Orezone Gold Corp.

Published : September 16th, 2015

Orezone Provides Update on Bombore Permitting and Bondi Project

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Orezone Provides Update on Bombore Permitting and Bondi Project

OTTAWA, ONTARIO--(Marketwired - Sep 16, 2015) - Orezone Gold Corporation (ORE.TO) ("the Company") is pleased to announce that town hall meetings with all the communities that will be affected by a producing mine at Bomboré has resulted in signed protocols with respect to the various aspects of their relocation and land use compensation. The final outcome results in a socio-economic budget that is within 10% of the total capital expenditures itemized in the project feasibility study released in April 2015.

Bomboré Resettlement Action Plan (RAP)

Orezone, together with a group of local consultants (BEGE, SOCREGE, ARCHI CONSULT) completed an extensive inventory assessment of the assets owned by the people affected by the project as part of the Resettlement Action Plan ("RAP") required for the Environmental and Social Impact Assessment ("ESIA"). The inventory has been reviewed and validated by those located in the northern half of the project that will be relocated during the initial phase of development. The RAP Committee, which includes representatives from all stakeholders, has been provided an update of the ESIA as well as the Company's proposed RAP compensation package. Formal (final) agreements have been ratified by the community representatives from each village and artisanal mine site. The agreements have been appended to updated versions of the RAP and ESIA and submitted to the Ministry of Environment in Burkina Faso as part of the review and approval process to obtain a mining permit.

Permitting / Development Timetable

The Company has been exploring many alternatives to fund the complete construction of the project and anticipates all government permit approvals by Q1 2016. Initial discussions with potential lenders indicate that the project will bear a significant level of debt (up to $150M) as a result of the robust economics, however the equity markets and gold price will need to improve before a complete financing package can be completed on accretive terms for Orezone shareholders. The estimated time to construct the Bomboré operation (pre-production) is 21 months.

The Company also expects to update the 2013 Mineral Resource estimate by Q4 2015 with the inclusion of an additional 50,000 m of drilling carried out in 2014.

Bomboré Feasibility Highlights (released April 28, 2015)

Mineral Reserves at $1100 Au (ounces) 1,465,000
Average Grade (g/t) 0.88 Years (1-8) / LOM 0.76
Processing Throughput (Mt/yr) 5.5
Mine Life (years) 10.7
Average Annual Production (ounces) 135,000 Years (1-8) / LOM 116,000
Gold Production (ounces recovered) 1,275,000
Waste to Ore Strip Ratio
(incl. pre-strip, water OCR)
1.07: 1.0
Gross Revenue ($M) using $1250 Au $1,589
Operating Cost ($/oz) $603
All in Sustaining Cost ($/oz) $687
Initial Capital ($M) (incl. $10.5M capital credit) $250.0
Sustaining Capital ($M) $75.2
Closure Costs ($M) (incl. $8.7M of expensed costs) $22.5
Attributable to Orezone (1)
NPV after tax (0%) ($M) $323.9
NPV after tax (5%) ($M) $196.1
IRR after tax 24.4%
Attributed to Government (2)
NPV (0%) with taxes ($M) $214.8
NPV (5%) with taxes ($M) $152.7
(1) Represents Orezone's Burkina Faso subsidiary cash flows net of royalties and local taxes.
(2) The Government of Burkina Faso benefits from its 10% free-carried interest, royalties (4% NSR), corporate tax (18.3%) and withholding taxes.
Exchange Rates: XOF : USD = 550; Euro : USD = $1.19; XOF : Euro = 655.957
Fuel price delivered to site (USD/L): Diesel $1.20, HFO $0.77

Bondi Project - Houndé Belt - New High Grade discovery

The Bondi exploration project, situated in the same belt and south of Semafo's Mana mine, Roxgold's Yaramoko mine, and Endeavor's Houndé Property has been granted an exceptional three-year extension (official permit document pending). Recent activity by artisanal miners has uncovered a new and very high-grade target. The Company hopes to drill the target after the rainy season and the artisanal miners have left the property, expected by Q1 2016. The target is situated 1km east of the main zone and appears to be more flat lying as opposed to the sub-vertical orientation of the main zone resources. The shallow dip towards the main zone and the higher grades represent an exciting new open-pittable target that could add significant upside to the current resource base.

