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Orezone Gold Corp.

Publié le 16 novembre 2015

Bombore Project Update and Quarterly Results

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Orezone Bombor� Project Update and Quarterly Results
Mining Permit Progress and Initiatives to Reduce Annual Costs by US$1M
 
 
November 16, 2015, Orezone Gold Corporation (ORE-TSX) is pleased to announce an update on its Bombor� Gold Project in Burkina Faso, a summary of its quarterly results and new cost saving initiatives.
 
Bombor� Mining Permit Application Progress
 The Company has now obtained all signed protocols with the local people and stakeholders affected by the project, agreeing to the relocation in future years for all three phases of the project.  The final versions of the relocation action plan (RAP) and the environmental and social impact assessment (ESIA) were submitted to the Ministry of Environment for their review and comment.  Public hearings organized by the Ministry of Environment, to audit the Company�s previous work and signed protocols are in progress and their final comments and approvals are expected in December 2015.  The Presidential and legislative elections are to commence on November 29 and could continue into December in order to achieve the required majority vote (>50%).  For this reason, combined with the onset of the holiday season, the Company does not anticipate cabinet approval of the mining permit application until the first quarter of 2016.
 
Cost Cutting Initiatives
 The Company has initiated several measures to reduce its annual operating costs by approximately US$1M that are offset in the first year by severance and other costs of US$0.45M.  Key to these savings includes a reduction in its head office accounting staff as a result of a voluntary application to move from a current listing on the Toronto Stock Exchange (TSX) to a Tier 1 listing on the TSX Venture Exchange (TSX-V).  The proposed change in listing to the TSX-V does allow the Company to reduce costs given the different disclosure and regulatory standards required of TSX-V and venture issuers. An application to list has been submitted to the TSX-V. As part of the initiatives, Joe McCoy, VP Administration and Corporate Secretary (and previously CFO) will replace Sean Homuth as the Chief Financial Officer, effective November 30, 2015.  In addition, with the Bombor� Feasibility Study completed and the mining permit application in progress, the Company has reduced a few its technical staff that are no longer required until the project progresses to construction.  

Ron Little, President and CEO for Orezone stated, �Although we are well advanced in our permitting process and remain focused on getting Bombor� �shovel-ready� in 2016, we feel it is prudent to preserve our treasury and be prepared to endure the current market conditions for as long as possible.  Mr. Homuth deserves credit for bringing about many of these cost saving measures and we wish him well in his future endeavors, along with the other departing team members.  On behalf of the board and stakeholders I would like to thank all of them for their efforts and years of dedication to the Company and its projects.� 
 
Quarterly Update
As at November 16, 2015, the Company has approximately US$4.9M in cash.  The Company has not drawn from the additional US$5.0M Standby Royalty funds that are available from Sandstorm should the Company wish to sell (at the Company�s option) up to a 0.75% NSR royalty to Sandstorm.  During 2015, the Company plans to spend approximately $6.8M, of which approximately $4.9M was incurred in the nine-month period ended September 30, 2015.  This includes approximately $1.7M for the completion of the FS, application for the Bombor� mining permit, weather related camp repairs, ongoing Bombor� resource update ($0.1M) as well as minor exploration work at Bondi. 
 
Orezone has also included certain corporate governance disclosures prescribed by National Instrument 58-101 in its Q3 MD&A, which were inadvertently omitted from its shareholder meeting circular dated May 6, 2015.
 
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 Bombor� Project, the largest undeveloped oxide gold deposit in West Africa that is situated 85 km east of the capital city, adjacent to an international highway.  The Company has completed a full feasibility study and is progressing through a mining permit application at Bombor� with approval expected in Q1 2016.

For further information please contact Orezone at (613) 241-3699 or Toll Free: (888) 673-0663

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, annual and initial year cost savings, the proposed listing of common shares on the TSXV, the de-listing of common shares from the TSX and the timing and receipt of the mining permit at Bombor�.

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); regulatory approvals, 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.

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.
 
Copyright � 2015 Orezone Gold Corp., All rights reserved.
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Orezone Gold Corp.
290 Picton Avenue, Suite 201
Ottawa, Ontario K1Z 8P8
Canada

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Orezone Gold Corp.

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Orezone Gold est une société d’exploration minière d'or basée au Canada.

Ses principaux projets en exploration sont ZELINE 1 & ZELINE 4 et KOSSA au Niger et BOMBORE, SEGA et BONDI au Burkina Faso.

Orezone Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 102,1 millions CA$ (81,6 millions US$, 71,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 08 avril 2011 à 5,26 CA$, et son plus bas niveau récent le 27 novembre 2015 à 0,22 CA$.

Orezone Gold possède 117 350 000 actions en circulation.

