Orezone Essakane Project Receives Mining Permit Approval
29 Février 2008 - 1:37PM
Marketwired
OTTAWA, ONTARIO (AMEX: OZN) is pleased to announce that the
government of Burkina Faso has passed a law that grants Essakane SA
(an Orezone subsidiary) an industrial mining permit for the
Essakane Project.
"We are very pleased to have received approval of the mining
permit in such a timely manner indicating that Burkina Faso is
solidly behind developing its mining sector and attracting foreign
investors," said Orezone CEO, Ron Little. "Now that the company has
achieved this significant milestone, we will focus on completing
the due diligence for our $250 million project loan facility and
move towards beginning construction of the project in order to meet
our early 2010 production goal."
The Definitive Feasibility Study (DFS) for the Essakane Project
was completed in August 2007 and envisions an 18-month construction
period. Orezone has since established a development team and signed
an EPCM contractor for the project. An updated version of the DFS
will be released in the following weeks to include revised reserve
estimates at higher gold prices, an increased plant throughput
during the earlier years of production and recent capital cost
estimates. The government of Burkina Faso also announced recently
that it has reduced its corporate tax rate for mining companies
from 25% to 20%.
At Essakane, Orezone has also commenced a 5000 meter infill and
deep drilling program in order to convert inferred resources to
indicated and to test the depth potential of the deposit.
Optimizing the pit bottom at current gold prices is only limited by
the depth of the drilling and resources could be increased with
more drilling. Results from this program will be incorporated in
the next reserve/resource update expected in the fourth quarter.
Initial resources for at least one of the known satellites deposits
proximal to the Essakane Main Zone will also be estimated by the
fourth quarter.
Orezone is an explorer and emerging gold producer whose main
asset is the Essakane Project, 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. Recoverable
reserves contained within a US$500 gold price mine plan are 2.65
Moz. The deposit remains essentially open and untested below 200m
from surface and is surrounded by several satellites deposits. The
government of Burkina Faso has a 10% non-participating interest and
a 3% net smelter royalty in the project. Orezone 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.
Statements relating to the anticipated use of proceeds are
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements,
including and other risks and uncertainties, including those
described in Orezone's Annual Report on Form 40-F for the year
ended December 31, 2006 and Reports on Form 6-K filed with or
furnished to the Securities and Exchange Commission. Other risks
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.
Contacts: Orezone Resources Inc. Ron Little, CEO 613-241-3699
Toll Free: 888-673-0663 rlittle@orezone.com Orezone Resources Inc.
Janet Eastman, Manager IR 613-241-3699 Toll Free: 888-673-0663
jeastman@orezone.com Orezone Resources Inc. Charles Taschereau, VP
Essakane Project Manager 613-241-3699 Toll Free: 888-673-0663
ctaschereau@orezone.com
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