Orezone Essakane Satellite Gold Deposit Yields Positive Results
01 Mai 2008 - 1:45PM
Marketwired
OTTAWA, ONTARIO (AMEX: OZN) is pleased to announce the results
of a recently completed 31 hole, 2,820 m Reverse Circulation (RC)
drilling program on the Falagountou Deposit located 8 km east of
the Essakane Main Zone (EMZ) in Burkina Faso, West Africa. The
program was designed to advance and verify the geological model of
two mineralized zones that had been previously outlined by the
Company. The recent drilling has confirmed the geological model and
intersected higher grade mineralization in several areas including
13 m of 2.46 g/t and 22 m of 1.83 g/t.
In addition, a 2,368 m in-fill diamond drilling (DD) program was
just completed at Falagountou to test for down-dip and down-plunge
continuity; results should be released during the second quarter.
The 2008 RC and DD data will be used to update the current resource
model and produce a NI 43-101 compliant resource estimate to be
released before year end. The Company's objective is to outline one
or more years of additional oxide ore for the CIL plant envisioned
at Essakane. In conjunction with this program, the Company is also
working on design modifications to increase the plant's throughput
of oxide and transitional ores in the early years of production. A
location map and more information regarding this project
areavailable on the Orezone website.
Table 1 Significant results from the 2008 Falagountou RC program
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Hole Section From To Length Au
(ID) (ID) (m) (m) (m) (g/t)
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FRC1734 F0650N 29 36 7 1.82
48 54 6 2.57
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FRC1736 F0625N 56 61 5 3.53
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FRC1737 F0600N 54 67 13 2.46
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FRC1738 F0525N 54 57 3 4.29
59 62 3 0.59
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FRC1742 F0300N 45 49 4 1.27
66 69 3 1.61
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FRC1743 F0350N 18 22 4 1.95
27 31 4 1.14
34 46 12 1.57
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FRC1745 F0425N 38 60 22 1.83
62 65 3 1.88
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FRC1746 F0450N 14 19 5 0.89
21 29 8 2.92
41 44 3 0.67
57 60 3 0.84
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FRC1747 F0475N 29 35 6 1.44
41 46 5 1.78
59 63 4 1.91
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FRC1748 F0550N 29 35 6 3.43
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FRC1749 F0600N 0 3 3 1.04
45 50 5 1.11
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FRC1750 F0675N 45 48 3 0.81
58 62 4 3.86
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FRC1752 F0525N 14 22 8 0.9
40 48 8 2.08
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FRC1753 F0500N 4 7 3 2.16
42 50 8 2.29
56 59 3 0.94
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FRC1755 F0425N 73 79 6 1.14
81 85 4 0.48
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FRC1758 F0400N 43 49 6 2.77
67 70 3 0.66
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FRC1759 F0300N 58 61 3 6.9
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FRC1768 F0500N 38 43 5 2.44
86 92 6 2.02
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FRC1770 F0450N 52 56 4 3.83
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FRC1771 F0650N 3 6 3 1.02
41 44 3 0.55
50 54 4 1.76
58 64 6 2.03
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(i) Down hole intervals: holes were drilled at an average dip of 45
degrees and thus true widths expected to be approximately 85%
(ii)0.5 g/t Cut-off
The Falagountou drilling programs were supervised by Pascal
Marquis, Orezone President, who is a Qualified Person under
National Instrument 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. Sample preparation and Bottle-roll
LeachWELL� analysis were completed at SGS Laboratory in
Ouagadougou.
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 open and untested below 300m from surface and is surrounded
by several satellite deposits. Orezone also 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 AND FORWARD-LOOKING INFORMATION: 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, and "forward-looking information" within
the meaning of applicable Canadian securities laws. Except for
statements of historical fact relating to the company, certain
information contained herein constitutes such forward-looking
statements and forward-looking information.. Forward-looking
statements and forward-looking information 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 and forward-looking
information in this news release include statements with respect to
the timing of release of assay results, the time for completion of
definition diamond drilling on the EMZ, the time for release of an
updated NI 43-101 report, expectations for revised capital and
operating cost estimates for the Essakane Project, the time for
production start-up at the Essakane Project, the establishment of a
debt facility of up to US$250 million, and the time for completion
of a mining convention.
Forward-looking statements are based on certain assumptions and
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. The assumptions include including that contracted
parties provide goods and/or services on the agreed timeframes,
that equipment necessary for construction and development is
available as scheduled and does not incur unforeseen breakdowns,
that no labour shortages or delays are incurred, that plant and
equipment functions are as specified, that no unusual geological or
technical problems occur, sufficient financing is available and in
place and that on-going contractual negotiations will be completely
successful and progressed and/or completed in a timely manner.
Factors that could cause the forward-looking statements and
forward-looking information to differ materially in actuality
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, failure of contracted parties to perform
as contracted, 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, 2007, and other continuous disclosure
documents filed by Orezone since January 1, 2008 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
Toll Free: 888-673-0663 rlittle@orezone.com Orezone Resources Inc.
Pascal Marquis, President 613-241-3699 Toll Free: 888-673-0663
pmarquis@orezone.com Orezone Resources Inc. Niel Marotta, VP Corp
613-241-3699 Toll Free: 888-673-0663 nmarotta@orezone.com Orezone
Resources Inc. Janet Eastman, Manager IR 613-241-3699 Toll Free:
888-673-0663 jeastman@orezone.com
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