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Orezone Gold Provides 2023 Production and Costs Guidance
All dollar amounts are in US$ VANCOUVER, British Columbia, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or
About this update from Orezone Gold Corporation
[{"type":"text","content":" All dollar amounts are in US$ VANCOUVER, British Columbia, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide 2023 production and costs guidance for its Bomboré Gold Mine (“Bomboré”) in Burkina Faso. This marks the Company’s first full year as an operating gold producer after declaring commercial production on December 1, 2022. For 2023, the Company forecasts gold production in the range of 140,000 to 155,000 ounces at an all-in sustaining costs1 (“AISC”) of $975 to $1,075 per ounce sold. Capital expenditures are expected to total between $43 to $49 million as the Company invests in growth projects to improve the future cost structure and mine life of the Bomboré operation. Patrick Downey, President and CEO commented, “Our 2023 guidance builds on the strong operating performance that we saw in December 2022 and includes a number of important initiatives that will immediately strengthen the long-term value of the mine and position the Company for future growth. The expected strong cash flow in 2023 will contribute to our debt reduction and growth plans. We intend on delivering on our annual goals in a safe and responsible manner, while maintaining our strong community relations as we continue to advance Bomboré towards its next stage of expansion.” 2023 Guidance and Outlook Operating Guidance (100% Basis) Unit FY2023 Gold Production Au oz 140,000 - 155,000 All-in-Sustaining Costs1, 2, 3 $/oz Au sold $975 - $1,075 Sustaining Capital2 $ million $10 - $11 Growth Capital2 $ million $33 - $38 AISC is a non-IFRS measure. Refer to the “Non-IFRS” measures section of this news release for additional information. Exchange rates used to forecast cost metrics include XOF/USD of 625 and CAD/USD of 1.30. Government royalties included in AISC assumes an average gold price of $1,700 per ounce. Production Guidance Gold production is expected to be more weighted towards H1-2023 from better in-pit ore grades due to mine sequencing and from the reclaim of higher-grade stockpiles as supplemental mill feed. Plant throughput is forecasted to range between 5.6 to 5.8 million tonnes as milling performance continues to exceed design since commercial production. Plant recoveries are predicted to remain consistent with Q4-2022 recoveries o...