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OTTAWA,
ONTARIO--(Marketwire - Jan. 5, 2010) - Orezone Gold Corporation
(TSX:ORE) is pleased to announce an increase in the NI 43-101 compliant
gold resource estimate of its Sega Project in Burkina Faso, West Africa
(see Table 1). The
updated estimate incorporates an additional 8,050m of RC drilling
(+10%) and 4,421m of diamond drilling (+53%). In 2009, a quality
control program was also undertaken, which included re-logging all of
the previous RC and DD holes to further refine and standardize the
geological model. As part of this quality control program, the
frequency of density determinations from core samples was increased in
old and new holes, with the database now including 5,501 valid
determinations (+137%). The result of this work is a geological model
that is more robust and can be used in a scoping study with a higher
degree of confidence than the previous 2009 geological model. This work
provides the foundation for advancing the Sega Deposit to the
feasibility stage for a small heap leach operation similar to the
neighbouring Kalsaka Mine (less than 20km to the south) owned by Cluff
Gold.
Table 1: January 2010 Orezone NI 43-101 resource estimate for the Sega deposit, Burkina Faso, West Africa. -------------------------------------------------------------------- Category Tonnes(i) Au Grade (g/t) Ounces -------------------------------------------------------------------- Indicated 8,289,128 1.69 450,366 -------------------------------------------------------------------- Inferred 2,907,556 1.58 147,344 -------------------------------------------------------------------- (i)0.5 g/t Cut-off Dr. Pascal Marquis, V.P. Exploration for Orezone is a qualified person under NI 43-101 and has overseen the resource estimate. Dr Marquis utilized the same resource modeling techniques as those used for the previous resource estimates that were completed by Orezone and independently audited and validated by Met-Chem Canada Inc.. Met- Chem did not audit nor validate the January 2010 resource estimate. Table 2: January 2009 Met-Chem Canada Inc. NI 43-101 resource estimate for the Sega deposit, Burkina Faso. -------------------------------------------------------------------- Category Tonnes(i) Au Grade (g/t) Ounces -------------------------------------------------------------------- Indicated 7,150,000 1.94 446,000 -------------------------------------------------------------------- Inferred 1,320,000 1.50 64,000 -------------------------------------------------------------------- (i)0.5 g/t Cut-off Met-Chem Canada Inc. audited and validated the January 2009 resource estimate performed by Orezone.
Orezone
will complete a scoping study focusing on the near-surface oxide and
semi-oxidized ores that represent about 50% of the total resources,
including about 260,000 ounces in the Indicated category. The oxide and
semi-oxidized ores exhibit heap leach recoveries of 80% or more based
on a bottle-roll test results. A detailed metallurgical study,
including heap leach column tests, will be completed on the oxidized,
semi-oxidized and sulphide ores as part of the scoping study. The
potential to continue to expand the oxide and sulphide resources at
Sega is high with many untested targets in the 250km2 land package.
"We are pleased with the geological continuity and the increase in
resources at Sega. The success of the adjacent Kalsaka Mine confirms
the significant value of this project to Orezone and its stakeholders.
The results validate Orezone's ability to add additional resources
through drilling and allow the company the confidence to take the
deposit to the feasibility stage." stated Ron Little, President
and CEO for Orezone.
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, developed, financed and
sold Burkina Faso's largest deposit (Essakane) to IAMGOLD for $350M and
continues to focus on developing the rest of its pipeline of advanced
projects including Bombore, one of the largest 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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