Orezone Receives Environmental Approval For Phase II Expansion at Bomboré
14 April 2020 - 10:30PM
Orezone Gold Corporation (TSX.V: ORE) announces
that the Environmental and Social Impact Assessment ("ESIA")
approval for the Phase II Expansion at its Bomboré Gold Project has
been received from the Burkina Faso Ministry of Environment and
Sustainable Development. The approval marks a significant milestone
in the permitting process and solidifies the staged development
timeline of the Bomboré Project.
The Bomboré Project was the subject of an
updated feasibility study in 2019 (“2019 FS”) that incorporated a
staged higher-grade expansion (“Phase II Expansion”) to the
oxide-only mine plan in the 2018 feasibility study (“2018 FS”). The
Phase II Expansion incorporates select zones of higher-grade fresh
rock and lower transition reserves, the high-grade P17S deposit,
and the previously excluded seasonal flood plain oxides. With this
mine expansion, the 2019 FS highlighted a 60% increase in mineral
reserves to 1.8 million gold ounces along with significantly
improved project economics as compared to the 2018 FS (see
Company’s press release dated June 26, 2019 for further
details).
Patrick Downey, President and CEO stated
“Receipt of this ESIA approval is another important step in
realizing the upside potential at Bomboré and recognizes the
outstanding efforts of our technical teams and consultants, and the
strong project support received from host communities and the
Burkina Faso government. The ESIA review was a rigorous process
that involved comprehensive examinations by technical committees of
the permitting bodies and formal public hearings. We look forward
to the receipt of the expanded mining permit which will assist the
Company in its on-going project financing process.”
With the approval of the ESIA, the Company has
now filed an application to include the planned expansion, which
will be the final step in the permitting process. A decision
regarding the expansion from the Burkina Faso government is
expected in Q3 of 2020.
The Company is also pleased to report that it
has made a financial donation of XOF 20 million (~US$34,000)
through the Burkina Faso Chamber of Mines as part of the industry’s
wider initiatives to assist local efforts in combating the COVID-19
pandemic.
Qualified Persons
Dr. Pascal Marquis, Geo., Senior VP Exploration,
and Ian Chang, P. Eng., VP Projects, are the Qualified Persons who
have approved the scientific and technical information in this news
release.
Orezone Gold Corporation
Orezone Gold Corporation (TSX.V: ORE) is a
Canadian development company which owns a 90% interest in Bomboré,
one of the largest undeveloped gold deposits in Burkina Faso.
Bomboré hosts a large oxide resource underlain by a larger, open
sulphide resource, and will be developed in two stages.
Patrick Downey,President and Chief Executive
Officer
Vanessa PickeringManager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673
0663info@orezone.com /www.orezone.com
For further information please contact
Orezone at +1 (778) 945-8977 or visit the Company’s website at
www.orezone.com.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain information
that may constitute “forward-looking information” under applicable
Canadian securities legislation. Forward-looking information in
this press release relates to statements with respect to the
expected timing of the expanded Bomboré mining permit and such
statements about strategic plans, including future operations,
future work programs, capital expenditures, and corporate and
technical objectives (including those discussed in the Company’s
press release dated June 26, 2019 and the 2019 FS). Forward-looking
information is necessarily based upon a number of assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information, including the risks
inherent to the recent COVID-19 pandemic, the mining industry,
adverse economic and market developments and the risks identified
in Orezone’s annual information form under the heading “Risk
Factors”. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
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