Orezone Resources Inc.
TSX : OZN
AMEX : OZN

Orezone Resources Inc.

April 10, 2007 06:00 ET

Orezone Resources Inc.: Essakane Resources Increased by Over 30 percent

Orezone and Gold Fields Sign Formal Operating and Shareholder Agreements

OTTAWA, ONTARIO--(CCNMatthews - April 10, 2007) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce that a resource estimate for the Essakane Main Zone ("EMZ") has been submitted to Orezone by its partner, Gold Fields Limited ("Gold Fields"). The new resource was reviewed by independent consultant Snowden Mining Industry Consultants (Perth, Western Australia). Indicated resources in the EMZ now total 68.7Mt grading 1.6g/t (3.4Moz) and inferred resources amount to an additional 23.5Mt grading 1.5g/t (1.1Moz), based on a 0.5g/t cutoff grade. This represents an 80% increase in indicated resources at EMZ versus the previous estimate of 1.9Moz (see Table below). The company is also pleased to confirm that it has signed a mine services and stakeholders operating agreement with Gold Fields in regards to developing and operating the Essakane deposit.

Gold Fields is currently completing a US$11.4 million full-feasibility study ("FFS") to evaluate the economics of a surface mine, CIL plant and associated infrastructure at Essakane. The full-feasibility study is expected to be completed in the third quarter of 2007. Upon completion of the FFS, Gold Fields will increase its interest in the project from 50% to 60%.

Ron Little, President & CEO of Orezone stated, "We are very pleased with the increase in the resources and the opportunities that exist to continue expanding the resources of the EMZ and the regional targets. We are equally pleased to have concluded favourable operating agreements with our partner and are now in a position to commit to a production decision once the FFS is completed."

Jim Komadina, Senior Vice President of Project Development for Gold Fields stated, "Having signed the commercial agreements surrounding the Essakane Joint Venture, we now have certainty as regards development and operation of this asset. The next significant milestone for the partners will be the completion of the FFS in the third quarter followed by a production decision thereafter."

The total recoverable resource, and the recoverable resource constrained within a US$650/oz pit shell, are shown in the table below at both a 0.5 and 1.0g/t cut-offs. These estimates are based on an updated geological model but are preliminary in nature and are subject to completion of the rapid cyanide leach re-assay program mentioned in previous reports. As at 31 December 2006, approximately 10,000 pulps and check samples were re-assayed with a remaining 35,000 confirmatory samples yet to be finalized. The complete results of the ongoing re-assay program are expected later in the second quarter and will be incorporated into the next resource calculation. As an overall result, the increase in tonnage and contained ounces without deterioration in the average grade is expected to be maintained in the final estimate.

Further, there is potential that a lower cut-off grade of 0.8 g/t may be achievable in the FFS while maintaining an average recoverable grade of 2.0g/t. Previously (as in the November 2006 Preliminary Assessment) the 2.0g/t average grade required a 1.0g/t cut-off. This development bodes well for the economics of the Essakane project and potential increases in the recoverable resource.



43-101 Compliant Resource Calculation, Snowden MIC (Perth, Australia)
as at February, 2007

--------------------------------------------------------------
Total Recoverable Resource
--------------------------------------------------------------
0.5g/t Cutoff 1.0g/t Cutoff
--------------------------------------------------------------
Mt g/t Moz Mt g/t Moz
--------------------------------------------------------------
Indicated 68.7 1.6 3.4 36.5 2.3 2.7
--------------------------------------------------------------
Inferred 23.5 1.5 1.1 11.9 2.3 0.9
--------------------------------------------------------------



--------------------------------------------------------------
Total Recoverable Resource
(Reporting within US$650 Pit Shell)
--------------------------------------------------------------
0.5g/t Cutoff 1.0g/t Cutoff
--------------------------------------------------------------
Mt g/t Moz Mt g/t Moz
--------------------------------------------------------------
Indicated 63.2 1.6 3.3 34.6 2.3 2.6
--------------------------------------------------------------
Inferred 14.7 1.7 0.8 8.4 2.4 0.7
--------------------------------------------------------------


Mineral resource estimates have been developed as Uniform Conditioned estimates using 25m x 50m x 6m panels estimated by ordinary kriging. Application of a discrete gaussian change-of-support model has been made to derive conditional estimates for 2.5m x 5.0m x 3m Selective Mining Units. Mineral Resource estimates include an Information Effect to account for future grade control procedures, assuming a 5m x 5m grade control drill spacing. Historical assay data have been remediated in reference to approximately 10,000 paired assay results derived using a LeachWELL rapid cyanide leach assay process. Cyanide leach assay data have been used within the estimation, adjusted to reflect in situ gold grades from fire assay of leach tails.



For Comparison Purposes:

Previous JORC Compliant Resource Calculation, RSG Global (Perth,
Australia) as at April 6, 2006

--------------------------------------------------------------
Total Recoverable Resource
--------------------------------------------------------------
0.5g/t Cutoff 1.0g/t Cutoff
--------------------------------------------------------------
Mt g/t Moz Mt g/t Moz
--------------------------------------------------------------
Indicated 36.8 1.6 1.9 19.6 2.3 1.5
--------------------------------------------------------------
Inferred 27.7 1.7 1.5 15.3 2.4 1.2
--------------------------------------------------------------


The resource estimate includes 20,000m of new oriented core drilling and 5,000m of RC drilling to January, 2007. (A copy of the NI 43-101 as well as the two previous reports are filed at www.sedar.com within 30 days of this release). (MSOffice1)

Dr IM Glacken, FAusIMM (CP), CEng, and Group Manager - Resources at Snowden MIC is the qualified person for this preliminary estimate. The resource estimate was derived using the Uniform Conditioning method which uses Ordinary Kriging to estimate Selective Mining Units or SMUs within a larger panel. It was established by Gold Fields and Snowden that a 25mE x 50mN x 6mRL panel could be reliably estimated from the drilling grid, and that an SMU of 2.5mE x 5.0mN x 3.0mRL would be used to represent mining selectivity. Dr. Pascal Marquis, Vice President Exploration, is Orezone's Qualified Person under National Instrument 43-101.

Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a full feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is 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.

Contact Information

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