News Column

Bombore FS and Resource Update Will Include +400,000m of Drilling

Feb 4 2013 12:00AM

Marketwire

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OTTAWA, ONTARIO -- (Marketwire) -- 02/04/13 -- Orezone Gold Corporation (TSX: ORE) is pleased to announce additional positive results from an ongoing infill and expansion drill program at its wholly owned Bombore Gold Project in Burkina Faso, West Africa. An additional 75,000 m of results have now been released since the August 2012 resource estimation. The 100,000 m drill program continues to demonstrate the potential to upgrade and expand the resources, especially the softer near surface oxide resources. The current resource is constrained within optimized open pit shells that span 11 km and includes 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The oxide portion of the resource occurs in the top 50 m and includes 1.76 Moz M&I and 0.26 Moz Inferred resources. The Company has recently commissioned an interim/internal resource update using 63,500 m (771 holes) of the current program that will bring the total database to over 400,000 m (5,034 holes). The update is expected to be completed in Q1 2013 and will be the basis for the reserves of the full Feasibility Study ("FS") to be released during the second half of 2013.

"The additional drilling completed since the release of the 2012 Resource has been successful in infilling and expanding the known resources. This is expected to have a positive impact on the Bombore gold resource in terms of both size and the project economics," said Pascal Marquis, SVP Exploration for Orezone.

Results for this release include 9,509 m of reverse circulation (RC) drilling (170 holes) and 9,756 m of core (DD) drilling (73 holes) and are mostly from the northern area of the deposit. The drilling in this location was designed to upgrade the largely inferred resources and test some new oxide targets. Some of the holes were also part of a geotechnical drill program that was necessary to finalize the plant, tailings and infrastructure sites as part of the FS.

Feasibility Study Update:

Work continues on the FS with various trade-off studies to finalize the plant site location, optimal grinding circuit, water storage system, tailings design, geotechnical and environmental studies. All geotechnical drilling and work on the ground was completed prior to year end with the results and reports pending. The Q1 resource update will include pit slopes derived from the geotechnical drilling and studies. Although results from the 2012 detailed variability metallurgical tests should be released during Q1 2013, the Company continues to study both the soft and hard rock ores to further optimize the design of the grinding circuit so that the CIL plant can be built in two phases. Preliminary results to date are positive and indicate that up to 60% of the near surface saprolite oxide resources (approximately 65% of the total oxide resource) does not require grinding and could report directly to the CIL leaching circuit. This would allow for a small grinding circuit (ball mill) with lower power consumption. The Company's objective is to improve project returns by reducing both the initial capital expenditures and operating costs through the processing of only the softer surface ores for at least the first 5 to 6 years, with subsequent expansion of the grinding and leaching circuit funded from cash flows generated from the operation. Results of the ongoing trade-off studies will be released as they are completed.

Table 1. Cumulative Results Excluded from the August 2012 Resource Reported to Date

---------------------------------------------------------------------------- Total Drilling to Date Grade g/t----------------------------------------------------------------------------Zone # of Holes Total m Uncut Cut(1)----------------------------------------------------------------------------KT - RC 23 1,172 1.28 1.23----------------------------------------------------------------------------CFU - RC 17 1,455 0.82 0.82CFU - DD 16 2,517 2.69 1.08----------------------------------------------------------------------------Maga - RC 268 17,885 1.08 0.95Maga - DD 60 12,874 1.36 1.10----------------------------------------------------------------------------P8P9 - RC 30 1,665 0.91 0.90P8P9 - DD 43 8,320 1.01 0.98----------------------------------------------------------------------------P11 - RC 24 1,308 1.42 1.12P11- DD 3 496 1.69 1.15----------------------------------------------------------------------------Siga E - RC 55 2,828 1.06 0.90Siga E - DD 15 1,920 1.37 1.03----------------------------------------------------------------------------Siga W - RC 35 1,750 1.17 0.96Siga W - DD 17 2,127 0.93 0.88----------------------------------------------------------------------------Siga S - RC 177 8,877 0.95 0.87Siga S - DD 36 5,423 0.95 0.90----------------------------------------------------------------------------P16 - RC 12 607 1.03 1.03P16 - DD 1 184 .91 .91----------------------------------------------------------------------------P17 N - RC 5 250 1.50 1.26----------------------------------------------------------------------------P17 S - DD 3 414 3.09 2.59----------------------------------------------------------------------------North - RC 338 22,177 1.07 0.96North - DD 119 23,711 1.28 1.03----------------------------------------------------------------------------South - RC 291 14,763 1.01 0.90South- DD 71 9,966 1.02 0.92----------------------------------------------------------------------------SE - RC 17 857 1.23 1.13SE - DD 4 598 1.98 1.74----------------------------------------------------------------------------All - RC 646 37,797 1.05 0.94----------------------------------------------------------------------------All - DD 194 34,274 1.19 1.00----------------------------------------------------------------------------(1) Weighted average grade of individual assays, cut to 5 g/t. NSA: NoSignificant Assay.



