Orezone Updates Bombore With Positive Drilling Results
Tue Jun 3, 8:18 AM
ca.news.finance.yahoo.com
OTTAWA, ONTARIO--(Marketwire - June 3, 2008) - Orezone Resources Inc. (TSX: OZN.TO)(AMEX: OZN) is pleased to provide an update on the Bombore gold project in Burkina Faso, West Africa. Orezone has recently received all of the assays from the recent 19,662m Reverse Circulation (RC) drill program. This program was designed to infill sections of the Met-Chem resource model (see February 14, 2008 press release) and to also test for new zones and extensions. Drilling results support the continuity of the current resource model and have identified several new zones outside of the current model including: 28m of 0.74g/t at Maga, 12m of 3.38g/t at P8P9 and 12m of 2.71g/t at Siga.
Table 1. Summary of highlights from 2008 RC drilling at Bombore Project.
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Prospect Section Hole From To Length Au
(ID) (ID) (ID) (m) (m) (m)(i) (g/t)(ii)
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Maga 3900 BBC372 0.0 11.0 11.0 0.82
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Maga 3400 BBC397 6.0 10.0 4.0 3.42
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Maga 3200 BBC412 5.0 13.0 8.0 1.61
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Maga 3100 BBC413 50.0 62.0 12.0 0.57
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Maga 3100 BBC419 36.0 41.0 5.0 2.40
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Maga 2800 BBC454 30.0 58.0 28.0 0.74
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P8P9 1900 BBC498 31.0 43.0 12.0 3.38
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P8P9 1700 BBC508 30.0 45.0 15.0 2.50
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P8P9 1700 BBC509 20.0 33.0 13.0 1.11
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P8P9 1600 BBC513 12.0 23.0 11.0 0.80
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P8P9 1500 BBC518 1.0 12.0 11.0 0.59
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P8P9 1400 BBC523 2.0 7.0 5.0 6.43
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P8P9 1300 BBC530 54.0 63.0 9.0 1.36
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P8P9 1100 BBC539 2.0 24.0 22.0 0.61
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P11 48500 BBC568 71.0 74.0 3.0 29.99
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Siga 12700 BBC579 12.0 15.0 3.0 4.72
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Siga 12600 BBC584 39.0 49.0 10.0 1.09
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Siga 12200 BBC596 69.0 74.0 5.0 2.85
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Siga 12200 BBC597 3.0 12.0 9.0 2.00
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34.0 40.0 6.0 2.41
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Siga 12300 BBC599 18.0 28.0 10.0 0.92
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Siga 12100 BBC608 23.0 37.0 14.0 0.68
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Siga 12000 BBC610 18.0 27.0 9.0 1.18
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43.0 54.0 11.0 1.66
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Siga 11900 BBC623 7.0 18.0 11.0 0.55
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21.0 31.0 10.0 0.79
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Siga 12000 BBC625 38.0 50.0 12.0 2.71
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Siga 12000 BBC626 12.0 23.0 11.0 0.61
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Siga 12200 BBC631 19.0 26.0 7.0 3.07
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(i) Down hole intervals: true widths expected to be approximately 70%
(ii)0.4 g/t Cut-off
Assay data from the recent core and RC drill programs are currently being compiled along with new geological models to produce an updated resource estimate scheduled for completion in the third quarter of 2008. Orezone has contracted SRK Consulting (Canada) Inc. from Toronto, Ontario to audit the Bombore resource estimate. Bombore currently has Measured and Indicated resource of 576,000oz at 0.61g/t and Inferred resource of 501,000oz at 0.66g/t (using a 0.4g/t cut off).
Orezone has also received a technical review from Herbert Osborne and Associates (HOA) with respect to its recent metallurgical test program. Based on a limited ICP analysis, HOA concluded that there were no indications of elements that would affect the recovery of gold or result in higher cyanide consumption. It was determined that average recoveries from the oxide facies 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. A column test program was recommended in order to determine more specific recovery parameters. Orezone intends to commence a column test program in the third quarter of 2008 and has also commenced a multi-element litho-geochemistry sampling program and ore petrography investigation to further improve the understanding of the gold mineralization at Bombore.
"With better than expected results from the drilling programs and positive metallurgical results, this project is exhibiting all of the attributes to become a significant addition to Orezone's growth profile. Our vision is a large tonnage, heap-leachable surface oxide resource that would represent low stripping ratios and low production costs. We anticipate commencing a scoping study after our resource update this fall," stated Ron Little, CEO for Orezone.
Drilling on the Bombore property was supervised by M.S. (Steve) King, P. Geo., Vice-President, Exploration, who is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical information in this release. Orezone employs a rigorous Quality Control Program (QCP) employing a minimum 10% standards, blanks and duplicates. The Bombore Metallurgical Program consisted of three separate analytical streams to determine the total gold content, grindability and occurrence of coarse gold and the leach characteristics over a 72 hour period. Metallurgical samples were prepared by riffle splitting a 3kg sample and combining six intervals to produce an 18kg composite sample. Three 2kg samples were subsequently riffle split for the analytical streams and the remainder of the material stored. Bottle-roll cyanide extraction (with LeachWELL(TM)) was completed at Abilab Burkina SARL (subsidiary of ALS Laboratory group) in Ouagadougou. Fire assay analyses were completed at ALS Bamako (Mali) and ALS Vancouver (Canada).
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
Ron Little, CEO
Orezone Resources Inc.
613-241-3699
888-673-0663
rlittle@orezone.com
Janet Eastman, Manager IR
Orezone Resources Inc.
613-241-3699
888-673-0663
jeastman@orezone.com |
