Orezone Resources Inc.
TSX : OZN
AMEX : OZN

Orezone Resources Inc.

August 14, 2007 08:28 ET

Orezone Resources Inc.: Essakane Project Mining Permit Process Underway

Additional $15M commitment for project development

OTTAWA, ONTARIO--(Marketwire - Aug. 14, 2007) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) and Gold Fields Ltd (NYSE:GFI)(NYSE:JSE)(NYSE:DIFX) are pleased to announce that the Environmental and Socio-economic Impact Assessment (ESIA) report for the Essakane Project has been submitted to the Burkina Faso Minister of Environment. This starts a three month approval process of the environmental plan required for the award of a Mining Permit. The ESIA was developed by Knight Piesold (South Africa) and RePlan (Canada).

In addition, a budget of US$15.6 million was approved by Gold Fields on behalf of the project, to finance activities until the end of December 2007. During this period it is planned to: submit a Detailed Feasibility Study (DFS) to the Burkinabe authorities, complete a forty percent detailed engineering design of Essakane mine facilities and infrastructure, consult with affected Essakane communities on potential development of a mining project as well as establishing a Mining Convention with the government.

The Bankable Feasibility Study (BFS) undertaken by Gold Fields is being finalized, the results of which will be disclosed after review by Orezone. This is expected to occur within the next thirty days.

It is expected that a decision to commence development will be made before the end of the year when all the parameters, including the mining permit and Convention terms, as well as costs of the Essakane project, have been finalized.

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.

Contact Information

  • Orezone Resources Inc.
    Ron Little
    President & CEO
    613-241-3699
    Toll Free: 888-673-0663
    rlittle@orezone.com
    or
    Orezone Resources Inc.
    Niel Marotta
    Vice President Corporate Finance
    613-241-3699
    Toll Free: 888-673-0663
    nmarotta@orezone.com