Orezone Resources Inc.: Essakane Results Encouraging at Depth and Along Strike.OTTAWA -- Orezone Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :OZN OZN Obiecte Zburatoare Neidentificate (Romanian: unidentified flying object) OZN Organizacija Druzenih Narodov )(AMEX AMEX See: American Stock Exchange :OZN) - Gold Fields Gold Fields Limited is one of the world’s largest unhedged producers of gold, providing investors with maximum leverage to the gold price. The company was formed in 1998 with the amalgamation of the gold assets of Gold Fields of South Africa Limited and Gencor Limited. exercises option to complete Bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. Recent intersections include 44m grading 3.7 g/t and 65m grading 3.0g/t Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to provide an update on progress at the Company's Essakane gold project in Burkina Faso Burkina Faso (burkē`nə fä`sō), republic (2005 est. pop. 13,925,000), 105,869 sq mi (274,200 sq km), W Africa. It borders on Mali in the west and north, on Niger in the northeast, on Benin in the southeast, and on Togo, Ghana, and , West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. where an 85,000m drill program and pre-feasibility study are nearing completion. Ongoing drilling continues to confirm the robust nature of the Essakane Main Zone ("EMZ EMZ Europäisches Migrationszentrum (German: European Migration Center) EMZ Enhanced Metafile Compressed ") and the potential to expand resources along strike and at depth. Recent drill results include 44m grading 3.7 g/t in hole ERC (database) ERC - An extended entity-relationship model. 1396, 42m grading 2.7 g/t in hole ERC1249D and 10m grading 10.8 g/t in hole ERC1297. The purpose of the current drill program is to increase the quality of the resource estimate and to expand the deposit by drilling down dip, along strike and below the EMZ where new zones of mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. have recently been identified. Recent results from the lower zones include 22m grading 3.5 g/t in hole ERC1228, 20m grading 2.5 g/t in hole ERC 0872D and 65m grading 3.0 g/t in hole ERC1205D which bottomed in mineralization. Only a limited number of assays are available from drilling along strike. Particularly encouraging are holes ERC1391, located over 500m north of the EMZ, which intersected 9m grading 6.2 g/t and hole ERC1375, located 175m to the south, which intersected 24m grading 2.5 g/t. There are currently three drill rigs on site. Progress in completing the resource estimate has been slowed by the inability of the assay labs to keep pace with the volume of activity in West Africa. This problem has recently been alleviated al·le·vi·ate tr.v. al·le·vi·at·ed, al·le·vi·at·ing, al·le·vi·ates To make (pain, for example) more bearable: a drug that alleviates cold symptoms. See Synonyms at relieve. by the commissioning of two new independent labs, one in the Burkina Faso capital of Ouagadougou and the other at the Essakane site. It is anticipated that the current drill program will be completed before the end of September and that the revised resource calculation will be completed four to six weeks thereafter. A pre-feasibility study on the EMZ is being carried out in parallel with the latest drill program and will be updated when the new resource model is completed. The resource calculation and pre-feasibility results will enable Orezone and its joint venture partner, Gold Fields Limited ("GFL GFL German Football League GFL Grounded for Life (TV show) GFL Great Fire of London GFL Ground Floor Level GFL Georgetown Football League GFL Gone For Lunch GFL Good Freakin' Luck (polite form) "), to plan the next phase of work at Essakane. Ron Little, President of Orezone stated, "These results are very positive as they indicate the deposit remains open in all directions, particularly at depth, with an increasingly stronger vertical component." He added that, "Orezone will be very active on all fronts this fall. In addition to the new resource calculation and pre-feasibility results for Essakane, we will be releasing results of the soil geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of survey and initiating a drill program on our 100 per cent owned Kossa permit which is adjacent to Essakane. The Company will also be drilling on the Bondi, Sega and Bombore projects, as well as several grass roots grass roots pl.n. (used with a sing. or pl. verb) 1. People or society at a local level rather than at the center of major political activity. Often used with the. 2. The groundwork or source of something. targets, which are also 100 per cent owned by Orezone. Although Essakane may be perceived as a development project with further exploration upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside , it is important to recognize that Orezone will continue to generate momentum and growth through the ongoing exploration of all our projects."
Table 1. Summary of Recent Results from the EMZ.
