VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is very pleased to announce that the Company has poured first gold from its Bomboré Mine, located in Burkina Faso.
The construction of the Bomboré Mine was completed under budget, on time, and with no lost time injuries. Commissioning of the process plant commenced in late July with ore introduced into the circuit near the end of August. The plant continues to operate well with all systems functioning as designed resulting in gold recoveries slightly above expectations. Current mill feed is a combination of direct tipped ore from the pits and from stockpiles at the ROM pad. Mining operations are performing as planned and will ramp up as the mine enters commercial production expected in early Q4-2022.
Patrick Downey, President and CEO stated:
“I want to give recognition and thanks to the entire Bomboré team for their extraordinary efforts in achieving this important milestone of first gold. The team exceeded expectations by delivering the plant construction under budget in a period marked by rapid inflation and COVID-related disruptions. This team includes our employees, communities, consultants, contractors, and local businesses under the guidance and direction of the Bomboré site leadership in conjunction with Lycopodium, our EPCM contractor. In a short span of twenty months, we have successfully financed and constructed this greenfield project, mined over 15.7 million tonnes of material, including 5.8 million tonnes of ore, while maintaining the health and safety of our workforce.”
Michael Halvorson, Chairman of the Board stated:
“On behalf of the Board of Directors, I would like to congratulate management and the entire Orezone organization in becoming West Africa’s newest gold producer. Their exemplary work to overcome unprecedented challenges in logistics, supply chain issues, rising input prices and amid the COVID pandemic is a testament of their unwavering commitment to the project. I also want to acknowledge our lending partners and shareholders, whose strong support has allowed the Bomboré Mine to be built. We are now well-positioned to generate meaningful cashflows to assist with our future Phase II sulphide expansion and to provide sustainable benefits to our local communities and host country, and enduring employment to our Burkinabé workforce.”
Orezone’s Burkina Faso Country Manager, Ousseni Derra and VP, Project Development, Ricardo Rodrigues holding the first gold doré bar from the Bomboré Mine.
For the Company’s latest video on the final stages of construction, commissioning, and first gold pour, please click on the following link: https://youtu.be/uFBhwapMD-8
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian gold mining company operating the open pit Bomboré Mine in Burkina Faso.
The technical report for the 2019 Feasibility Study on the Bomboré Project entitled NI 43-101 Technical Report (Amended) Feasibility Study of the Bomboré Gold Project is available on SEDAR under the Company’s profile at www.Sedar.com.
Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes. The Company believes that Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. A 77,000 m infill and expansion drill program is ongoing and once completed, the Company plans to issue an updated mineral resource and reserve statement and feasibility study, as part of this Phase II expansion. It is expected that the studies will be completed in H1-2023 to be followed by a production decision.
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.
President and Chief Executive Officer
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
[email protected] / www.orezone.com
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
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.
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 the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or 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 on www.sedar.com. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3e27f471-0461-42c0-93ec-67d65e962eb8