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Rapports annuels de Orezone Gold Corp.
2009 Annual Report
2008 Annual Report
Annual report 2006
Financements de Orezone Gold Corp.
13/11/2013Closes C$5M Non-Brokered Private Placement
30/10/2013Arranges C$5M Non-Brokered Private Placement
23/06/2010Arranges C$5M Private Placement for Brighton Energy
02/01/2009 Closes Private Placement, Updates Timing of Transaction wit...
Rapports Financiers de Orezone Gold Corp.
15/11/2008 Third Quarter Update
Projets de Orezone Gold Corp.
27/03/2013(Bombore)Positive Progress Report for Bombore Feasibility Study and R...
13/11/2012(Bombore)Positive Drill Results Support Further Growth at Bombore
04/09/2012(Bombore)35,000 m of Positive Drill Results Support Further Growth at...
27/08/2012(Bombore)Bombore Gold Project Reaches World Class Size
22/02/2012(Bombore)Provides Positive Update on its Bombore Gold Project
03/02/2012(Sega)Sells Sega Project to Cluff Gold for $29.6M
10/01/2012(Bombore)Reports Continued Positive Results at Bombore Gold Project
28/11/2011Brighton Expands Niger Uranium Discovery to 14 km2 of Minera...
18/08/2011Orezone Confirms Heap Leach Potential of Sulphide Resources ...
18/08/2011(Sega)Confirms Heap Leach Potential of Sulphide Resources at Sega
08/08/2011Orezone Expands Bombor\303\251 Gold Project ...
08/08/2011(Bombore)Expands Bombore Gold Project Area 60% With New Permit
26/07/2011(Bombore)Reports Higher Gold Grades and Improved Continuity at Bombor...
21/06/2011(Bombore)Bombor=E9 Gold Project Has PositivePreliminary Economic Asse...
20/06/2011Orezone Bombor\303\251 Gold Project ...
11/04/2011(Sega)Confirms Positive Metallurgical Results for Sega Gold Deposi...
24/03/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
23/03/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
24/02/2011(Zeline 1 & Zeline 4)/Brighton Makes Significant New Uranium Discovery in Niger: ...
06/07/2010(Bombore)Fourth Round of Positive Drill Results at Bombore
16/06/2010(Bombore)Positive Results Continue From Bombore Infill and Expansion ...
13/05/2010Additional PositiveInfill and Expansion Drilling Results at ...
25/03/2010(Bombore)Bombore Auger Drilling Results Indicate Possible 2.5km of Ex...
28/01/2010(Bombore)Commences $2 Million Drill Program at Bombore
05/01/2010(Sega)Increases Sega Project Gold Resources
08/12/2009(Bombore)Improves on Final Bombore Metallurgical Results
14/10/2009(Bombore)Confirms Bombore Gold Deposit is Amenable to Heap Leaching
29/07/2009(Bombore)Completes Drilling Below Surface Resources at Bombore
24/06/2009(Bombore)Orezone Confirms Mineralization at Bombore Below Surface Res...
10/11/2008(Bombore)Almost Triples Gold Resource at Bombore Project
30/06/2008(Essakane)2008 Technical report
Communiqués de Presse de Orezone Gold Corp.
04/12/2015Orezone Approved to Move from TSX to TSX-V
16/09/2015Orezone Provides Update on Bomboré Permitting and Bondi Proj...
16/09/2015Orezone Provides Update on Bombore Permitting and Bondi Proj...
21/07/2015Orezone Closes C$6.5M Investment
06/07/2015Orezone Arranges C$6.5M Investment that Includes Ross Beaty
27/01/2015Sandstorm Gold Announces 10 Royalty Agreements
27/01/2015Orezone Closes US$3 Million Financing and Secures an Additio...
27/01/2015Sandstorm Gold Announces 10 Royalty Agreements
27/01/2015Orezone Closes US$3Million Financing
24/11/2014Bombore Gold Project Feasibility Study Update
10/11/2014Orezone update on Operations in Burkina Faso
10/11/2014Orezone Update on Operations in Burkina Faso
03/11/2014Orezone update on Bomboré and Burkina Faso
03/11/2014Orezone Update on Bombore and Burkina Faso
14/10/2014Bombore Gold Project Feasibility Study Update
08/09/2014Bombore Gold Project Feasibility Study Update
10/07/2014Positive Metallurgical and Drilling Results at Bombore
04/06/2014Positive Metallurgical Test Results at Bombore
23/05/2014Orezone Gold Corporation: Results of Annual General Meeting
21/05/2014Orezone Appoints Chief Operating Officer
20/06/2013News Release
20/06/2013(Bombore)Shifts Focus of Bombore Study to Heap Leach Scenario
04/06/2013(Bondi)Positive Metallurgical and Drill Results from the Bondi Proj...
24/05/2013Results of Annual General Meeting
24/05/2013Results of Annual General Meeting
29/04/2013(Bombore)Increases and Upgrades the Bombore Gold Project Resource
04/02/2013(Bombore)Bombore FS and Resource Update Will Include +400,000m of Dri...
31/05/2012(Bombore)Bombore Drill Program Continues with Positive Results
23/05/2012(Sega)Completes the Sale of Sega to Cluff Gold for $26.5M
30/03/2012(Bombore)Completes 215,000 Drill Program at Bombore
07/02/2012to Consolidate Brighton Energy Corporation
07/12/2011Brighton Energy Makes Another Near-Surface Uranium Discovery...
12/09/2011(Bombore)Positive Results Continue at Bombore With Seven Drills Opera...
26/05/2011(Bombore)Reports Additional Positive Drill Results at Bombore Gold Pr...
16/05/2011.: Brighton Energy Discovers Additional Uranium Mineralizati...
06/04/2011Expands Board and Management Team
07/03/2011Burkina Faso is Ra
17/02/2010Brighton Energy Limited Receives Niger Uranium Permit Approv...
08/07/2009Ron Little named Ernst & Young Entrepreneur of the Year Fina...
25/02/2009IAMGOLD Completes Acquisition of Orezone
20/02/2009Obtains Final Court Approval for IAMGOLD Transaction
19/02/2009Shareholders Approve Arrangement with IAMGOLD
13/02/2009 Updates Status of Shareholder Vote
29/09/2005An emerging producer in Burkina Faso, West Africa
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