Orezone since January 1, 2011 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

    Orezone Gold Corporation
    Pascal Marquis, SVP Exploration
    (613) 241 3699
    Toll Free: (888) 673 0663