The current qualified resource at Bondi is composed of four open-pittable zones with Measured resources of 0.9Mt at 2.1 g/t for 64,000 oz., Indicated resources of 3.2 Mt at 2.1 g/t for 218,000 oz. and an Inferred resource of 2.5Mt at 1.8 g/t for 149,700 oz. Approximately 50% of the resources are oxidized. Initial metallurgical test results indicate high gold recoveries at reasonable grind sizes for the oxidized and fresh rock mineralization. Orezone holds a 100% interest in the project and the project is accessible via a paved road with a local power grid and access to water year round.

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 the Bomboré Project, the largest undeveloped oxide gold deposit in West Africa which is situated 85 km east of the capital city, adjacent to an international highway. The Company has completed a full feasibility study and has applied for a mining permit at Bomboré.

Tim Miller, COO, Pascal Marquis, SVP and Ron Little, CEO of Orezone, are Qualified Persons under National Instrument 43-101 and 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: Expected approvals for the mining permit by Q1 2016 and Receiving the mining permit, updating the Bomboré resource estimate by Q4 2015 and drilling the Bondi project by Q1 2016.

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 and 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, 2014 and other continuous disclosure documents filed by Orezone since January 1, 2015 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

Read the rest of the article at finance.yahoo.com
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Orezone Gold Corp.

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Orezone Gold is a gold exploration company based in Canada.

Its main exploration properties are ZELINE 1 & ZELINE 4 and KOSSA in Niger and BOMBORE, SEGA and BONDI in Burkina Faso.

Orezone Gold is listed in Canada. Its market capitalisation is CA$ 95.1 millions as of today (US$ 69.1 millions, € 64.9 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 5.26, and its lowest recent point on November 27, 2015 at CA$ 0.22.

Orezone Gold has 117 350 000 shares outstanding.

