Orezone Reports Strong Fourth Quarter 2022 GOLD Production at Its Bomboré GOLD MINE
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
OREZONE REPORTS STRONG FOURTH QUARTER 2022 GOLD PRODUCTION
AT ITS BOMBORÉ GOLD MINE
January 10, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the
“Company” or “Orezone”) is pleased to provide 2022 fourth quarter and annual production results from
its Bomboré Gold Mine in Burkina Faso.
Q4-2022 Highlights
• Gold production of 22,258 oz in Q4-2022 with 12,975 oz in December.
• Mill throughput of 806,875 tonnes in Q4-2022 with 458,954 tonnes in December.
• Commercial production achieved on December 1, 2022 following the restart of mill operations at
the end of October and progression in daily throughput in November.
• Rapid ramp-up of plant production with December throughput at 4% above nameplate capacity
of 14,250 tpd.
• Record throughput of 17,120 tpd, 20% above nameplate, achieved on December 25, 2022.
• Plant recoveries are exceeding design at an average of 92%.
• Gold sales of 24,676 oz at an average realized price of US$1,760 per oz resulting in sales proceeds
of US$43.4 million.
• Cash position of US$9.1 million at December 31, 2022, an increase of US$1.7 million during the
fourth quarter.
Patrick Downey, President & CEO stated, “The Bomboré operations delivered a solid quarter of gold
production highlighted by an outstanding December. The process plant has operated steadily upon
attaining reliable power in November and continues to trend upwards in terms of daily throughput
which has continued into January 2023. The strong Q4 operating performance has resulted in
significant free cashflow generation for the period, allowing the Company to meet its debt servicing
obligations and to greatly improve its financial position at year-end. We look forward to providing
2023 annual guidance and further details on this year’s milestones later this month.”
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Production Highlights for the Quarter and Year Ended December 31, 2022
Unit December 2022 Q4-2022 FY-2022
Ore processed tonnes 458,954 806,875 1,017,088
Ore grade Au g/t 0.96 0.93 0.93
Plant recovery % 91.8% 91.9% 91.9%
Gold produced Au oz 12,975 22,258 27,831
Gold sold Au oz 16,023 24,676 24,676
Figure 1: Average Daily Throughput Q4-2022
* Average based on partial week
Liquidity Position
The Company generated significant free cashflow from operations during the last two months of 2022
which allowed the Company to satisfy all accrued interest and fees owing on its senior loans with Coris
Bank by year-end, and to paydown its trade payables. The Company expects continued strong production
in H1-2023 which will position the Company favourably to aggressively paydown its senior debt and to
fund its growth initiatives for 2023.
Future Milestones:
• January 2023: Annual production and cost guidance and growth initiatives
• H1-2023: Additional oxide and sulphide exploration drilling results
• H2-2023: Updated Mineral Resource and Reserve estimate, Life of Mine plan and
Phase II plant expansion study
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.
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Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual
throughput of 5.2 m illion tonnes. T he Company believes that Bomboré has a significant underlying
sulphide resource to support a substantially larger Phase II expansion. A 77,000 m infill and expansion drill
program is ongoing and once completed, the Company plans to issue an updated mineral resource and
reserve statement and feasibility study, as part of this Phase II expansion. It is expected that the studies
will be completed in H2-2023 to be followed by a production decision.
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 the Bomboré Project entitled NI 43 -101 Technical
Report (Amended) Feasibility Study of the Bomboré Gold Project is available on SEDAR under the
Company’s profile at www.Sedar.com.
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.
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, “forward -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, statemen ts with respect to
the Company’s milestones, the Company expecting continued strong production which will permit it to aggressively
paydown its senior debt and to fund its growth initiatives for 2023.
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.
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 the COVID -19 pandemic, terrorist or other violent 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 failure or inadequacy of infrastructure, the possibility of project cost overr uns or
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
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availability and costs of financing needed in the future, and other factors described in the Company's most recent
annual information form and management disc ussion and analysis filed on SEDAR on www.sedar.com. 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 what 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.