VANCOUVER, British Columbia, April 14, 2020 (GLOBE NEWSWIRE) -- 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.
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.
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For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.
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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.