Orezone Resources Inc. (TSX: OZN)(AMEX: OZN) is pleased to announce
that Bayerische Hypo- und Vereinsbank AG, a member of UniCredit
Group ("HVB") and The Standard Bank of South Africa Ltd have
received final credit approvals to fully underwrite and provide
US$300M in project debt and a US$30M cost over-run facility for the
Company's Essakane gold project in Burkina Faso, West Africa.
The US$330M combined facility is considerably larger than the
US$250M originally envisioned with each bank subscribing equally to
the increase. The US$175 million commercial tranche, underwritten
by HVB, has a 7 year term. The US$125M Export Credit Insurance
Corporation tranche, underwritten by Standard Bank, has an 8 year
term. In addition, both banks have committed US$15M each to a cost
over-run facility. Both tranches rank pari-passu and will be drawn
down proportionally. At current market rates, the overall annual
interest rate for the combined facility, including political risk
insurance premiums, is expected to be below 8%.
Documentation for the facility is largely complete. Closing and
drawdown of the facility is contingent on, inter alia, raising the
remaining equity capital and completing a fixed price arrangement
covering sufficient ounces of gold to satisfy the lender's
requirements over the term of the project loan. Based on the
current gold market, the Company expects that the total number of
ounces sold at a fixed price will not be higher than 25% of
project's measured and indicated resources. The fixed price
arrangement can be unwound at any time if the loan is repaid. The
loan contains no early repayment penalties. The capital expenditure
budget for the project is US$420M with Orezone having spent
approximately $40M as at June 30, 2008.
Standard Bank has also agreed to provide the Company with a five
month, US$40M bridge loan facility at an interest rate of LIBOR
plus 4%. The Company expects to close and drawdown on the bridge
facility within 10 days in order to maintain momentum and
construction of the project.
Ron Little, CEO of Orezone, stated that "We are very pleased to
have achieved another significant milestone in the ongoing
development of the Essakane project. The combined facility has
increased by over 30%, on reasonable terms, during one of the most
difficult credit markets. This clearly demonstrates the robust
nature of the project, the quality of our development team and
should attract attention to Orezone, Burkina Faso, our lenders and
advisors. We have not seen a financing of this magnitude in our
sector for some time."
UniCredit Group is one of Europe's largest financial
institutions. For 20 years HVB, as part of the UniCredit Group, has
been an active finance house catering to the needs of its diverse
and broad client base. With highly experienced industry specialists
and regional coverage the Group is well positioned to provide
solutions for its mining customers.
Standard Bank is a financial services company with a global
presence. It operates from 18 countries in Africa and 20 on other
continents, including the key financial centers of Europe, the
Americas and Asia. Standard Bank is the largest bank in Africa by
market capitalization and was awarded the title of Leading Project
Finance Bank in Africa by Euromoney in 2007, Best Bank in Africa
2008 and Best Bank in South Africa 2008.
Auramet Trading, LLC ("Auramet") of Fort Lee, New Jersey has
been acting as advisors to Orezone on the transaction.
Orezone's Consolidated Financial Statements and Management's
Discussion and Analysis for the three and six month periods ended
June 30, 2008 will be filed on SEDAR (www.sedar.com) and posted on
the Company's website (www.orezone.com) today.
Orezone is an explorer and emerging gold producer whose main
asset is the Essakane Project, the largest gold deposit in Burkina
Faso, West Africa. Essakane contains 4.0Moz of indicated resources
and 1.3Moz of inferred resources at a 0.5g/t cut-off. Recoverable
reserves contained within a US$600 gold price mine plan are 3.0Moz.
The deposit remains essentially open and untested below 260m from
surface and is surrounded by several satellites deposits. The
government of Burkina Faso has a 10% non-participating interest and
a 3% net smelter royalty in the project. Orezone has a pipeline of
developing projects, all located in politically stable areas of
West Africa, one of the world's fastest growing gold producing
regions. Orezone's mission is to create wealth by discovering and
developing the earth's resources in an efficient and responsible
manner.
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. Except for
statements of historical fact relating to the company, certain
information contained herein constitutes such forward-looking
statements and forward-looking information. 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 and forward-looking
information in this news release include statements with respect to
raising sufficient equity capital and reserve and resource
estimates for the Essakane Project.
Forward-looking statements are based on certain assumptions and
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. The assumptions include that contracted parties provide
goods and/or services on the agreed timeframes, that equipment
necessary for construction and development is available as
scheduled and does not incur unforeseen breakdowns, that no labour
shortages or delays are incurred, that plant and equipment
functions are as specified, that no unusual geological or technical
problems occur, sufficient financing is available and in place and
that on-going contractual negotiations will be completely
successful and progressed and/or completed in a timely manner.
Factors that could cause the forward-looking statements and
forward-looking information to differ materially in actuality
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, failure of contracted parties to perform
as contracted, 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.
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.
Contacts: Orezone Resources Inc. Ron Little, CEO 613-241-3699 or
Toll Free: 888-673-0663 rlittle@orezone.com Orezone Resources Inc.
Janet Eastman, Manager IR 613-241-3699 or Toll Free: 888-673-0663
jeastman@orezone.com Orezone Resources Inc. Niel Marotta, VP
Corporate Finance 613-241-3699 or Toll Free: 888-673-0663
nmarotta@orezone.com www.orezone.com
Orezone (AMEX:OZN)
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