Orezone Gold Corporation (ORE:TSX) is a Canadian exploration and development company with a gold discovery track record of +12 Moz and recent mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré, the largest undeveloped oxide gold deposit in West Africa that can be developed in phases to reduce capital expenditure requirements. The deposit is situated 85 km east of the capital city, adjacent to an international highway. The Company is continuing with various technical studies in order to be in a position to complete a full feasibility study and an application for a mining permit in H1 2015. Pending permitting and full project financing, production could be achieved in 2017. The Company's mission is to create wealth for its stakeholders by discovering and mining the earth's resources in an efficient, responsible manner.
Track record of success
Orezone has a 20 year track record of success in Burkina Faso, having developed Essakane (+6 Moz), the country' s largest operating gold mine. During this process, Orezone arranged a $330 million debt facility, over $260 million in equity financings, obtained all the necessary permits, built a development team and commenced construction. Although IAMGOLD made a successful takeover bid for Orezone Resources (OZN) to acquire Essakane during the difficult markets of 2008, the core of the team has continued on with Orezone Gold Corporation (a spin out of the IMG/OZN transaction) in order to develop Bomboré.
World-class size gold deposit
Bomboré, with 4.56 Moz Measured & Indicated and 0.72 Moz Inferred resources constrained within optimized open pit shells, is the largest undeveloped gold deposits in West Africa that can be developed in stages. Over 50% of the resources occur above a depth of 50 meters (m), and the average depth of drilling is 120 m. The geological model indicates that the gold mineralization remains open at depth in, and for the most part along strike. There is potential to further increase the mineral resources amenable to open pit extraction in the oxides and fresh rock. The NI 43-101 Technical Memo issued in April 2013 was based on 404,000 meters of drilling to an average depth of 120 m.
Bomboré has exceptional infrastructure for this part of Africa as it is located just 85 kilometers (km) from the capital city, adjacent to a paved highway, and with access to local power and available water.
A Full Feasibility Study for a combined 5.5 Mt/yr Heap Leach and CIL operation (without grinding or cement agglomeration) is scheduled to be released in Q2 2015. Application for a mining permit will follow in Q2 with the approvals required to construct by Q1 2016. Pending permitting and a full project financing, the project could achieve earliest production by late 2017 at a planned capacity of +120,000 oz/yr.