Orezone files Bombore Resource Technical Report
Work underway to prove additional Resources, Update Reserves/Feasibility and plans Drilling
OTTAWA, ONTARIO--(Marketwired - Nov 2, 2016) - Orezone Gold Corporation (TSX VENTURE:ORE) announces that it filed an NI 43-101 Technical Report today titled "Technical Report on the Updated Mineral Resource Estimate for the Bomboré Gold Project, Burkina Faso, West Africa" dated effective September 7, 2016 (the "Report"). The Report supports only the disclosure made by the Company in its news release of September 7, 2016 and does not include any of the ongoing resource modeling by the Company and its consultants.
The Report was prepared by Roscoe Postle Associates Inc. of Toronto ("RPA"), and co-authored by Kappes, Cassiday and Associates of Reno ("KCA", Processing), and WSP Canada Inc. of Montreal ("WSP"). The Report is available for review on both SEDAR (www.sedar.com) and the Company's website (www.orezone.com).
Since the September 7, 2016 release, RPA has continued to work with the Company to review, model and estimate the mineralization that was not included in the September 7, 2016 Resource Statement. The excluded mineralization occurs in part within the pit shells that constrain the resource and was treated as waste (with zero grade) in the September 7, 2016 Resource Statement. It is anticipated that additional resources will be added to the current estimate by including some of this material. The ongoing resource modeling by RPA is not complete and could not be included in the September 7, 2016 technical report. Once their work is complete, the Company plans to issue an updated resource statement, then continue with a reserve estimate, mine plan and feasibility study update. Optimization of the previous feasibility study is already underway.
The Company is planning to start an exploration and definition drill program on the Bomboré Gold Project in November that will focus on: 1) upgrading existing oxide resources and testing gaps between oxide pit shells; 2) simulated grade control drilling for modeling purposes in representative areas of the oxide resource model; and 3) expansion drilling on regional oxide targets as well as on higher grade, near-surface, sulphide material. A limited and focused drill program of up to 2,000 metres should be completed before year-end. A follow-up drill program for January 2017 will be initiated upon a review of these initial results and the completion and review of the ongoing resource modeling.
About Orezone Gold Corporation
Orezone is a Canadian company with a successful track record of gold discoveries and mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré, one of the largest and permitted undeveloped gold deposits in West Africa, situated 85 km east of the capital city, adjacent to an international highway.
Tim Miller, SME and COO, Pascal Marquis, PGeo and SVP and Ron Little, PEng and CEO of Orezone, are Qualified Persons under National Instrument 43-101 and have reviewed the information in this release. Readers should refer to the annual information form of Orezone for the year ended December 31, 2015 and other continuous disclosure documents filed by Orezone since January 1, 2016 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
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", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others; potentially upgrading resources by expanding grade envelopes to include the waste domain not included in the current estimation, commencing an exploration and definition drill program before year-end to upgrade oxide resources and testing gaps between oxide pit shells and completing the next resource, reserve and feasibility study report.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.