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Orezone Gold Reports First Quarter 2023 Results; Produced 41,301 Gold oz
(All dollar amounts in USD unless otherwise stated). VANCOUVER, British Columbia, May 09, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: OR
About this update from Orezone Gold Corporation
[{"type":"text","content":" (All dollar amounts in USD unless otherwise stated). VANCOUVER, British Columbia, May 09, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three months ended March 31, 2023. The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR at www.sedar.com. The Company will host a conference call and webcast on May 10, 2023 commencing at 8:00am PDT to discuss the Company’s first quarter results. Additional details are provided at the end of this press release. Patrick Downey, President and CEO, commented “Earnings from mine operations exceeded $39 million in Bomboré’s first full quarter of commercial production and have provided a strong start to the Company’s net earnings and free cash flow for 2023. Gold production of 41,301 oz was helped by excellent performance of the process plant with mill throughput at 13% above design and recoveries at a steady 92.2%. Our operational efficiency and stringent cost management assisted in offsetting cost pressures from a stronger local currency and high in-country diesel prices. With robust gold prices, AISC margin was $966 per oz sold or an impressive 51%. Our safety record continues to be exemplary with no lost time injuries for the quarter from 928,000 hours worked and an LTIFR of zero since 2021 when construction of the Phase I Oxide plant commenced. On the growth front, work on our grid power connection is advancing at a steady rate with the awards of all major installation contracts and order placements for schedule-critical equipment. Significant savings from current on-site power generation will be realized once the connection is energized, expected in Q4-2023. Lastly, work on the Bomboré Phase II Expansion study update remains on track for completion by the end of this third quarter.” FIRST QUARTER 2023 HIGHLIGHTS Operational Produced 41,301 gold oz Sold 43,139 gold oz at an average realized price of $1,892 per oz AISC¹ of $926 per gold oz sold Zero lost-time injuries with 928,000 personnel hours worked Financial Revenue of $81.7 million Earnings from mine operations of $39.7 million Net income and net income per share (basic) attributable to Orezone shareholders of $22.6 million and $0.07...