(see complete table of results at
www.orezone.com/site/properties/ess.asp)
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Hole # Section From To Width Au g/t Comment
(uncut)
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ERC1375 49825N 8.00 31.00 23.00 1.06 Main
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49825N 40.00 64.00 24.00 2.48 Main
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49825N 92.00 105.00 13.00 0.81 FW
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ERC1228 50025N 62.00 66.00 4.00 4.68 FW
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50025N 85.00 107.00 22.00 3.52 FW 2
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ERC1215 50050N 113.00 132.00 19.00 4.21 Main
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ERC1361 50175N 90.00 103.00 13.00 2.97 FW
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50175N 126.00 139.00 13.00 3.60 FW 2
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ERC1357 50275N 32.00 81.00 49.00 1.25 Main
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ERC1250 50375N 3.00 9.00 6.00 1.46 Main
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50375N 14.00 37.00 23.00 1.11 Main
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50375N 49.00 104.00 55.00 2.11 Main
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ERC1248 50425N 10.00 67.00 57.00 1.25 Main
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50425N 103.00 110.00 7.00 2.28 Main/FW
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50425N 132.00 140.00 8.00 2.60 FW
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ERC1249D 50425N 36.00 61.00 25.00 1.10 Main
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50425N 88.00 133.00 42.00 2.70 Main
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ERC1297 50450N 121.00 131.00 10.00 10.75 Main
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ERC1246 50475N 30.00 34.00 4.00 1.66 Main
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50475N 40.00 67.00 27.00 2.45 Main
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50475N 73.00 149.00 76.00 1.58 Main
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50475N 154.00 157.00 3.00 16.99 Main/FW
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ERC1396 50675N 26.00 70.00 44.00 3.74 Main
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50675N 119.00 133.00 14.00 0.56 FW
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ERC1421 50850N 12.00 68.00 56.00 1.91 Main
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50850N 84.00 99.00 15.00 0.54 Main
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EDD0023 50875N 39.00 79.00 40.00 0.75 Main
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50875N 86.00 100.00 14.00 12.20 Main
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50875N 115.00 126.00 11.00 5.19 Main
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50875N 131.00 139.70 8.70 5.47 FW
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ERC1204D 51150N 18.00 75.00 57.00 2.81 Main
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ERC1205D 51150N 38.00 45.00 7.00 2.36 Main
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51150N 55.00 99.00 44.00 0.83 Main
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51150N 111.00 124.00 13.00 0.62 Main
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51150N 137.00 203.00 65.00 2.95 FW
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ERC1219 51250N 56.00 93.00 37.00 2.29 Main
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51250N 182.00 199.00 17.00 0.44 FW
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ERC1298 51350N 152.00 181.00 29.00 2.75 Main
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ERC1333D 51625N 33.00 69.00 35.00 2.12 Main
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51625N 76.00 85.00 8.00 1.55 Main
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51625N 90.00 145.00 55.00 1.53 Main/FW
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ERC1332 51675N 60.00 85.00 25.00 2.66 Main
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51675N 98.00 107.00 9.00 0.75 Main
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ERC1330 51725N 109.00 111.00 2.00 3.71 FW
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51725N 117.00 134.00 17.00 1.86 FW
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ERC0872D 51850N 106.00 108.00 2.00 29.92 Main
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51850N 118.00 138.00 20.00 2.49 FW
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ERC1173D 52150N 112.00 115.00 3.00 19.53 FW
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ERC1391 52500N 30.00 39.00 9.00 6.22 Main
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Note: RC samples were collected at a minimum of every 1m down the hole and analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. using a 2kg bottle roll cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. . Diamond drill samples were collected at a minimum of 1.5m down the hole and analyzed by 50g fire assay. Assaying was performed by SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions and Transworld at Tarkwa, Ghana Tarkwa is a town in the southwest of Ghana, located about 120 miles west of Accra. As of 2005, it was estimated to have a population of 40,397. Transport Tarkwa is a junction on the Ghanaian Railways. and by Abilabs in Bamako, Mali. All of these labs are used by a wide range of international companies operating in West Africa. A minimum of 10% of the samples are for QA/QC QA/QC Quality Assurance/Quality Control , which includes duplicates, triplicates, standards and blanks. The program was carried out under the supervision of Jeffrey Ackert, VP Technical Services, and qualified person for Orezone. GFL has earned a 50 per cent interest in the Essakane Project by spending US $8 million and has recently exercised its option to earn a 60 per cent interest by sole funding the project up to the completion of a bankable feasibility study. Orezone is currently the operator of the joint venture. Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is an emerging gold producer that owns Essakane, the largest gold deposit in Burkina Faso, as well as a number of other promising exploration 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Except for statements of historical fact relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. 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 fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. metal prices, the possibility of project cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Orezone Resources Inc. (TSX:OZN) (AMEX:OZN) |
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