Orezone Resources Inc. (TSX: OZN)(AMEX: OZN) is pleased to announce
the results of a new National Instrument 43-101 compliant gold
resource estimate for its Bombore Project in Burkina Faso, West
Africa making it the second largest gold resource in the country.
Orezone's Essakane Project, currently being developed, is the
country's largest gold resource at over 4.0Moz.
SRK Consulting (Canada) Inc., has audited the estimate with a
total Indicated resource of 926,600oz contained in 49.4Mt at a
grade of 0.59g/t along with Inferred resources of 1,781,000oz
contained within 91.8Mt at a grade of 0.61g/t (Table 1). This
resource estimate is based on reverse circulation ("RC") and core
drilling data compiled up to May 2007 using a lower cut off of 0.24
g/t in oxide material, 0.25g/t in transition material and 0.52g/t
in fresh material, and a 5.0g/t top cut applied to individual
samples (on average 1m length). The resources occur at surface to a
depth of 100m in five zones contained within the Bombore
geochemical anomaly. This gold-in-soil anomaly overlying the
resources extends virtually uninterrupted at a level of +0.1g/t for
more than 14km and represents the largest gold anomaly in Burkina
Faso. Resources are totally open at depth and for the most part
still open along strike. The project is situated beside the main
highway just 80km east of the capital city of Ouagadougou.
Infrastructure in the flat lying area is excellent with a very low
population density.
"The Bombore resource appears to consist of a large oxide cap
grading just over 0.5g/t that overlies a sulphide deposit with a
grade just under 1.0g/t. We have only drilled to depths less than
75m and have not exhausted the near surface oxide targets so there
remains tremendous potential to significantly increase resources
again with more drilling. The total constrained resources lie
within an aggregated 4km surface footprint resulting in more than
25,000oz per vertical meter with a stripping ratio estimated at
well below 1:1. To date, we have been very successful in converting
the Inferred resources to the Indicated category and the drilling
results indicate that this trend should continue at depth," stated
Pascal Marquis, President, for Orezone.
Table 1 2008 Audited Mineral Resource Statement(i) for the Bombore deposit,
Burkina Faso, West Africa, SRK Consulting, September 20, 2008
--------------------------------------------------------------------------
Indicated Inferred 1 Inferred 2
Mineral Resource Mineral Resource Mineral Resource
--------------------------------------------------------------------------
Weathering Tonnage Grade Gold Tonnage Grade Gold Tonnage Grade Gold
Profile (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
--------------------------------------------------------------------------
Oxide(1) 30.6 0.53 0.52 32.0 0.46 0.48 2.3 0.33 0.02
--------------------------------------------------------------------------
Transition(2) 13.0 0.56 0.23 15.3 0.50 0.25 5.1 0.34 0.05
--------------------------------------------------------------------------
Fresh(3) 5.7 0.93 0.17 16.8 0.96 0.52 20.3 0.71 0.46
--------------------------------------------------------------------------
Total 49.4 0.59 0.93 64.1 0.61 1.24 27.7 0.61 0.54
--------------------------------------------------------------------------
(i) Mineral Resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates. The cut-off grades are based on a
gold price of US$800 per ounce with heap leach processing recoveries of
85% for oxide, 81% for transitional and 65% for fresh material.
Indicated and Inferred 1 Mineral Resources are reported within
conceptual optimized open pit shells, while Inferred 2 Mineral
Resources are all remaining resource blocks located outside the pit
shell. Weathering profiles: (1) reported at a cut-off of 0.24g/t, (2)
reported at a cut-off of 0.25g/t, (3) reported at a cut-off of 0.52g/t.
Mt equals million metric tonnes. Moz equals million troy ounces; g/t
equals grams gold per tonne
Orezone completed 19,662m of RC drilling (268 holes) and 5,711m
of core drilling (57 holes) this year. These programs were designed
to infill and confirm the previous resources and geological model
by Met-Chem (see Table 2 and February 14, 2008 press release) and
to expand the near surface oxide resources. Both programs were
successful, resulting in significant increases to the resources and
a higher average grade to the fresh rock material.
Table 2 2008 Met-Chem NI 43-101 resource estimate for the Bombore deposit,
Burkina Faso, West Africa
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Category Tonnes (Mt) Grade (g/t) Total Gold (Moz)
----------------------------------------------------------------
Indicated 29.5 0.61 0.57
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Inferred 23.8 0.66 0.50
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As announced on June 3, 2008 a technical review by Herbert
Osborne and Associates (HOA) concluded there were no indications of
elements in the Bombore gold mineralization that would affect the
recovery of gold or result in higher cyanide consumption. It was
determined that average recoveries from the oxide material exceeded
90% and in those oxide samples without coarse gold, leaching was
essentially complete in 12-24 hours. Preliminary heap leach
recoveries were estimated at 85% for oxide material and 81% for
transitional material.
Drilling on the Bombore property was supervised by Pascal
Marquis, Ph.D., P. Geo., President and Qualified Person for Orezone
as defined by National Instrument 43-101 and who has reviewed and
approved the technical information in this release. The mineral
resource estimates were prepared by Orezone and audited by Dorota
El-Rassi, P.Eng. and Glen Cole, P.Geo. of SRK who are Independent
Qualified Persons as defined by National Instrument 43-101. Orezone
holds a 100% interest in the project and the government of Burkina
Faso retains a 10% non-participating interest and a 3% net smelter
royalty in all operating gold projects.
In other Company news, M.S. (Steve) King, VP Exploration, is no
longer with the Company. His position and duties will be assumed by
Pascal Marquis who supervised and held this position
previously.
Orezone is an explorer and emerging gold producer whose main
asset is Essakane, 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. Reserves contained
within a US$600 gold price mine plan are 3.0Moz. The deposit
remains open and untested below 260m from surface and is surrounded
by several satellite deposits. Orezone also 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. 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
heap-leach recoveries, the timing of release of a resource update
and scoping study, and our vision for the Bombore gold project.
Forward-looking statements are based on certain assumptions,
opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties 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 the drilling
program is available as scheduled, and that no labour shortages or
delays are incurred. Factors that could cause the forward-looking
statements and forward-looking information to differ materially in
actuality include the failure of contracted parties to perform as
contracted and the failure of equipment. 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
Toll Free: 888-673-0663 info@orezone.com Orezone Resources Inc.
Janet Eastman, Manager IR 613-241-3699 Toll Free: 888-673-0663
jeastman@orezone.com
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