Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

March 07, 2011 08:30 ET

Orezone Gold Corporation: Burkina Faso is Ranked 6th in Current Mineral Potential, According to the Fraser Institute 2010/2011 Annual Survey of Mining Companies

OTTAWA, ONTARIO--(Marketwire - March 7, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce today that Burkina Faso is ranked 6th worldwide in Current Mineral Potential in the Fraser Institute 2010-2011 Survey of Mining Companies. The Current Mineral Potential Index is based on respondents' answers to the question about whether or not a jurisdiction's mineral potential under the current policy environment encourages or discourages exploration.

"It is a tremendous compliment and we are proud of this achievement," said Salif KABORE, Minister of Mines of Burkina Faso. "Beyond ensuring we have the right policies in place, we continue to work closely with the mining sector to further develop our infrastructure and our workforce, and maintain an environment conducive to mineral development. The boom in exploration in our country indicates that this approach works and the ongoing revision of the mining code should further strengthen the attractiveness of Burkina Faso."

Since 1997, the Fraser Institute has conducted an annual survey of metal mining and exploration companies to assess how the mineral endowments and public policy factors such as taxation and regulation affect exploration investment. The survey results reflect the views of 494 executives and exploration managers in mining companies worldwide. The survey now includes information from 79 jurisdictions on all continents except Antarctica, including sub-national jurisdictions in Canada, Australia and the United States. 

With roughly one-fifth of the country underlain by greenstone belts, Burkina Faso has similar geology to neighboring countries Ghana and Mali. However, these other countries have been actively explored for much longer, and the gold resources that have been discovered to date represent over eight times those in Burkina Faso. In the past five years, six new gold mines have come into production in Burkina Faso, highlighting the opportunity for companies like Orezone Gold.

"We recognized the enormous potential of Burkina Faso 15 years ago when we started exploring the area," said Ron Little, President and CEO of Orezone Gold. "Although we have discovered more than 10 million ounces of gold to date and we expect to put new gold mines into production over the next few years, we believe we have barely scratched the surface in terms of its true potential. The results of this survey demonstrate the on-going commitment of Burkina Faso to creating a favorable investment climate for companies like Orezone Gold and we are delighted to work in this country. " 

About Orezone Gold

Orezone Gold is an exploration and development company with significant gold resources in Burkina Faso and more than 15 years of operating experience in West Africa, one of the world's fastest growing gold producing regions. Orezone is focused on Bomboré, the largest undeveloped gold deposit in the country, and its pipeline of advanced gold projects. 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.

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 are based on 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, 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. 

Contact Information

  • Orezone Gold Corporation
    Ron Little
    CEO
    613-241-3699 or Toll Free: 888-673-0663
    rlittle@orezone.com