Positive Results Continue at Orezone’s Bomboré Gold Project

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Oxide drill results to date, using cut grades, are 42% higher

Orezone Gold Corporation (ORE:TSX) is pleased to announce additional positive drill results from an ongoing 170,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 202 reverse circulation (RC) holes (12,205 m) and 69 diamond drill (DD) holes (9,893 m) from the northern and southern portions of the 11 km long Bomboré resource (see map). The objectives of the program are to expand and upgrade sulphide resources with core drilling at depth, as well as to upgrade and expand near-surface oxide resources with RC drilling.  With 71% of the drilling completed to date and 50% of the assays reported, the results continue to indicate success in achieving both objectives with a significant increase in resources and improved project economics expected. 

Results have cumulatively indicated higher grades (+42% in the oxide, +37% in the sulphide) and narrower widths (71% in the oxide, 67% in the sulphide) compared to the October 2010 NI 43-101 compliant resource model (“the 2010 model”).  With six drill rigs in operation (5DD, 1RC) the program is on track to complete 80,000 m of DD and 90,000 m of RC drilling by year end.  Analytical results will continue through Q1 of 2012 with a full resource update planned for release in Q2.  

Open-ended mineralization (both shallow oxide and deeper sulphide extensions) has been discovered outside of the 2010 resource model and will warrant further drilling in 2012. In addition, several auger drilling anomalies warrant RC drilling in four main areas: the gap between Maga-CFU-KT; the gap between Siga West and P8P9; the possible extension of Maga SW along the western margin of P8P9, and; the (newly defined) P13 target in the SW corner of the Bomboré permit (see map).  The P13 anomaly may extend onto Orezone’s adjacent Toeyoko permit where an airborne survey is scheduled to be completed before year-end with follow-up reconnaissance work and auger drilling scheduled for early 2012. 

“Results from the assays reported on the first 50% of the drill program have been very positive and continue to increase our confidence that Bomboré will evolve into a world-class deposit,” said Ron Little, CEO for Orezone.  “While we expect a significant increase in both classification and size of the Bomboré resource at the conclusion of this drill program, the results continue to underscore the potential to further expand resources at depth and along strike with continued drilling.”

Today’s drill results and conclusions are preliminary and may be further improved as approximately 35% of the leach residue fire assays are still missing from the Siga, P11 and P8P9 areas.  The leach residue fire assays typically increase the mineralized width above a lower cut-off of 0.5 g/t by about 18% for a similar bulk grade. Table 1 summarizes the above and provides a comparison of the overall results to date with the 2010 resource model, while Table 2 provides a breakdown of the meters reported in this release. 

“The drilling in the southern half of the project is almost complete and has successfully demonstrated improved continuity and grades with gold mineralization down to 200 m and remaining open at depth,” said Pascal Marquis, SVP Exploration for Orezone.  “The last 50,000 m of the 2011 drill program will occur in the northern half of the deposit where grades and continuity were more robust than the southern half in the 2010 resource model. The initial RC results reported in this release from the northern half (P8P9) continue to confirm this trend.”

The environmental impact study, along with metallurgical and optimization studies, continue to proceed on schedule. A detailed socio-economic field inventory was completed in September and an interim report is expected in Q4. Approximately one tonne (76 samples) representative of the various oxide and sulphide mineralized zones will be processed by McClelland Laboratories Inc. in Nevada, USA, for detailed ore variability testing, including cyanidation tests, carbon and sulfur speciation, ICP scan, whole rock analysis and granulometry and particle size distribution analysis. Results will become progressively available over the next six months and will be integrated into the next round of Whittle resource modeling.The new phase 1 mine-site camp, office and access roads were completed and are fully functional. To improve the turn-around time for results, the construction of a sample preparation facility at site has commenced with the capacity to process 18,000 samples per month.  The facility will be managed by a certified international laboratory, and is expected to be commissioned in Q1 2012.   The company continues to improve the efficiency of the exploration programs and ultimately the development of the project.

Table 1: Comparison of Current Program with 2010 Resource Model 

Table 2: Breakdown of Drilling Meterage for this Release

Table 3: Highlights of Diamond Drill Hole Results for this Release

Table 4: Highlights of RC Results for this Release 

The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is equal to about 85% of the drill length intervals in Maga, P16 and P17 areas, and to 95% of the drill length intervals in the Siga area. The half-core samples were collected by Orezone employees using a diamond saw. The core samples from the weathered (oxide) zone were prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell^TM catalyst. The samples from the fresh or sulphide zone were prepared by BIGS Global Burkina s.a.r.l,SGS Burkina Faso s.a.r.l. and Abilab Burkina s.a.r.l. in Ouagadougou and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell^TM catalyst. Orezone decided to switch to bottle-roll cyanidation using a LeachWell^TM catalyst for the sulphide core samples to improve turn-around and precision when compared to the fire assay analyses that were used during the first part of the current program.

The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg split was prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1 kg using RSDs. A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell^TM catalyst. The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) or at SGS Burkina Faso s.a.r.l.

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release. A complete table of results and the NI 43-101 Bomboré Resource Report that describes the Bomboré resource model can be found at www.orezone.com.

About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +10 M oz and recent mine development experience in Burkina Faso, West Africa. Bomboré, the Company’s 100% owned flagship project, is one of the largest gold deposits in the country and is situated 85 km east of the capital city, adjacent to an international highway. Resources are constrained within optimized open pit shells that span 11 km, and include 1.6 Moz indicated and 1.9 Moz inferred resources with an average drill depth of only  60 meters. The Company is currently completing a $24 M, 170,000 meter drill program to significantly expand resources and support the completion of feasibility studies in 2012. Orezone’s goal is to develop Bomboréinto a world-class deposit by 2012 and become a mid-tier producer by 2015.

For further information please contact Orezone at (613) 241‑3699 or Toll Free: (888) 673‑0663

Ron Little, CEO, rlittle@orezone.com                              Pascal Marquis, SVP Exploration, pmarquis@orezone.com

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this release include statements regarding, among others, the completion of a 170,000m drill program; capital and operating cost estimates; gold production for the project; completion of a feasibility study in 2012; completion of a resource update in early 2012; commencement of production at the Bomboré Project; and completion of metallurgical testing and social impact studies.

FORWARD-LOOKING STATEMENTS are based on certain assumptions, the opinions and estimates of management at the date the statements are made, and 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. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.

Readers are advised that National Instrument 43‑101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Orezone for the year ended December 31, 2010 and other continuous disclosure documents filed by Orezone since January 1, 2011 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.