Orezone Resources Inc.
TSX : OZN
AMEX : OZN

Orezone Resources Inc.

March 04, 2008 08:00 ET

Orezone Increases Bondi Project Resources

OTTAWA, ONTARIO--(Marketwire - March 4, 2008) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce a significant increase in the National Instrument 43-101 compliant gold resource of its Bondi Project in Burkina Faso, West Africa. The estimate, performed by Met-Chem Canada Inc., of Montreal, Quebec, confirms a 73% increase in the measured and indicated mineral resource and a 333% increase in the inferred resource as compared to the November 2004 Met-Chem Report (Tables 1 & 2). The total resources are contained within three (3) contiguous zones: Zone 2 (Z2), Zone 2 North (Z2N) and Zone 2 South (Z2S) to an average depth of 125 meters. The estimate is based on drill results up to August 2007.



Table 1. 2008 Met-Chem NI 43-101 resource estimate for the Bondi deposit,
Burkina Faso, West Africa.
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Category Tonnes(i) Au Grade (g/t) Ounces
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Measured 921,000 2.17 64,300
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Indicated 3,219,000 2.10 217,700
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Sub-Total 4,140,000 2.12 282,000
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Inferred 2,536,000 1.84 149,600
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(i) 0.5 g/t Cut off

Table 2. 2004 Met-Chem NI 43-101 resource estimate for the Bondi deposit,
Burkina Faso, West Africa.
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Category Tonnes(i) Au Grade (g/t) Ounces
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Indicated 1,761,822 2.88 163,134
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Inferred 446,378 2.41 34,587
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(i) 0.5 g/t Cut off


"The current program of methodical definition drilling has provided a substantial increase in our resources and significant technical information from which these resources can be expanded along strike and at depth as several higher grade zones remain open," stated Steve King, VP, Exploration for Orezone.

Drilling on the Bondi property was supervised by M.S. (Steve) King, P. Geo., VP, Exploration for Orezone, who is a Qualified Person under NI 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. Analysis was completed at Abilab Burkina SARL Ouagadougou (subsidiary of ALS Laboratory group) for bottle roll (LeachWELL™) and ALS Chemex (formerly Abilab) Bamako for Fire Assay.

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 essentially open and untested below 200 m from surface and is surrounded by several satellite deposits. The government of Burkina Faso has a 10% non-participating interest and a 3% net smelter royalty in the project. Orezone 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: 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. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements 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.

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, 2006, and other continuous disclosure documents filed by Orezone since January 1, 2007 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 or Toll Free: 888-673-0663
    rlittle@orezone.com
    or
    Orezone Resources Inc.
    Pascal Marquis
    President
    613-241-3699 or Toll Free: 888-673-0663
    pmarquis@orezone.com
    or
    Orezone Resources Inc.
    Niel Marotta
    VP Corp
    613-241-3699 or Toll Free: 888-673-0663
    nmarotta@orezone.com
    or
    Orezone Resources Inc.
    Janet Eastman
    Manager IR
    613-241-3699 or Toll Free: 888-673-0663
    jeastman@orezone.com