OTTAWA, ONTARIO--(Marketwired - March 20, 2014) - Orezone Gold Corporation (TSX:ORE) is pleased to announce that it has sold its 11 million share holding in Amara Mining PLC for net proceeds of approximately $3.4 million USD. The shares were part of the consideration received by the Company for the sale of its Sega Gold Project to Amara in May 2012.
"The additional cash provides us with a financial cushion and time to consider full project financing options after we have completed the ongoing feasibility study and mining permit application for our Bomboré Gold Project in Burkina Faso, West Africa", stated Ron Little CEO for Orezone.
About Orezone Gold Corporation
Orezone is a Canadian company with a gold discovery track record of +12 Moz and recent mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré which is situated 85 km east of the capital city, adjacent to an international highway. A recent Preliminary Economic Assessment of a heap leach ("HL") operation producing 123,000 oz/yr indicates an after tax IRR of 23.9% to Orezone using a $1250 gold price and current costs based on operations in the region. The Company is continuing with various technical studies in order to be in a position to complete a full Feasibility Study and an application for a mining permit before year end. The project benefits from size, location, low reagent consumption, rapid leaching kinetics, low capital requirements and low all-in operating costs.
Pascal Marquis, SVP Exploration and Ron Little, CEO are Qualified Persons under National Instrument 43-101 have reviewed the information in this release.
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", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; completing technical studies, FS and applying for a mining permit by year end.
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 and geotechnical 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, 2012 and other continuous disclosure documents filed by Orezone since January 1, 2013 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.