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Annual reports of Orezone Gold Corp.
2009 Annual Report
2008 Annual Report
Annual report 2006
Financings of Orezone Gold Corp.
11/13/2013Closes C$5M Non-Brokered Private Placement
10/30/2013Arranges C$5M Non-Brokered Private Placement
6/23/2010Arranges C$5M Private Placement for Brighton Energy
1/2/2009 Closes Private Placement, Updates Timing of Transaction wit...
Financials of Orezone Gold Corp.
11/15/2008 Third Quarter Update
Project news of Orezone Gold Corp.
3/27/2013(Bombore)Positive Progress Report for Bombore Feasibility Study and R...
11/13/2012(Bombore)Positive Drill Results Support Further Growth at Bombore
9/4/2012(Bombore)35,000 m of Positive Drill Results Support Further Growth at...
8/27/2012(Bombore)Bombore Gold Project Reaches World Class Size
2/22/2012(Bombore)Provides Positive Update on its Bombore Gold Project
2/3/2012(Sega)Sells Sega Project to Cluff Gold for $29.6M
1/10/2012(Bombore)Reports Continued Positive Results at Bombore Gold Project
11/28/2011Brighton Expands Niger Uranium Discovery to 14 km2 of Minera...
8/18/2011Orezone Confirms Heap Leach Potential of Sulphide Resources ...
8/18/2011(Sega)Confirms Heap Leach Potential of Sulphide Resources at Sega
8/8/2011Orezone Expands Bombor\303\251 Gold Project ...
8/8/2011(Bombore)Expands Bombore Gold Project Area 60% With New Permit
7/26/2011(Bombore)Reports Higher Gold Grades and Improved Continuity at Bombor...
6/21/2011(Bombore)Bombor=E9 Gold Project Has PositivePreliminary Economic Asse...
6/20/2011Orezone Bombor\303\251 Gold Project ...
4/11/2011(Sega)Confirms Positive Metallurgical Results for Sega Gold Deposi...
3/24/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
3/23/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
2/24/2011(Zeline 1 & Zeline 4)/Brighton Makes Significant New Uranium Discovery in Niger: ...
7/6/2010(Bombore)Fourth Round of Positive Drill Results at Bombore
6/16/2010(Bombore)Positive Results Continue From Bombore Infill and Expansion ...
5/13/2010Additional PositiveInfill and Expansion Drilling Results at ...
3/25/2010(Bombore)Bombore Auger Drilling Results Indicate Possible 2.5km of Ex...
1/28/2010(Bombore)Commences $2 Million Drill Program at Bombore
1/5/2010(Sega)Increases Sega Project Gold Resources
12/8/2009(Bombore)Improves on Final Bombore Metallurgical Results
10/14/2009(Bombore)Confirms Bombore Gold Deposit is Amenable to Heap Leaching
7/29/2009(Bombore)Completes Drilling Below Surface Resources at Bombore
6/24/2009(Bombore)Orezone Confirms Mineralization at Bombore Below Surface Res...
11/10/2008(Bombore)Almost Triples Gold Resource at Bombore Project
6/30/2008(Essakane)2008 Technical report
Corporate news of Orezone Gold Corp.
12/4/2015Orezone Approved to Move from TSX to TSX-V
9/16/2015Orezone Provides Update on Bomboré Permitting and Bondi Proj...
9/16/2015Orezone Provides Update on Bombore Permitting and Bondi Proj...
7/21/2015Orezone Closes C$6.5M Investment
7/6/2015Orezone Arranges C$6.5M Investment that Includes Ross Beaty
1/27/2015Sandstorm Gold Announces 10 Royalty Agreements
1/27/2015Orezone Closes US$3 Million Financing and Secures an Additio...
1/27/2015Sandstorm Gold Announces 10 Royalty Agreements
1/27/2015Orezone Closes US$3Million Financing
11/24/2014Bombore Gold Project Feasibility Study Update
11/10/2014Orezone update on Operations in Burkina Faso
11/10/2014Orezone Update on Operations in Burkina Faso
11/3/2014Orezone update on Bomboré and Burkina Faso
11/3/2014Orezone Update on Bombore and Burkina Faso
10/14/2014Bombore Gold Project Feasibility Study Update
9/8/2014Bombore Gold Project Feasibility Study Update
7/10/2014Positive Metallurgical and Drilling Results at Bombore
6/4/2014Positive Metallurgical Test Results at Bombore
5/23/2014Orezone Gold Corporation: Results of Annual General Meeting
5/21/2014Orezone Appoints Chief Operating Officer
6/20/2013News Release
6/20/2013(Bombore)Shifts Focus of Bombore Study to Heap Leach Scenario
6/4/2013(Bondi)Positive Metallurgical and Drill Results from the Bondi Proj...
5/24/2013Results of Annual General Meeting
5/24/2013Results of Annual General Meeting
4/29/2013(Bombore)Increases and Upgrades the Bombore Gold Project Resource
2/4/2013(Bombore)Bombore FS and Resource Update Will Include +400,000m of Dri...
5/31/2012(Bombore)Bombore Drill Program Continues with Positive Results
5/23/2012(Sega)Completes the Sale of Sega to Cluff Gold for $26.5M
3/30/2012(Bombore)Completes 215,000 Drill Program at Bombore
2/7/2012to Consolidate Brighton Energy Corporation
12/7/2011Brighton Energy Makes Another Near-Surface Uranium Discovery...
9/12/2011(Bombore)Positive Results Continue at Bombore With Seven Drills Opera...
5/26/2011(Bombore)Reports Additional Positive Drill Results at Bombore Gold Pr...
5/16/2011.: Brighton Energy Discovers Additional Uranium Mineralizati...
4/6/2011Expands Board and Management Team
3/7/2011Burkina Faso is Ra
2/17/2010Brighton Energy Limited Receives Niger Uranium Permit Approv...
7/8/2009Ron Little named Ernst & Young Entrepreneur of the Year Fina...
2/25/2009IAMGOLD Completes Acquisition of Orezone
2/20/2009Obtains Final Court Approval for IAMGOLD Transaction
2/19/2009Shareholders Approve Arrangement with IAMGOLD
2/13/2009 Updates Status of Shareholder Vote
9/29/2005An emerging producer in Burkina Faso, West Africa
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