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OTTAWA,
ONTARIO--(Marketwire - June 23, 2010) - Orezone Gold Corporation
(TSX:ORE) is pleased to announce that it has arranged a non-brokered
private placement financing of C$5M for Brighton Energy
("Brighton") through Brighton's subsidiary Niger Resources
Inc. ("Niger"). Under the terms of the placement, 5 million
ordinary common shares of Niger will be issued at C$1/share. No
commissions or finder's fees have been paid in connection with the
placement. All subscription agreements have been completed and the
clearance of all funds and share certificate issuance is expected
before June 30, 2010. The proceeds of the private placement will be
used to commence exploration work on the company's uranium permits in
Niger, West Africa, including the establishment of field offices,
airborne geophysical surveys, target generation and subsequent drill
testing of priority targets.
Orezone is also pleased to announce that its wholly owned uranium
subsidiary has entered into a binding agreement to purchase all of the
outstanding common shares of Niger currently held by North Atlantic
Resources Inc. (NAC-V) for C$1M. The transaction is subject to certain
closing conditions and is expected to be completed on or before
September 9, 2010. Upon completion of the transaction and the
financing, Orezone will indirectly own 66.6% of the shares of Niger.
"We are very pleased to secure this financing and consolidate our
ownership to the benefit of all Orezone and Brighton
stakeholders", said Ron Little, President and CEO for Orezone.
"Brighton is well funded and well positioned in this prolific
region". Brighton plans to conclude an IPO by Q2 2011 after
spending a minimum of C$3M in exploration expenditures.
Brighton, through its Niger subsidiary, is a uranium focused explorer
with title to 4,000 km(2) of well located and prospective ground. The
area contains key geological structures and favorable rocks that are
known to host or control the mineralization at producing uranium mines
in the region (Location Map: http://www.orezone.com/?page_id=42).
The basin currently ranks as the sixth largest uranium producing area
in the world and is expected to become the second largest by 2013 with
production from Areva and China Nuclear. Even with the increased
production profile the area remains largely under-explored.
Orezone is a gold exploration and development company with more than 15
years experience in West Africa, one of the world's fastest growing
gold producing regions. Orezone delineated, permitted, and developed
Burkina Faso's largest gold deposit (Essakane) before it was bought by
IAMGOLD in a transaction worth approximately C$350M. Orezone continues
to focus on developing the rest of its pipeline of advanced gold projects
including Bombore, one of the largest undeveloped gold deposits in
Burkina Faso. Orezone's mission is to create wealth by discovering and
developing gold resources in an efficient and responsible manner for
the benefit of its shareholders and other stakeholders.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: 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, and "forward-looking information" 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" and other similar words,
or statements that certain events or conditions "may" or
"will" occur.
Forward-looking statements are based on certain assumptions, opinions
and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected in
the forward-looking statements. The assumptions include that contracted
parties provide goods and/or services on the agreed timeframes, that
equipment necessary for the drilling program is available as scheduled,
that no labour shortages or delays are incurred, that no material
adverse change occurs to Orezone, that court and regulatory approvals
are received in a timely manner. Factors that could cause the
forward-looking statements and forward-looking information to differ
materially in actuality include the failure of contracted parties to
perform as contracted and the failure of equipment. 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, 2007, and other continuous disclosure documents filed by
Orezone since January 1, 2008 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.
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