Orezone Third Quarter Update
15 11월 2008 - 9:49AM
Marketwired
Orezone Resources Inc. (TSX: OZN) (AMEX: OZN) announces that its
financial statements and Management's Discussion and Analysis for
the three and nine month periods ended September 30, 2008 have been
filed on Sedar.
Essakane Project Develpment
During the third quarter engineering, design and planning for
construction of the Essakane mine continued. The first deliveries
of mining and earth moving equipment arrived and are being used for
earthworks relating to building the mine infrastructure. Permanent
access roads between the mine village, mine plant and mill site
were completed. Detailed engineering for the mine village was
completed and construction is underway. Detailed engineering for
the processing plant was substantially completed as was basic
engineering related to the power plant, water reservoirs and
tailings pond. The Company has invested approximately US$80 million
in advancing the Essakane project to date and has purchase
commitments of approximately US$77 million, the majority of which
are progress payments on equipment yet to be delivered.
The Essakane project is fully permitted and long lead time
equipment has been ordered. The mine is expected to produce an
average of 330,000 ounces per year during the first four years of
operation and costs over the life of the mine are estimated to be
US$358 per ounce. 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 3.1Moz. The
deposit remains open and untested below 260m from surface and is
surrounded by several satellite deposits.
Essakane Project Financing
During August 2008, Bayerische Hypo-und Vereinsbank AG, a member
of UniCredit Group ("HVB") and The Standard Bank of South Africa
received credit approvals to fully underwrite and provide US$300M
in project debt and a US$30M cost over-run facility for the
project. The availability of these facilities is subject to a
number of conditions precedent including entering into forward
sales contracts for the term of the project facility and raising
additional capital which was estimated at approximately US$125
million. The credit markets have changed since these facilities
received final approval and it is expected that the terms will
change and require re-approval. Discussions are ongoing in this
regard. The Standard Bank of South Africa has provided the Company
with a US$40 million bridge loan which has been fully drawn and
committed, and is repayable on January 29, 2009.
Orezone is an explorer and emerging gold producer that owns
Essakane and Bombore, the two largest gold deposits in Burkina
Faso, West Africa. 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
the raising of additional capital, entering into forward sales
contracts and reserves, resources, production and costs relating to
the Essakane 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 or
Toll Free: 1-888-673-0663 rlittle@orezone.com Orezone Resources
Inc. Gregory Bowes CFO 613-241-3699 or Toll Free: 1-888-673-0663
gbowes@orezone.com Orezone Resources Inc. Niel Marotta VP Corporate
Finance and Development 613-241-3699 or Toll Free: 1-888-673-0663
nmarotta@orezone.com Orezone Resources Inc. Janet Eastman Manager
IR 613-241-3699 or Toll Free: 1-888-673-0663
jeastman@orezone.com
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