Orezone Reports Q3-2023 GOLD Production
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
OREZONE REPORTS Q3-2023 GOLD PRODUCTION
October 5, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company”
or “Orezone”) is pleased to provide Q3-2023 production results from its Bomboré Gold Mine , located in
Burkina Faso.
Q3-2023 Highlights
• Gold production of 30,726oz, totalling 107,509oz year-to-date.
• Gold sales of 29,167oz at an average realized price of US$1,910/oz resulting in sales of US$55.7M.
Patrick Downey, President & CEO stated, “Production in Q3 exceeded our expectations, with higher than
budgeted mining and processing rates achieved during the rainy season . T his is a testament to the
experienced operating team at Bomboré, and their operational preparedness as mining and processing of
oxide material in wet conditions can prove difficult . With the Q3 rainy season now behind us, and a
favorable outlook for Q4, Orezone remains well-positioned to meet the lower end of its 2023 guidance of
140,000-155,000oz.
The impact of historical artisanal mining on ore grades realized in H1 was localized, and during Q3 was
only observed in the month of July. For August and September there was minimal impact, with monthly
production averaging 11,289oz as pit depths are now below that of the affected artisanal horizon.
Significant progress was also made during the quarter on the Bomboré grid power connection, with all
tower foundations complete, and over 50% of the towers now installed. The project remains on time and
on budget, with energization scheduled for late 2023. Once connected , this will significantly lower
Bomboré’s operating costs and carbon footprint.
Lastly, the Company expects to release the results of the Bomboré Phase II Expansion and U pdated
Life-of-Mine study during the week of October 8th.”
2023 Production Results
Unit Q3-2023 Q2-2023 Q1-2023 9M-2023
Ore processed Tonnes 1,453,541 1,400,160 1,445,693 4,299,394
Ore grade Au g/t 0.74 0.87 0.96 0.86
Plant recovery % 88.8 91.1 92.2 90.9
Gold produced Au oz 30,726 35,482 41,301 107,509
Gold sold Au oz 29,167 33,608 43,139 105,914
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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.
Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual
throughput of 5.7 million tonnes. The Company believes that Bomboré has a significant underlying hard
rock resource to support a substantially larger Phase II expansion. The Company has recently completed
a resource definition drill program, and plans to issue an updated mineral re source, reserve and life of
mine plan, as part of this Phase II expansion.
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 for the 2019 Feasibility Study on Bomboré entitled NI 43 -101 Technical Report
(Amended) Feasibility Study of the Bomboré Gold Project is available under the Company’s profile at
SEDAR+.
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
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at
www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news
release.
QUALIFIED PERSONS
Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Ore zone, are
Qualified Persons under NI 43 -101 and have reviewed and approved the scientific and technical
information contained in this news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward -looking information” within the
meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable
U.S. securities laws (together, “f orward-looking statements”). 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. Forward -looking statements in this press release include, but are not limited to, statements with respect to
the Company being well-positioned to meet the lower end of 2023 annual production guidance and grid power
savings.
All such forward-looking statements are based on certain assumptions and analyses made by management in light
of their experience and perception of historical trends, current conditions and expected future developments, as well
as other factors management and the qualified persons believe are appropriate in the circumstances.
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All forward-looking statements 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 including, but not
limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure
of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their
enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest;
changes in commodity prices; unexpected failu re or inadequacy of infrastructure, the possibility of unanticipated
costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management
personnel and general economic, market or business conditions, the failure of exploration programs, including drilling
programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and
costs of financing needed in the future, and other factors described in the Company's most recent annual information
form and management discussion and analysis filed on SEDAR +. Readers are cautioned not to place undue reliance
on forward-looking statements.
Although the forward-looking statements contained in this press release are based upon wha t management of the
Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements. These forward-looking statements are made as of the date of this
press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities
laws, the Company does not assume any obligation to update or revise the forward -looking statements contained
herein to reflect events or circumstances occurring after the date of this press release.