Table 2. Breakdown of Drilling Meterage for this Release

----------------------------------------------------------------------------Zone Core Drilling RC Drilling ---------------------------------------------- # of holes Total m # of holes Total m----------------------------------------------------------------------------KT 0 0 16 822Maga 15 3,010 93 6,618CFU 16 2,517 4 293P8P9 18 3,689P16 1 184 12 607Geotechnical program 23 356 49 1,462----------------------------------------------------------------------------TOTAL 73 9,756 170 9,509----------------------------------------------------------------------------



Table 3. Highlights of Diamond Drill Hole Results for this Release

---------------------------------------------------------------------------- Uncut Cut From To Length Grade(2) Grade(3) TotalZone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(4)----------------------------------------------------------------------------CFU 3500 BBD0921 52.00 63.00 11.00 9.92 1.34----------------------------------------------------------------------------CFU 3500 BBD0921 66.50 78.50 12.00 15.40 1.23----------------------------------------------------------------------------CFU 2950 BBD0927 212.00 221.00 9.00 1.77 1.77----------------------------------------------------------------------------CFU 2650 BBD0897 7.00 11.50 4.50 2.90 2.74----------------------------------------------------------------------------CFU 2550 BBD0898 28.00 50.00 20.50 2.71 1.46----------------------------------------------------------------------------CFU 2400 BBD0930 39.50 50.00 10.50 1.64 1.46----------------------------------------------------------------------------Maga 4900 BBD0888 110.00 113.00 3.00 15.14 3.64----------------------------------------------------------------------------Maga 4800 BBD0889 83.50 90.50 7.00 21.14 2.94----------------------------------------------------------------------------Maga 3700 BBD0904 174.00 187.00 13.00 1.58 1.58----------------------------------------------------------------------------Maga 3550 BBD0879 215.00 224.00 9.00 2.64 2.39----------------------------------------------------------------------------Maga 3450 BBD0878 65.00 76.00 11.00 2.61 2.19----------------------------------------------------------------------------Maga 3450 BBD0878 80.00 84.00 4.00 2.74 2.74----------------------------------------------------------------------------Maga 3450 BBD0887 235.00 239.00 4.00 3.31 2.66----------------------------------------------------------------------------Maga 3400 BBD0885 269.00 275.00 6.00 2.10 2.10----------------------------------------------------------------------------Maga 2900 BBD0916 83.00 93.50 10.50 1.28 1.28----------------------------------------------------------------------------Maga 2800 BBD0894 129.00 137.00 8.00 1.66 1.66----------------------------------------------------------------------------P16 44200 BBD0971 85.00 95.00 10.00 1.26 1.26 Pending----------------------------------------------------------------------------P8P9 2100 BBD0933 111.00 120.00 9.00 3.91 2.81----------------------------------------------------------------------------P8P9 1950 BBD0935 38.50 44.50 6.00 2.95 2.60----------------------------------------------------------------------------P8P9 1950 BBD0935 71.50 82.00 10.50 1.67 1.66----------------------------------------------------------------------------P8P9 1750 BBD0949 15.00 25.00 10.00 2.40 2.25 Pending----------------------------------------------------------------------------(2) Weighted average grade of uncut individual assays(3) Weighted average grade of individual assays cut to 5 g/t(4) Composite width and grade are preliminary where leach residue fire assayresults are pending.



