Orezone (OZN) increases gold resources at Essakane, BF
APRIL 10, 2006 - 12:00 ET
Orezone Resources Inc.: Gold Resource Increase at Essakane
OTTAWA, ONTARIO--(CCNMatthews - April 10, 2006) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce that an updated resource estimate for the Essakane Main Zone ("EMZ") has been submitted to Orezone by its partner, Gold Fields Limited ("Gold Fields"). Indicated resources in the EMZ now total 36.8Mt grading 1.6g/t (1.9Moz) and inferred resources amount to an additional 27.7Mt grading 1.7g/t (1.5Moz), based on a 0.5g/t cutoff grade. The JORC compliant resource calculation represents a recoverable resource estimate and was completed by independent consultant RSG Global (Perth, Australia).
A $9.2 million budget was recently announced and is designed to continue increasing resources by drilling along strike, drilling surrounding targets and carrying out an extensive re-assay program to determine if the grade of the deposit has been understated. Gold Fields has earned a 50 percent interest in Essakane and has exercised its right to increase its interest to 60 percent by funding a bankable feasibility study which will commence in the second half of 2006 and be finalized in 2007. Gold Fields currently has three drill rigs operating on the EMZ and there are two rigs working on the neighbouring Falagountou target, 6km east of the EMZ.
TABLE
Essakane Main Zone
JORC Compliant Resource Calculation,
RSG Global (Perth, Australia)
as at April 6, 2006
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Indicated Inferred
Resources Resources
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Cutoff(g/t) Mt g/t Moz Mt g/t Moz
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0.5 36.8 1.6 1.9 27.7 1.7 1.5
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1.0 19.6 2.3 1.5 15.3 2.4 1.2
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Ron Little, President & CEO of Orezone stated, "We are pleased with the latest resource estimate and with the opportunities that exist to continue expanding resources in the EMZ and in surrounding targets. This resource represents a significant increase over our 2004 resource calculation due to the fact that the methodology of the calculation is more conservative and we are using a new and more refined geological model. This resource is more in keeping with mining scenarios and feasibility studies rather than just a global resource. Resources are expected to be updated again in the fall based on results from the current backlog of samples, the new drilling and the re-assaying program."
The new resource estimate is based on drilling to September 30, 2005 and excludes approximately 18,000 metres of drilling completed since that time. A copy of the report by RSG Global will be filed at www.sedar.com within 30 days. Jan de Visser, PhD. MSc. MAusIMM, MGAA and principal consultant for Resources at RSG Global is the qualified person for this estimate. The JORC compliant resource calculation represents a recoverable resource estimate after applying change of support by Uniform Conditioning ("UC") to an Ordinary Kriging large panel block model. It was established by RSG Global that a 6.25mE x 25mN x 10mRL panel could be reliably estimated from the drilling grid by Ordinary Kriging, and that a small panel or selective mining unit ("SMU") of 6.25mE x 6.25mN x 2.5mRL could be used in the UC estimation to represent surface mining selectivity. Mr. Jeffrey Ackert, Vice President, Technical Services, is the Company's Qualified Person under National Instrument 43-101.
Re-assaying Program
Recent metallurgical test work indicates that only partial leaching of coarse gold in the EMZ may have taken place under the previous assay procedure and that the undissolved gold was not always detected by a single fire assay of the tailing or residues. As a result, the grade of the deposit may be understated. A modified sampling protocol has been initiated that will involve a finer grind and adding a commercial accelerant to almost entirely leach gold from the samples within 24 hours. Gold will also be extracted from a subset of samples by gravity separation. Approximately 30,000 new exploration and definition samples from the EMZ are to be processed through the new procedure. In addition, a 20,000 sample re-assaying program will be initiated. This re-assay program will take five to eight months to complete and if successful, the new analyses could lead to an improved overall grade and a significant increase in the contained gold of the deposit.
Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a bankable feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is 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: 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. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements 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 are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. 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.
CONTACT INFORMATION
Orezone Resources Inc.
Ron Little
President & CEO
(613) 241-3699
(888) 673-0663 (toll free)
rlittle@orezone.com
or
Orezone Resources Inc.
Greg Bowes
Vice President & CFO
(613) 241-3699
(888) 673-0663 (toll free)
gbowes@orezone.com
