Essakan Drilling Continues to Expand the Deposit - Intersections in new Lower Zone include 28m grading 3.6 g/t and 22m grading 4
19 Mai 2005 - 7:13PM
PR Newswire (US)
Essakan Drilling Continues to Expand the Deposit - Intersections in
new Lower Zone include 28m grading 3.6 g/t and 22m grading 4.6 g/t
OTTAWA, May 19 /PRNewswire-FirstCall/ -- Orezone Resources Inc.
(OZN:TSX, AMEX) is pleased to announce that drilling on the
Company's Essakan gold project in Burkina Faso, West Africa
continues to return significant results from both the Essakan Main
Zone ("EMZ") and from mineralization that has recently been
identified below the EMZ. Results from the Lower Zone include 28m
grading 3.6 g/t in hole ERC1080D and 22m grading 4.6 g/t in hole
ERC874D. Hole ERC1065D intersected mineralization below the EMZ at
170m and again at 220m indicating that there may be multiple zones
at depth. Results from infill drilling within the EMZ included 36m
grading 7.8 g/t in hole ERC882 and 23m grading 14.7 g/t in hole
ERC894. These results are from an ongoing drill program with four
rigs currently on site. Orezone and JV partner Gold Fields Limited
("GFL") have initiated a pre- feasibility study on the EMZ and are
carrying out expansion drilling to increase the size of the deposit
and infill drilling to increase the accuracy of the ore resource
estimate. Expansion drilling is focussed on four areas; the Lower
Zone, the down dip extension of the deposit, and on both the north
and south ends of the deposit. Orezone and GFL recently announced a
$US7.9 million budget increase to fund work through to the end of
September, 2005. This will include US $2.9 million for the infill
and expansion drilling and US $5.0 million to complete the
pre-feasibility study. Ron Little, President of Orezone stated,
"Our last resource estimate was completed in August, 2004 and over
80,000 meters of drilling has been completed since that time,
including many higher grade intersections. A new resource estimate
is scheduled for this July and will be based on results received to
the end of April, 2005." He added that, "We intend to update
resources again in the late fall in order to incorporate results
from drilling between April and September, 2005." > Note:
Samples were collected at a minimum of every 1m down the hole and
analyzed using a 2kg bottle roll cyanide leach at the SGS
Laboratory in Tarkwa, Ghana, an internationally recognized
laboratory. A minimum of 5% of the samples are for QA/QC, which
includes duplicates, triplicates, standards and blanks. The program
was carried out under the supervision of Jeffrey Ackert, VP
Exploration, and qualified person for Orezone. GFL can earn a 50
per cent interest in the Essakan Property by spending US $8 million
over five years, and can increase its interest to 60 per cent by
financing and completing a bankable feasibility study. GFL will
surpass US $8 million in expenditures this month and has made
Essakan one of its top priority exploration and development
projects. Orezone is currently the operator of the joint venture.
Orezone Resources Inc. (OZN:TSX, AMEX) is an emerging gold producer
that owns Essakan, the largest gold deposit in Burkina Faso, as
well as a number of other advanced stage projects in West Africa.
Burkina Faso is a politically stable country that is located in 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. DATASOURCE: OREZONE
RESOURCES INC. CONTACT: Ron Little, President & CEO, ; Greg
Bowes, Vice President, Corporate Development, ; (613) 241-3699,
Toll Free (888) 673-0663
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