OTTAWA, May 19 /CNW Telbec/ - Orezone Resources Inc. (OZN:TSX, AMEX) is
pleased to announce that drilling on the Company's Essakan gold project in
Burkina Faso, West Africa continues to return significant results from both
the Essakan Main Zone ("EMZ") and from mineralization that has recently been
identified below the EMZ. Results from the Lower Zone include 28m grading
3.6 g/t in hole ERC1080D and 22m grading 4.6 g/t in hole ERC874D. Hole
ERC1065D intersected mineralization below the EMZ at 170m and again at 220m
indicating that there may be multiple zones at depth. Results from infill
drilling within the EMZ included 36m grading 7.8 g/t in hole ERC882 and 23m
grading 14.7 g/t in hole ERC894. These results are from an ongoing drill
program with four rigs currently on site.
Orezone and JV partner Gold Fields Limited ("GFL") have initiated a pre-
feasibility study on the EMZ and are carrying out expansion drilling to
increase the size of the deposit and infill drilling to increase the accuracy
of the ore resource estimate. Expansion drilling is focussed on four areas;
the Lower Zone, the down dip extension of the deposit, and on both the north
and south ends of the deposit. Orezone and GFL recently announced a
$US7.9 million budget increase to fund work through to the end of September,
2005. This will include US $2.9 million for the infill and expansion drilling
and US $5.0 million to complete the pre-feasibility study.
Ron Little, President of Orezone stated, "Our last resource estimate was
completed in August, 2004 and over 80,000 meters of drilling has been
completed since that time, including many higher grade intersections. A new
resource estimate is scheduled for this July and will be based on results
received to the end of April, 2005." He added that, "We intend to update
resources again in the late fall in order to incorporate results from drilling
between April and September, 2005."
<<
Table 1. Summary of Recent Results from the EMZ.
(see complete table of results at
www.orezone.com/site/properties/ess.asp)
--------------------------------------------------------------------------
Hole Section From To Length Grade Comments
--------------------------------------------------------------------------
m m M g/t
uncut
--------------------------------------------------------------------------
ERC1133 51800N 41.0 55.0 14.0 5.2 Infill
--------------------------------------------------------------------------
including 46.0 52.0 6.0 10.4
--------------------------------------------------------------------------
ERC1127 51700N 43.0 61.0 18.0 10.9 Infill
--------------------------------------------------------------------------
including 50.0 61.0 11.0 17.4
--------------------------------------------------------------------------
ERC1104 51200N 12.0 31.0 19.0 3.5 Infill
--------------------------------------------------------------------------
ERC1101 51150N 42.0 59.0 17.0 2.0 Infill
--------------------------------------------------------------------------
ERC0894 51050N 95.0 118.0 23.0 14.7 Infill
--------------------------------------------------------------------------
ERC1062D 50850N 111.0 132.0 21.0 7.6 Infill
--------------------------------------------------------------------------
ERC1062D 50850N 188.0 208.0 20.0 4.1 LZ
--------------------------------------------------------------------------
ERC1063D 50850N 86.0 101.0 15.0 2.1 Infill
--------------------------------------------------------------------------
ERC1063D 50850N 106.0 132.0 26.0 8.2 Infill
--------------------------------------------------------------------------
including 106.0 117.0 11.0 18.0
--------------------------------------------------------------------------
ERC1064D 50850N 42.0 108.0 66.0 1.4 Infill
--------------------------------------------------------------------------
ERC1064D 50850N 191.0 200.0 9.0 6.7 LZ
--------------------------------------------------------------------------
ERC0874D 50825N 10.0 71.0 61.0 3.0 Infill
--------------------------------------------------------------------------
including 22.0 41.0 19.0 7.3
--------------------------------------------------------------------------
ERC0874D 50825N 136.0 158.0 22.0 4.6 LZ
--------------------------------------------------------------------------
ERC0875D 50825N 31.0 39.0 8.0 8.2 Infill
--------------------------------------------------------------------------
ERC0875D 50825N 49.0 121.0 72.0 1.6 Infill
--------------------------------------------------------------------------
ERC1065D 50775N 66.0 116.0 50.0 3.4 Infill
--------------------------------------------------------------------------
ERC1065D 50775N 170.0 185.0 15.0 2.0 LZ
--------------------------------------------------------------------------
ERC1065D 50775N 224.0 239.0 15.0 6.3 LZ
--------------------------------------------------------------------------
ERC1066D 50750N 154.0 170.0 16.0 2.7 LZ
--------------------------------------------------------------------------
ERC1067D 50750N 41.0 82.0 41.0 1.5 Infill
--------------------------------------------------------------------------
ERC1067D 50750N 173.0 218.0 45.0 2.1 LZ
--------------------------------------------------------------------------
ERC1068D 50750N 21.0 63.0 42.0 0.8 Infill
--------------------------------------------------------------------------
ERC1076D 50750N 57.0 101.0 44.0 0.9 Infill
--------------------------------------------------------------------------
ERC1076D 50750N 181.0 195.0 14.0 6.7 LZ
--------------------------------------------------------------------------
ERC1079D 50750N 170.0 175.0 5.0 9.4 LZ
--------------------------------------------------------------------------
ERC1080D 50750N 142.0 170.0 28.0 3.6 LZ
--------------------------------------------------------------------------
ERC1069D 50700N 15.0 87.0 72.0 2.0 Infill
--------------------------------------------------------------------------
ERC1073D 50650N 62.0 83.0 21.0 1.5 Infill
--------------------------------------------------------------------------
ERC0884 50450N 48.0 103.0 55.0 0.9 Infill
--------------------------------------------------------------------------
ERC0882 50400N 0.0 47.0 47.0 2.1 Infill
--------------------------------------------------------------------------
including 9.0 13.0 4.0 15.4
--------------------------------------------------------------------------
ERC0882 50400N 52.0 88.0 36.0 7.8 Infill
--------------------------------------------------------------------------
ERC1021 50300N 62.0 82.0 20.0 1.5 Infill
--------------------------------------------------------------------------
ERC1022 50300N 71.0 113.0 42.0 1.4 Infill
--------------------------------------------------------------------------
>>
Note: Samples were collected at a minimum of every 1m down the hole and
analyzed using a 2kg bottle roll cyanide leach at the SGS
Laboratory in Tarkwa, Ghana, an internationally recognized
laboratory. A minimum of 5% of the samples are for QA/QC, which
includes duplicates, triplicates, standards and blanks. The
program was carried out under the supervision of Jeffrey Ackert,
VP Exploration, and qualified person for Orezone.
GFL can earn a 50 per cent interest in the Essakan Property by spending
US $8 million over five years, and can increase its interest to 60 per cent by
financing and completing a bankable feasibility study. GFL will surpass
US $8 million in expenditures this month and has made Essakan one of its top
priority exploration and development projects. Orezone is currently the
operator of the joint venture.
Orezone Resources Inc. (OZN:TSX, AMEX) is an emerging gold producer that
owns Essakan, the largest gold deposit in Burkina Faso, as well as a number of
other advanced stage projects in West Africa. Burkina Faso is a politically
stable country that is located in one of the world's fastest growing gold
producing regions. Orezone's mission is to create wealth by discovering and
developing the earth's resources in an efficient and responsible manner.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-
looking statements" within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended. Except for statements
of historical fact relating to the company, certain information contained
herein constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and 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. These factors include the
inherent risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling results
and other geological data, fluctuating metal prices, the possibility of
project cost overruns or unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed in the future
and other factors. The Company undertakes no obligation to update forward-
looking statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance on
forward-looking statements.
