Orezone Increases Bondi Project Resources
04 Mars 2008 - 2:00PM
Marketwired
OTTAWA, ONTARIO (AMEX: OZN) is pleased to announce a significant
increase in the National Instrument 43-101 compliant gold resource
of its Bondi Project in Burkina Faso, West Africa. The estimate,
performed by Met-Chem Canada Inc., of Montreal, Quebec, confirms a
73% increase in the measured and indicated mineral resource and a
333% increase in the inferred resource as compared to the November
2004 Met-Chem Report (Tables 1 & 2). The total resources are
contained within three (3) contiguous zones: Zone 2 (Z2), Zone 2
North (Z2N) and Zone 2 South (Z2S) to an average depth of 125
meters. The estimate is based on drill results up to August
2007.
Table 1. 2008 Met-Chem NI 43-101 resource estimate for the Bondi deposit,
Burkina Faso, West Africa.
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Category Tonnes(i) Au Grade (g/t) Ounces
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Measured 921,000 2.17 64,300
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Indicated 3,219,000 2.10 217,700
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Sub-Total 4,140,000 2.12 282,000
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Inferred 2,536,000 1.84 149,600
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(i) 0.5 g/t Cut off
Table 2. 2004 Met-Chem NI 43-101 resource estimate for the Bondi deposit,
Burkina Faso, West Africa.
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Category Tonnes(i) Au Grade (g/t) Ounces
---------------------------------------------------------------------------
Indicated 1,761,822 2.88 163,134
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Inferred 446,378 2.41 34,587
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(i) 0.5 g/t Cut off
"The current program of methodical definition drilling has
provided a substantial increase in our resources and significant
technical information from which these resources can be expanded
along strike and at depth as several higher grade zones remain
open," stated Steve King, VP, Exploration for Orezone.
Drilling on the Bondi property was supervised by M.S. (Steve)
King, P. Geo., VP, Exploration for Orezone, who is a Qualified
Person under NI 43-101 and has reviewed and approved the technical
information in this release. Orezone employs a rigorous Quality
Control Program (QCP) employing a minimum 10% standards, blanks and
duplicates. Analysis was completed at Abilab Burkina SARL
Ouagadougou (subsidiary of ALS Laboratory group) for bottle roll
(LeachWELL(TM)) and ALS Chemex (formerly Abilab) Bamako for Fire
Assay.
Orezone is an explorer and emerging gold producer whose main
asset is Essakane, the largest gold deposit in Burkina Faso, West
Africa. Essakane contains 4.0 Moz of indicated resources and 1.3
Moz of inferred resources at a 0.5 g/t cut off. Reserves contained
within a US$500 gold price mine plan are 2.65 Moz. The deposit
remains essentially open and untested below 200 m from surface and
is surrounded by several satellite 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.
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.
Readers are advised that National Instrument 43-101 of the
Canadian Securities Administrators requires that each category of
mineral reserves and mineral resources be reported separately.
Readers should refer to the annual information form of Orezone for
the year ended December 31, 2006, and other continuous disclosure
documents filed by Orezone since January 1, 2007 available at
www.sedar.com, for this detailed information, which is subject to
the qualifications and notes set forth therein.
Cautionary Note to United States Investors Concerning Estimates
of Measured, Indicated and Inferred Resources: This press release
uses the terms "Measured", "Indicated" and "Inferred" Resources.
United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them.
"Inferred Mineral Resources" have a great amount of uncertainty as
to their existence, and as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of
Measured or Indicated Mineral Resources will ever be converted into
Mineral Reserves. United States investors are also cautioned not to
assume that all or any part of an Inferred Mineral Resource exists,
or is economically or legally mineable.
Contacts: Orezone Resources Inc. Ron Little CEO 613-241-3699 or
Toll Free: 888-673-0663 rlittle@orezone.com Orezone Resources Inc.
Pascal Marquis President 613-241-3699 or Toll Free: 888-673-0663
pmarquis@orezone.com Orezone Resources Inc. Niel Marotta VP Corp
613-241-3699 or Toll Free: 888-673-0663 nmarotta@orezone.com
Orezone Resources Inc. Janet Eastman Manager IR 613-241-3699 or
Toll Free: 888-673-0663 jeastman@orezone.com
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