Orezone Announces Management Changes and Corporate Update
Orezone Announces Management Changes and Corporate Update
May 22, 2017 - Orezone Gold Corporation (“Orezone” or the “Company”) ( TSXV:ORE) today
announces changes to management and is also providing a corporate update in respect to the
development of the Bomboré Gold Project in Burkina Faso.
Management Changes
The Board of Directors (the “Board”) and Mr. Ronald Little have agreed that he will step down
as President, Chief Executive Officer and Director of the Company effective today. The Board
would like to thank Ron for all his efforts and the Board wishes him well in his future endeavors.
Mr. Patrick Downey, who is currently Executive C hairman, has been appointed President and
CEO of Orezone . Mr. Downey was appointed non -executive Chairman in September 2016 and
subsequently was appointed Executive Chairman in January 2017. Mr. Downey will now step
down from the Executive Chairman role.
Mr. Keith Peck will assume the role of Chairman of the Board and work closely with Mr.
Downey on overall corporate strategy. Mr. Peck has been a director since 2011.
Mr. Downey has over 30 years of international experience in the resource industry. He held the
position of President, Chief Executive Officer and Director for Elgin Mining Inc. prior to its
acquisition by Mandalay Resources Inc., Aura Minerals Inc. and previously Viceroy Exploration
Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. Mr. Downey also served
as President of Oliver Gold Corporation, where he negotiated their successful merger to form
Canico Resource Corp., which was purchased by CVRD in 2006 for over $800 million. He has
held numerous senior engineering po sitions at several large -scale gold mining operations and
has also held operating positions at several mining projects for Anglo American Corporation in
South Africa. Mr. Downey holds a Bachelor of Science (Honours) degree in Engineering from
Queen's University in Belfast, Ireland.
Keith Peck is Chairman and Chief Executive Officer of Lincoln Peck Financial Inc., a financial
advisory firm focused on the resource sector. He has over 30 years of investment banking
experience and has a broad business backgrou nd that includes financings in public and private
markets and mergers and acquisitions.
Corporate Update
As previously disclosed, the Company has instructed Roscoe Postle Associates Inc. in Toronto,
Ontario, to review the Bomboré Gold Project mineralizatio n for potential inclusion in an
updated mineral reserve and mine plan. The Company has now been notified by RPA that the
reserve report and updated feasibility study will be delayed until the third quarter of 2017.
Management will now work closely with its consultants to ensure that there are no further
delays.
The Company will provide a further update on timing once available.
About Orezone Gold Corporation
Orezone is a Canadian company with a successful gold discovery track record and recent mine
development experience in Burkina Faso, West Africa. The Company owns a 90% interest in
Bomboré, a fully permitted, undeveloped oxide gold deposit in West Africa, which is situated 85
km east of the capital city, adjacent to an international highway.
For further information, please visit the Company website at www.orezone.com.
Orezone Gold Corporation
Patrick Downey,
President and Chief Executive Officer
Tel: 1 613 241 3699 / Toll Free: 1 888 673 0663
[email protected] /www.orezone.com
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the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.