Orezone Gold (ORE-T)
www.orezone.com
85.6 million o/s
Insiders own 5%
Institutional 50%
$16.8 million (as of Dec 31, 2013)
No debt
Key people
Ronald N. Little - President and CEO
Ron Little is a Geologist and Professional Engineer and the founder of the Corporation. He has twenty-five years of experience at senior levels in mine operations, mine development, project finance and exploration. Mr. Little has spent the last 15 years focused on African projects and was responsible for over $1.2B of transactions with the predecessor company Orezone Resources Inc. Mr. Little has held directorships with other public and private companies and held senior operating positions in both major and junior gold producing companies.
Pascal Marquis - Senior Vice President Exploration
Mr. Marquis graduated in geology from the University of Montreal in 1985 and earned a PhD for his study of Agnico-Eagle’s La Ronde Gold Mine in 1990. Pascal has more than 20 years of experience in mineral exploration with major and junior companies including extensive experience in Africa. He joined the predecessor company Orezone Resources Inc. in 2002.
Patrick G. Downey - Director
Mr. Downey was appointed President and Chief Executive Officer of Aura Minerals Inc. in April 2007 bringing with him over 25 years of international experience in the resource industry. Prior to joining Aura Minerals, Mr. Downey held the position of President, Chief Executive Officer and Director of Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. Mr. Downey also served as President of Consolidated Trillion Resources Ltd. and Oliver Gold Corporation, where he negotiated their successful merger to form Canico Resource Corp., which was purchased by CVRD in 2006 for over $800 million. He has held numerous senior engineering positions at several large-scale gold mining operations and has also held operating positions at several mining projects for Anglo American Corporation in South Africa. Mr. Downey is a member of the board to a number of resource companies in the mining sector, and he holds a Bachelor of Science (Hon.) degree in Engineering from Queen’s University.
Company presentation
orezone.com
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Orezone's Bombore at 139.82 million t of 1.01 g/t M+I
April 29, 2013 - News Release
Orezone Gold Corp.'s gold mineral resources at its Bombore gold deposit, located in Burkina Faso, West Africa, have increased to:
- 140 million tonnes of measured and indicated mineral resources at 1.01 grams per tonne gold for 4.56 million ounces;
- 18 million tonnes of inferred mineral resources at a grade of 1.22 grams per tonne gold for 720,000 ounces.
Bombore is one of the largest undeveloped gold deposits in West Africa with 2 million oz of M&I oxide resources near surface.
Highlights
-- Total measured resources have increased by 0.76 Moz to 2.63 Moz.
-- Total measured and indicated (M&I) resources have increased by 0.49 Moz to 4.56 Moz with an estimated strip ratio of 2:1.
-- Total oxidized M&I resources have increased by 0.21 Moz to 1.96 Moz with a strip ratio of 1.3:1.
-- Further potential remains to upgrade and expand both the oxidized and sulphide resources.
-- The deposit is scalable and leveraged to the gold price. Any increase in the gold price or drop in costs yields significantly higher contained ounces (see table 4).
-- The resource update includes an additional 67,023 m of drilling since the August 2012 resource estimate, for a total of 404,648 m. The database includes 259,025 m of RC drilling (4,170 holes) and 145,623 m of core drilling (926 holes).
-- All resources are contained within optimized pit shells using a $1400 gold price, current Burkina Faso operating costs as well as metallurgical and geotechnical parameters that are the result of recently completed studies to a full feasibility level.
"Bombore is one the largest undeveloped gold deposits in West Africa and it remains open at depth and along strike" said Ron Little President and CEO. "Most importantly, approximately half of the resource is oxidized and occurs in the top 50 m from surface. As demonstrated in table 4, the oxidized resource remains robust even at lower gold prices and represents the best opportunity for the Company to get into production with the lowest possible capital investment and operating costs. Plans are to complete the full Feasibility Study (FS) during the second half of 2013."
With the resource update complete, the ongoing FS can now focus on completing the mine design, site layout and the environmental impact study which will enable the permitting process to begin. G Mining Services Inc. ("GMS", Montreal, Canada) is working on the mine planning/sequencing, on a pit by pit basis, with the most conservative mine sequence using a weighted average gold price of $1225. The FS contemplates building a carbon in leach ("CIL") operation in two phases. The first phase is an oxide-only plant with the benefits of lower capital costs, lower operating costs and higher recoveries. A second phase expansion to process the harder sulphide resources could be financed from project cash flows at anytime in the future.
The mineral resource statement (Table 1) was prepared by SRK Consulting (Toronto, Canada) Inc. ("SRK"). The mineral resources are constrained within conceptual open pit shells prepared by GMS using parameters established by GMS in January 2013 and taking into account the findings of the ongoing technical studies (Table 3). The pit shells are based on a US$1,400 gold price, relevant cost estimates for current mining, processing and G&A of comparable Burkina Faso gold mines, and detailed metallurgical results to estimate recoveries for a CIL plant scenario. The resources span over 11 km long and up to 1 km wide with an estimated stripping ratio of 2:1. The majority of the total resource occurs within the top 120m, where approximately 90% of the drilling was completed to date, but pit shells can reach a depth of 200m. Resources remain open at depth and for the most part along strike.
Read more at www.orezone.com |
