Orezone Gold Corporation (ORE:TSXV) 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 the initial capital expenditure requirements. The deposit is situated 85 km east of the capital city, adjacent to an international highway. The Company announced the highlights of its NI 43-101 Compliant Bomboré Feasibility Study in April 2015 and submitted its application for a mining permit in May 2015. The mining permit is expected in Q1 2016. Development of the mine thereafter is dependent on improved gold price and market conditions or a partnership arrangement with a producer or strategic investor group. 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 (IMG) made a successful takeover bid for Orezone Resources (OZN) to acquire Essakane during the difficult markets of 2008, the core of the management and exploration 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. The geological model indicates that the gold mineralization remains open at depth. There is potential to further increase the mineral resources (oxidized and fresh rock) amenable to open pit extraction by drilling some open ended zones, upgrading the inferred resources and testing new targets on the property. The NI 43-101 Technical Memo issued in April 2013 was based on 404,000 m 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, 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) was released in April 2015. Application for a mining permit was submitted in May 2015 with the approvals anticipated by Q2 2016. Pending permitting and a full project financing, construction of the mine would require approximately 20 months to achieve a planned capacity of 135,000 oz/yr for the first eight years.