Orezone Closes US$40 Million Debt Facility
03 9월 2008 - 9:46PM
Marketwired
Orezone Resources Inc. (TSX: OZN)(AMEX: OZN) is pleased to announce
the closing of a US$40 million debt facility with The Standard Bank
of South Africa Ltd ("Standard Bank"). This five month facility has
a coupon of Libor plus 4% and will allow Orezone to continue
construction of the Essakane gold project in Burkina Faso, West
Africa while it moves to close the US$300 million senior debt
facility and a US$30 million cost overrun facility with Unicredit
HVB and Standard Bank (see press release August 14, 2008:
http://www.orezone.com/site/media/Press172.asp).
"We have drawn the full facility and will put these funds
towards the Essakane capital expenditures, which remains on
budget," stated Ron Little, CEO for Orezone. "This bridge facility
will allow us time to close the senior facility and to investigate
all options for our final equity portion of the project
financing."
In other news, Orezone is also pleased to announce that it has
consolidated a 100% interest in its Bombore Project by purchasing
the remaining 50% interest and net smelter royalty from Channel
Resources Limited and Solomon Resources Limited for a total of one
million common shares of Orezone. Bombore is a large tonnage,
low-grade, oxide resource with heap-leach potential. It has a
Measured and Indicated resource of 576,000 ounces and an Inferred
resource of 501,000 ounces. The Company expects to provide an
update to the NI 43-101 resource estimate in the fourth quarter of
2008. The 250 square kilometer property is located 80 kilometers
east of the capital city of Burkina Faso and has the benefit of
proximity to infrastructure, a very low strip ratio and good
metallurgy. The government of Burkina Faso retains a 10%
non-participating interest and a 3% net smelter royalty in all
operating gold projects.
About Standard Bank: 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.
About Orezone: 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.
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 and Bombore Projects, heap-leach
recoveries, and the timing of release of future resource and
reserve updates.
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. 613-241-3699 Toll Free:
888-673-0663 Orezone Resources Inc. Ron Little CEO
rlittle@orezone.com Orezone Resources Inc. Janet Eastman Manager IR
jeastman@orezone.com Orezone Resources Inc. Niel Marotta VP
Corporate Finance nmarotta@orezone.com
Orezone (AMEX:OZN)
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