Gold Exploration in West Africa

[FL]

Orezone (OZN) up 16-19% on Essakan's 23.1gr/ton result

Orezone (OZN) is up 16% on the TSX, 19% on the Amex, on big volume. A drilling report released today about Orezone's Essakan project in Burkina Faso includes 36 meters at 23.1 grams/ton, plus other goodies.

For some reason, this news is not yet on Orezone's news in its webpage (shown in this board's header).

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Essakan Main Zone Yields Wide, High Grade Intersections at Depth
THURSDAY, MAY 27, 2004 10:57 AM

OTTAWA, May 27, 2004 /PRNewswire-FirstCall via COMTEX/ -- Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce results from 25 RC holes which targeted the projected down plunge extension of the Main Zone on the Company's Essakan property in Burkina Faso, West Africa. Hole ERC699 intersected 23.1 g/t over 36m and stopped in mineralization and Hole ERC696, which was well mineralized for over 80 m, contained intersections grading 11.7 g/t over 18m, 3.6 g/t over 18m and 3.9 g/t over 10m before it also stopped in mineralization. Hole ERC708 graded 7.4 g/t over 11m.

The Essakan Main Zone contains a previously measured and indicated resource of 18.9 Mt grading 2.14 g/t (1.3 M contained ozs) and an inferred resource of 5.2 Mt grading 1.76 g/t (300,000 contained ozs). The deposit is contained in the nose of an anticline that strikes northwest for 2 km and consists of a central higher grade core (+2.5 g/t) that is surrounded by a lower grade halo (~1.5 g/t). A re-interpretation of the deposit indicates that the high grade core may have a shallow north plunge along the limb of the anticline. This area had not previously been drilled and the latest program was designed to test this model.

The drilling program was highly successful with respect to confirming the existence of a down plunge extension to Essakan Main Zone ("EMZ"). In addition to the results quoted above, Hole ERC695 intersected 3.0 g/t over 30m at depth of 103m and 1.8 g/t over 14m at a depth of 136m and Hole ERC690 intersected 2.2 g/t over 17m at a depth of 103m and 2.1 g/t over 16m at a depth of 127m. Hole ERC697 intersected 1.6 g/t over 54m at depth of 92m and 1.4 g/t over 28m at depth of 60m.

Ron Little, President and CEO, stated that "These drill results significantly enhance the grade and tonnage potential of the deposit as they confirm that there definitely is a thick, down plunge extension to the EMZ and that it contains multiple higher grade zones." He added that "A number of holes either bottomed in mineralization or failed to reach their target due to the limited capacity of the drilling rig. The majority of these holes have been cased to facilitate core drilling at a later date." A new resource estimate for the EMZ was in process but will be delayed until the end of the second quarter to incorporate the new model and recent results.


Table of Results From EMZ RC Drilling (all holes are vertical)

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HOLE SECTION FROM TO LENGTH AUPPM COMMENTS
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ERC691 51300N 137.00 141.00 4.0 1.32
ERC704 51300N Hole stopped at
100 m - Casing
ERC705 51300N Hole stopped at
103 m - Casing
ERC706 51300N Hole stopped at
94 m - Casing
ERC707 51250N 79.00 90.00 11.0 0.81
ERC707 51250N 94.00 102.00 8.0 0.69
ERC707 51250N 144.00 150.00 6.0 0.90 Hole stopped in
mineralization
ERC708 51250N 131.00 142.00 11.0 7.39
ERC690 51200N 103.00 120.00 17.0 2.25
ERC690 51200N 127.00 143.00 16.0 2.06
ERC703 51200N 22.00 26.00 4.0 0.62 Hole stopped at
109 m
ERC709 51150N 66.00 76.00 10.0 1.46
ERC709 51150N 81.00 109.00 28.0 1.53
ERC709 51150N 113.00 130.00 17.0 1.06
ERC709 51150N 138.00 150.00 12.0 0.54 Hole stopped in
mineralization
ERC687 51100N 72.00 78.00 6.0 1.60 Hole stopped at
112 m - Casing
ERC687 51100N 93.00 112.00 19.0 2.26 Hole stopped in
mineralization
ERC688 51100N 125.00 129.00 4.0 0.66 Hole stopped at
140 m
ERC689 51100N Hole abandoned at
79 m
ERC699 51050N 58.00 69.00 11.0 2.61
ERC699 51050N 73.00 109.00 36.0 23.08 Hole stopped in
mineralization
ERC700 51050N Hole stopped at
112 m
ERC685 51000N 82.00 100.00 18.0 1.65 Hole stopped in
mineralization -
Casing
ERC686 51000N Hole stopped at
106 m
ERC698 51000N 63.00 74.00 11.0 2.04
ERC698 51000N 78.00 120.00 42.0 1.33
ERC698 51000N 135.00 140.00 5.0 0.47
ERC697 50950N 60.00 88.00 28.0 1.37
ERC697 50950N 92.00 146.00 54.0 1.65
ERC701 50950N Hole stopped at
100 m
ERC692 50900N 126.00 136.00 10.0 0.70
ERC692 50900N 141.00 150.00 9.0 3.99 Hole stopped in
mineralization -
Casing
ERC693 50900N 91.00 96.00 5.0 0.60
ERC693 50900N 103.00 117.00 14.0 1.77
ERC693 50900N 135.00 139.00 4.0 0.65
ERC695 50850N 103.00 133.00 30.0 2.99
ERC695 50850N 136.00 150.00 14.0 1.79 Hole stopped in
mineralization -
Casing
ERC696 50850N 39.00 45.00 6.0 1.19
ERC696 50850N 66.00 76.00 10.0 3.89
ERC696 50850N 79.00 84.00 5.0 1.05
ERC696 50850N 87.00 105.00 18.0 3.59
ERC696 50850N 108.00 127.00 18.0 11.69
ERC696 50850N 137.00 150.00 13.0 1.16 Hole stopped in
mineralization -
Casing
ERC694 50800N 111.00 120.00 9.0 3.53 Hole stopped in
mineralization -
Casing
ERC702 50800N Hole stopped at
148 m
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Note: Samples were collected every 1m down the hole and analyzed using a 2kg bottle roll cyanide leach at the Transworld Laboratory in Tarkwa, Ghana, an internationally recognized laboratory. A minimum of 5% of the samples is for QA/QC, which include duplicates, triplicates, standards and blanks. The program was carried out under the supervision of Jeffrey Ackert, VP Exploration, and qualified person for Orezone.

The Essakan Project is a joint venture with Gold Fields Limited which can earn a 50 per cent interest by spending US $8 million over five years and can increase its interest to 60 per cent by completing a bankable feasibility study. Orezone is currently the operator of the programs and Gold Fields has spent roughly US $2.8 million to date. A decision on the next work program is an anticipated by the end of the second quarter.

Orezone Resources Inc. (OZN:TSX, AMEX) is an emerging Canadian gold producer with a number of advanced exploration projects in Burkina Faso, West Africa, a relatively unexplored part of 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.

SOURCE Orezone Resources Inc.

Ron Little, President & CEO,
[e-mail]; Greg Bowes, Vice President, Corporate Development,
[e-mail], Phone [phone], Toll Free 888 673-0663
(OZN OZN.)

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