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Orezone Gold Reports Fourth Quarter and Full Year 2022 Results
VANCOUVER, British Columbia, March 23, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) today reported its fi
About this update from Orezone Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 23, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) today reported its financial and operating results for the fourth quarter and full year 2022. (All dollar amounts in USD unless otherwise indicated. “M” denotes million.) Fourth Quarter and Full Year 2022 Highlights Gold production of 22,258 ounces in Q4-2022 and 27,831 ounces for 2022. Gold sales of 24,676 ounces for both Q4-2022 and 2022, at an All-In Sustaining Costs (“AISC”)1 per gold ounce sold of $1,075 and revenue of $43.4M. Net income attributable to shareholders of Orezone of $3.8M for Q4-2022 and $0.9M for 2022. Cashflow from operations of $28.5M for Q4-2022 and $6.0M for 2022. Cash balance of $9.2M at December 31, 2022, an increase of $1.8M from September 30, 2022. Achievement of 2022 guidance including: Pouring of first gold on September 10, 2022. Declaration of commercial production at Bomboré on December 1, 2022. Delivery of the Bomboré project construction (excluding the third-party managed power plant) on schedule and under budget. Final project construction costs including pre-production mining but excluding power plant totalled $168.9M, below the project approved budget of $173.8M. Orderly transition from construction and commissioning to operations as the Company benefitted from operational readiness activities undertaken prior to first gold. Completion of its Phase III exploration drill campaign with the purpose of extending Bomboré sulphide expansion potential by converting sulphide resources from Inferred to the Measured and Indicated categories. The Phase III campaign successfully returned numerous wide, high-grade intercepts in mineralized zones within Maga, Siga, P8P9, and the P17 trend. The Company will incorporate these new and encouraging drill results into a revised mineral resource and mineral reserve estimate that is being prepared as part of the planned 2023 feasibility study update for the Phase II Sulphide Expansion. Patrick Downey, President and CEO, stated, “2022 was a milestone year culminating in the declaration of commercial production before year-end. In a span of under two years, we have succeeded in meeting the challenges of financing and building a greenfield mining project to deliver a profitable mine on time and under budget. The Bomboré process p...