Orezone Gold Corporation (ORE: TSX) is a Canadian exploration and development company that is rapidly advancing a 4.84 million ounce (Moz) Measured & Indicated and 0.87 Moz Inferred gold resource base (National Instrument 43-101) from its two, 100% owned gold projects in Burkina Faso, West Africa. 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 +15 year track record of success in Burkina Faso, having developed Essakane, the country' s largest deposit at +6 Moz. During this process, Orezone arranged a $330 million debt facility, a $220 million equity financing, obtained all the necessary permits, built a development team and commenced construction. Although IAMGOLD made a successful takeover bid for Essakane during the difficult markets of 2008, this experience will help us take our other projects through to production.
World-class gold deposit
Bomboré, with 4.56 Moz Measured & Indicated and 0.72 Moz Inferred resources constrained within optimized open pit shells, is one of the largest undeveloped gold deposit in West Africa. 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 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 Preliminary Economic Assessment was completed in Q2 2011, a Resource Update was released in Q2 2013 and a full Feasibility Study in the second half of 2013. The company is targeting initial production of +150,000 oz/year by 2015 and increasing to 250,000 oz with a plant expansion in future years.
Uranium in Niger
Orezone has made a new and significant uranium discovery in Niger, one of the largest producers of uranium worldwide. Consistent mineralization occurs on its Zéline 1 exploration permit located 25 km to the north of Areva's Arlit mines, which have produced 240 million pounds of uranium oxide (U3O8) since 1971.
Orezone has two uranium permits covering an area of approximately 480 km² in Niger. Orezone plans to add more value through continued drilling and defining of resources when uranium markets improve.