Table 4. Highlights of Reverse Circulation Results for this Release

---------------------------------------------------------------------------- Uncut Cut From To Length Grade(5) Grade(6) TotalZone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(7)----------------------------------------------------------------------------KT 6750 BBC3839 8.00 12.00 4.00 3.71 3.10----------------------------------------------------------------------------KT 6350 BBC3846 12.00 21.00 9.00 1.76 1.73----------------------------------------------------------------------------KT 6300 BBC3847 42.00 50.00 8.00 2.44 2.27----------------------------------------------------------------------------Maga 4950 BBC3857 6.00 13.00 7.00 1.55 1.55----------------------------------------------------------------------------Maga 4950 BBC3876 26.00 37.00 11.00 3.01 1.82----------------------------------------------------------------------------Maga 4850 BBC3859 47.00 56.00 9.00 4.86 2.02----------------------------------------------------------------------------Maga 4850 BBC3862 18.00 32.00 14.00 1.69 1.69----------------------------------------------------------------------------Maga 4850 BBC3878 28.00 39.00 11.00 1.59 1.59----------------------------------------------------------------------------Maga 4800 BBC3690 53.00 64.00 11.00 2.05 2.05----------------------------------------------------------------------------Maga 4800 BBC3880 22.00 29.00 7.00 3.16 2.04----------------------------------------------------------------------------Maga 4750 BBC3868 21.00 28.00 7.00 1.47 1.47----------------------------------------------------------------------------Maga 4200 BBC3824 19.00 25.00 6.00 8.96 2.20----------------------------------------------------------------------------Maga 4150 BBC3717 5.00 20.00 15.00 0.78 0.78----------------------------------------------------------------------------Maga 4100 BBC3829 50.00 64.00 14.00 1.36 1.36----------------------------------------------------------------------------Maga 4050 BBC3723 8.00 13.00 5.00 2.14 2.14----------------------------------------------------------------------------Maga 3950 BBC3738 13.00 21.00 8.00 1.33 1.33----------------------------------------------------------------------------Maga 3650 BBC3743 45.00 51.00 6.00 3.65 2.44----------------------------------------------------------------------------Maga 3050 BBC3771 33.00 42.00 9.00 1.26 1.26----------------------------------------------------------------------------(5) Weighted average grade of uncut individual assays(6) Weighted average grade of individual assays cut to 5 g/t(7) Composite width and grade are preliminary where leach residue fire assayresults are pending



The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is approximately 85% of the drill length intervals in KT, CFU, Maga, P16, P17 and P8P9 areas, and 95% of the drill length intervals in the Siga area.

The half-core samples were collected by Orezone employees using a diamond saw. The core samples were prepared by SGS Burkina Faso s.a.r.l. at the Bombore site facility and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst.

The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg split was prepared by SGS Burkina Faso s.a.r.l. at the Bombore site facility and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst.

The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at SGS Burkina Faso s.a.r.l.

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release. A complete table of results and the NI 43-101 Bombore Resource Report that describes the Bombore resource model can be found at www.orezone.com.

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 Bombore which is situated 85 km east of the capital city, adjacent to an international highway. Mineral resources are constrained within optimized open pit shells that span 11 km, and include 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The Company is working to further expand the resources at Bombore while it completes a FS for a phase one oxide-only CIL plant in 2H 2013 and becomes a mid-tier gold producer by 2015.

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 in this release include statements regarding, among others; capital and operating cost estimates; gold production for the project; completion of a FS in 2H 2013; completion of an internal resource update in Q1 2013; commencement of production at the Bombore Project in 2015.

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 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 or 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, 2011 and other continuous disclosure documents filed by Orezone since January 1, 2012 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.



Contacts:
Orezone
Ron Little
CEO
(613) 241-3699 or Toll Free: (888) 673-0663
rlittle@orezone.com

Orezone
Pascal Marquis
SVP Exploration
(613) 241-3699 or Toll Free: (888) 673-0663
pmarquis@orezone.com





Source: Marketwire


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