VANCOUVER, BC, Feb. 23,
2025 /CNW/ - Orezone Gold Corporation (TSX:
ORE) (OTCQX: ORZCF) (the "Company" or "Orezone") is pleased to
announce that it is advancing several transformational initiatives
to (1) accelerate production growth and exploration at its
Bomboré Gold Mine, and (2) further enhance the Company's
capital markets profile. These initiatives include:
- Plans to accelerate Stage II of the Bomboré hard rock
expansion by two years to achieve an optimized gold production
profile of 220,000-250,000 ounces per year by late 2026. Subject to
final board approval, the Stage II hard rock expansion would
commence in H2-2025 and follow the current Stage I expansion, which
is scheduled to achieve first gold in Q4-2025. Stage I is
forecasted to increase gold production to 170,000-185,000 ounces in
2026.
- An expanded exploration program designed (1) to accelerate
exploration of multiple higher-grade centers of mineralization, and
(2) to illustrate the broader size and scale of the Bomboré
mineralized system, given the average reserve pit depth of less
than 40 metres.
- Intention to dual list on the Australian Securities Exchange
("ASX") to further enhance the Company's capital markets profile
through access to an incremental pool of institutional investors
including specialist mining focused funds.
Patrick Downey, President and CEO
stated, "Orezone is excited to be advancing these transformational
initiatives during this period of record high gold prices. We
believe that an acceleration of the Stage II hard rock expansion to
an overall production profile of 220,000-250,000 ounces per year
will serve to maximize free cash flow in the coming years,
positioning Orezone with a cornerstone asset from which to
diversify and grow its production base. This strategic goal will be
complemented by our plans to list on the ASX, which is expected to
enhance the Company's trading liquidity and promote better access
to investment capital.
In parallel with these initiatives, the Company plans to further
ramp-up exploration at Bomboré in the coming quarters, with
additional drill rigs to be added to the current program. With a
current stated mineral reserve of 2.4Moz at average reserve pit
depth of less than 40 metres, the Company sees significant
exploration upside at Bomboré. The near-term focus of exploration
will be to illustrate the higher-grade open pittable and
underground potential at Bomboré, as well as continuity of the
mineral system at depth along the 14-kilometre reserve defined
strike length."
Acceleration of Stage II Hard Rock Expansion
The processing complex at the Bomboré Gold Mine currently
comprises a 6.0 million tonne per annum ("Mtpa") oxide plant, which
entered into commercial production in late 2022. The Company plans
to expand production by constructing an independent hard rock plant
adjacent to the oxide plant that is in current operations. Stage I
of the hard rock expansion, which is currently under construction,
will provide a hard rock processing capacity of 2.5Mtpa, and will
increase the overall gold production profile at Bomboré to
170,000-185,000 ounces per year. First gold from the Stage I hard
rock plant is scheduled for Q4-2025, with the targeted achievement
of nameplate capacity by the end of 2025.
As highlighted in Figure 1, the Stage II expansion will increase
the hard rock plant throughput to 5.0Mtpa through the addition of
processing units within the Stage I footprint. These primarily
consist of four additional CIL tanks, an oxygen plant, ball mill,
thickener, and pebble crusher. The Stage II expansion is forecasted
to increase the overall gold production profile at Bomboré to
220,000-250,000 ounces per year. Preliminary cost estimates for
this Stage II expansion are in the range of US$90 to US$95
million with an estimated 14-month construction period.
Given the current record gold price environment, Orezone is
actively evaluating an earlier start of the Stage II hard rock
expansion by up to two years, allowing for completion of the Stage
II expansion construction by late 2026.
Secondary ASX Listing
Orezone is pleased to announce its pursuit of a secondary
listing on the ASX in support of the Stage II hard rock expansion
and future diversification. The ASX secondary listing will
complement the Company's primary listing on the Toronto Stock
Exchange ("TSX"), with the goal of increasing the Company's trading
liquidity and accessing a deeper pool of sophisticated investors
including specialist mining focused funds.
The Company is targeting a listing in mid-2025, subject to
market conditions and the satisfaction of ASX listing
requirements.
The ASX has a strong track record as a leading capital markets
platform for mining companies. It provides a deep and liquid pool
of institutional investors and market participants who have a
strong understanding of the mining sector, and are limited or
restricted to investing in ASX-listed issuers.
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West
African gold producer engaged in mining, developing, and exploring
its flagship Bomboré Gold Mine in Burkina
Faso. The Bomboré mine achieved commercial production on its
oxide operations on December 1, 2022,
and is now focused on its staged hard rock expansion that is
expected to materially increase annual and life-of-mine gold
production from the processing of hard rock mineral reserves.
Orezone is led by an experienced team focused on social
responsibility and sustainability with a proven track record in
project construction and operations, financings, capital markets
and M&A.
The technical report entitled Bomboré Phase II Expansion,
Definitive Feasibility Study is available on SEDAR+ and the
Company's website.
The Toronto Stock Exchange neither approves nor disapproves
the information contained in this news release.
Qualified Persons
The scientific and technical information in this news release
was reviewed and approved by Mr. Rob
Henderson, P. Eng, Vice-President of Technical Services and
Mr. Dale Tweed, P. Eng.,
Vice-President of Engineering, both of whom are Qualified Persons
as defined under NI 43-101 - Standards of Disclosure for Mineral
Projects.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may
constitute "forward-looking information" within the meaning of
applicable Canadian Securities laws and "forward-looking
statements" within the meaning of applicable U.S. securities laws
(together, "forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"potential", "possible" and other similar words, or statements that
certain events or conditions "may", "will", "could", or "should"
occur. Forward-looking statements in this press release include,
but are not limited to: the Company advancing several
transformational initiatives to (i) accelerate production growth
and exploration at its Bomboré Gold Mine and (ii) to further
enhance the Company's capital markets profile, with such
initiatives including; plans to accelerate Stage II of the Bomboré
hard rock expansion by two years to achieve an optimized gold
production profile of 220,000-250,000 ounces per year by late 2026;
the expanded exploration program; and the intention to dual list on
the ASX.
All such forward-looking statements are based on certain
assumptions and analyses made by management in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management and the qualified persons believe are appropriate in the
circumstances.
All forward-looking statements 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 including, but not limited to, delays
caused by pandemics, terrorist or other violent attacks (including
cyber security attacks), the failure of parties to contracts to
honour contractual commitments, unexpected changes in laws, rules
or regulations, or their enforcement by applicable authorities;
social or labour unrest; changes in commodity prices; unexpected
failure or inadequacy of infrastructure, the possibility of
unanticipated costs and expenses, accidents and equipment
breakdowns, political risk, unanticipated changes in key management
personnel and general economic, market or business conditions, the
failure of exploration programs, including drilling programs, to
deliver anticipated results and the failure of ongoing and
uncertainties relating to the availability and costs of financing
needed in the future, and other factors described in the Company's
most recent annual information form and management discussion and
analysis filed on SEDAR+. Readers are cautioned not to place undue
reliance on forward-looking statements.
Although the forward-looking statements contained in this
press release are based upon what management of the Company
believes are reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this press release and are expressly
qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any
obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this press release.
SOURCE Orezone Gold Corporation
