Orezone Files Bomboré Phase Ii Expansion Study Technical Report
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
OREZONE FILES BOMBORÉ PHASE II EXPANSION STUDY TECHNICAL REPORT
November 24, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or
“Company”) announces that, further to its news release dated October 11, 2023, the Company has filed an
independent National Instrument 43 -101 technical report entitled “ Bomboré Phase II Expansion, Definitive
Feasibility Study” (the “FS”).
A copy of the FS is available on SEDAR+ and the Company’s website.
The FS was prepared for Orezone by personnel from Lycopodium Mineral Canada Ltd. and other industry
consultants, each of whom is a "qualified person" within the meaning of NI 43 -101 and considered to be
"independent" of the Company under Section 1.5 of NI 43-101.
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian mining company operating the open pit
Bomboré Gold Mine in Burkina Faso.
The Company is mining and processing the Phase I near surface free -dig oxides at a throughput of 5.9 million
tonnes per annum (Mtpa). The Company’s planned Phase II Expansion consists of an independent 4.4Mtpa hard
rock plant operating alongside the existing oxide plant to deliver a significant increase in annual gold production
at a low incremental capital cost. Construction of the new 4.4Mtpa hard rock plant will enable Bomboré to
produce an average of 209,000 gold oz/year at a mine-level AISC of $1,121/oz for over 8 years. First gold from the
Phase II expansion is scheduled for Q3-2025. Significant exploration potential exists to expand Bomboré’s mineral
reserves through future resource conversion and new discoveries from drilling of promising high-priority targets.
Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track
record in project construction and operations, financings, capital markets and M&A.
The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and
the Company’s website.
Contact Information
Patrick Downey
President and Chief Executive Officer
Vanessa Pickering
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
[email protected] / www.orezone.com
Qualified Persons
Pascal Marquis, Geo., Ph.D., SVP; Dale Tweed, P. Eng., VP Engineering; and Rob Henderson, P. Eng., VP Technical
Services of Orezone, are Qualified Persons under NI 43 -101 and have reviewed and approved the scientific and
technical information contained in this news release. Messrs. Marquis , Tweed , and Henderson are not
independent within the meaning of NI 43-101.
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Information and Forward-Looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws.
Forward-looking information and forward -looking statements (together, “forward -looking statements”) are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”,
“possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.
The conclusions and estimates of the FS represent forward -looking statements. The forward -looking information includes
pricing assumptions, sales forecasts, projected capital and operating costs, mine life and production rates, implementation
schedules and other assumptions. Forward-looking statements are based upon the responsible Qualified Person’s opinion at
the time they are made and may involve risks and uncertainty. Although each of the responsible Qualified Persons has
attempted to identify factors t hat could cause actual events or results to differ materially from those described in th e FS,
there may be other factors that could cause events or results not be as anticipated, estimated or projected. There can be no
assurance that forward-looking statements in the FS will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance
on forward-looking statements. The conclusions and estimates stated in the FS are to the accuracy stated in the FS as at the
effective date stated in the FS and rely on the assumptions stated in the FS. The results of further work may indicate that the
conclusions, estimates and assumptions in the FS need to be revised or reviewed. The Qualified Persons have used their
experience and industry expertise to produce the estimates and approximations in the FS. Where the Qualified Persons have
made those estimates and approximations, they are subject to qualifications and assumptions, and these estimates and
approximations contained in the FS will be prone to fluc tuations with time and changing industry circumstances. The FS
should be construed in light of the methodology, procedures and techniques used to prepare the FS. Sections or parts of the
FS should not be read or removed from their original context.
On October 27, 2023, the President of Burkina Faso signed a decree to increase royalty rates on gold sales. Certain legislative
procedural matters are required before the new royalty rates become law and as of the date of this news release, these had
not yet occurred. These new rates will not have a material impact on mineral reserves, mineral resources or the project’s
economics. Please see Section 22 of the FS for further details.