Orezone Gold Corporation (ORE: TSX) is a Canadian exploration and development company that is 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 operating mine with a 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, the entire experience is valuable for developing our other projects.
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 deposits 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 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 Preliminary Economic Assessment was completed in Q2 2011, a Resource Update was released in Q2 2013 and an updated Preliminary Economic Assessment of the Heap Leach scenario will be released in Q4 2013. A full Feasibility Study on the Heap Leach scenario is scheduled to be released in 2014. The company is targeting initial production of +150,000 oz/year by late 2015 with potential to increase to 250,000 oz with a plant expansion in future years.
Uranium in Niger
Given the weak condition of the uranium markets Orezone made the decision that it would not renew its permits in Niger and cease all exploration activities.