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OTTAWA, ONTARIO--(Marketwire - July 6,
2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce its
fourth consecutive batch of positive results from an infill and
resource expansion drill program at its Bombore Gold Project in Burkina
Faso, West Africa. Results include 139 holes, or 457 to date out of 619
holes. The goal of the 42,500m RC drill program is to upgrade and
expand the current near surface oxide resources in Q3 to provide the
foundation for a preliminary economic assessment to be released in Q4.
The Bombore project consists of several deposits along a 9km trend,
with an additional 2.5km of possible extension recently identified and
drill tested. Results in this release include the final infill holes in
the P8P9 deposit and about 85% of the holes drilled at the P11 deposit.
The drill program was completed on April 30th and approximately 80% of
the samples have been analyzed to date. The latest infill drill hole
results from the P8P9 and P11 deposits are broadly in line with the
current resource model, including those areas where better than average
grade was expected. Partial scout drilling results of the 1km gap
between the P8P9 and P11 deposits suggest that the zone is narrow and
lower grade than the average resource grade of both deposits. The
remaining results are expected in July.
"The latest results from the P8P9 deposit continue to indicate an
improved continuity from section to section in the higher grade
areas," said Pascal Marquis, V.P. Exploration for Orezone. All of
these attributes will contribute to improving the project economics in
the preliminary assessment. A complete table of results can be found on
the Orezone website. Please note that a complete statistical analysis
of the results has not yet been completed.
Table 1 Highlights from recent Bombore Infill and Expansion RC Drilling
Prospect Section Hole-ID From (m) To (m) Length (m) Au g/t P8P9 1850 BBC0948 43.00 58.00 15.00 0.78 P8P9 1950 BBC0950 16.00 31.00 15.00 0.84 P8P9 2350 BBC0962 33.00 41.00 8.00 2.53 P8P9 2075 BBC0963 0.00 9.00 9.00 1.47 P8P9 2075 BBC0964 38.00 54.00 16.00 0.81 P8P9 2025 BBC0966 31.00 44.00 13.00 0.94 P8P9 1725 BBC0979 15.00 27.00 12.00 1.57 P8P9 1725 BBC0980 19.00 39.00 20.00 1.52 P8P9 1725 BBC0980 44.00 52.00 8.00 2.62 P8P9 1725 BBC0981 0.00 13.00 13.00 0.93 P8P9 1725 BBC0981 32.00 49.00 17.00 0.69 P8P9 1725 BBC0982 40.00 48.00 8.00 1.91 P8P9 1725 BBC0983 29.00 78.00 49.00 0.77 P8P9 1275 BBC0987 4.00 26.00 22.00 0.80 P8P9 1425 BBC0991 4.00 28.00 24.00 0.78 P8P9 1425 BBC0991 44.00 76.00 32.00 0.73 P8P9 1100 BBC0994 43.00 74.00 31.00 0.72 P8P9 1475 BBC0998 26.00 42.00 16.00 1.10 P8P9 1650 BBC0999 0.00 21.00 21.00 0.64 P8P9 975 BBC1001 0.00 52.00 52.00 0.53 P8P9 775 BBC1004 2.00 9.00 7.00 6.32 P8P9 775 BBC1004 32.00 55.00 23.00 0.73 P11 48900 BBC1041 15.00 28.00 13.00 1.79 P11 48650 BBC1053 1.00 27.00 26.00 0.68 P11 48600 BBC1059 7.00 23.00 16.00 0.71 P11 48550 BBC1061 0.00 6.00 6.00 5.80 P11 48550 BBC1063 8.00 22.00 14.00 1.40 P11 48550 BBC1064 25.00 48.00 23.00 0.95 P11 48400 BBC1074 6.00 29.00 23.00 0.61 P11 48300 BBC1080 30.00 36.00 6.00 1.83 Siga E 12750 BBC1089 14.00 33.00 19.00 0.68 Siga E 12650 BBC1090 28.00 35.00 7.00 1.87 Siga E 12075 BBC1124 44.00 62.00 18.00 0.75
The
RC drilling samples were divided by Orezone employees using Rotary
Sample Dividers (RSDs). A 2kg split was prepared by Abilab Burkina
s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l.,
and then split by Orezone to 1kg using RSDs. A 1kg aliquot was analyzed
for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by
bottle-roll cyanidation using a LeachWell(TM) catalyst. Orezone employs
a rigorous Quality Control Program (QCP) including a minimum of 15%
standards, blanks and duplicates. This program was executed under the
supervision of Dr. Pascal Marquis, V.P. Exploration for Orezone, who is
a Qualified Person under National Instrument 43-101 and approved the
technical information in this release.
The Bombore Project is located 85km east of the capital city of
Ouagadougou along a major national highway. The deposit has a total
Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of
0.59g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt
at a grade of 0.61g/t). The grade of the resource is based on
approximately 65,000 assay results, including about 44,000 assays from
bottle-roll cyanidation extraction (not a complete extraction),
therefore understating the in-situ grade of the resource. Approximately
one half of the current resource is oxidized and occurs essentially
within 50m from surface. The above mentioned drill programs are
designed to upgrade and expand the oxidized resource in order to
complete a preliminary assessment for a heap leach operation. Detailed
metallurgical results to date are quite favorable for this type of
deposit indicating heap leach recoveries of 80% with 0.27kg/t of
cyanide and 6kg/t of cement consumption on average. The topography,
drainage and rainfall are suitable to construct a large water reservoir
without negatively impacting downstream users. The project footprint is
in an area of low population density and an international power grid is
expected to be constructed in the near future. These infrastructure
advantages will translate into reduced project development and
operating costs.
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 $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 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 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.
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