|Orezone Gold Corporation - ORE.v is advancing development of the flagship Bomboré project in Burkina Faso, West Africa.|
The deposit is situated 85 km east of the capital city, adjacent to an international highway. The Company received the mining permit approval from the Burkina Faso Government on August 11, 2016.
Orezone Gold CEO Ronald N. Little
Orezone Gold Corporation (TSX VENTURE:ORE) announces an updated resource statement, subsequent to its release of August 22, 2016, for its Bomboré Project in Burkina Faso, West Africa.
Using similar cut-off grades to the 2013 estimate for comparison purposes (Table 2), the results indicate that the tonnage and gold ounces contained in the previous 2013 overall combined Measured and Indicated (M&I) resource have been reduced by 29% and the average gold grade by 4% to 0.97 gram per tonne (gpt).
2013 - 83.0 mt 0.99 Grade - 2,630 Contained Au
2016 - 23.0 mt 1.01 Grade - 746 Contained Au
Orezone Gold Corporation (ORE: TSXV) announces that preliminary results from the ongoing Bomboré Project resource estimation, performed by Roscoe Postle Associates (RPA) in Toronto, Ontario, indicates that the tonnage and gold ounces contained in the previous 2013 Bomboré oxidized measured and indicated resource may be reduced by approximately 30% with the resulting tonnage remaining at a similar average grade. The 2013 Bomboré fresh rock (sulphide) resource may also be reduced by a similar amount or less. As a result, the 2013 Resource Update and the 2015 Feasibility Study NI 43-101 Technical Report of the Bomboré Gold Project should no longer be relied upon and are withdrawn by the Company.
Based on the anticipated reduction of the measured and indicated oxidized resource, the Company also expects the oxidized mineral reserves, calculated at a US$1,100 gold price, to be reduced by about 30%. This represents a material change to the initial scope of the project and the Company plans to revise and release the Phase 1 feasibility project economics as soon as possible in order to determine the next stage of development for the project. RPA is expected to deliver the updated 2016 resource statement along with a fulsome comparison to the previous 2013 resource estimate by September 7, 2016.
Orezone Gold Corporation (ORE: TSXV, “Orezone” or the “Company”) is pleased to announce that it has completed its previously announced $26,450,000 equity financing. A total of 26,450,000 common shares, including 3,450,000 common shares issued pursuant to the exercise in full of the over-allotment option, have been issued today at a price of $1.00 per share to a syndicate of underwriters co-led by Raymond James Ltd. and National Bank Financial Inc.
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Pascal Marquis - Senior Vice President Exploration