Business
Orezone Gold Reports Second Quarter 2023 Results
(All dollar amounts in USD unless otherwise stated). VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: O
About this update from Orezone Gold Corporation
[{"type":"text","content":" (All dollar amounts in USD unless otherwise stated). VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and six months ended June 30, 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.sedarplus.ca. The Company will host a conference call and webcast on August 10, 2023 commencing at 8:00am PDT to discuss the Company’s second quarter results. Additional details are provided at the end of this press release. Patrick Downey, President and CEO, commented “The Bomboré mine delivered another solid quarter of gold production which allowed the Company to reduce its debt by a further $19.1 million while maintaining a healthy cash balance. During the quarter, the operations team successfully completed several mill maintenance tasks including a full mill re-line with a new liner design that will increase liner life going forward. Processed head grades were lower than modelled in the first half of 2023 as we encountered a greater intensity of historical artisanal depletion in certain near-surface higher-grade ore zones mined. As a result, we now forecast that 2023 gold production will trend towards the low-end of our guidance range with a modest increase in AISC guidance. With our value enhancing initiatives, we are advancing fieldwork to connect to Burkina Faso’s national grid and remain on track to receive grid power before year-end. Once completed, this will significantly reduce our cost for power which is currently being generated using on-site diesel gensets rented from a third party. In addition, our Phase II hard rock expansion feasibility study and LOM plan update is nearing completion with release of study results planned for the end of September.” SECOND QUARTER 2023 HIGHLIGHTS Operational Produced 35,482 gold oz Sold 33,608 gold oz at an average realized price of $1,970 per oz AISC¹ of $1,109 per gold oz sold Zero lost-time injuries with 1,037,000 personnel hours worked Financial Revenue of $66.4 million Earnings from mine operations of $27.5 million Net income and net income per share (basic) attributable to Orezone shareholders of $11.4 million and $0.03, respective...