Orezone Resources Inc.: Initial Resource Announced for Sega Project.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) is pleased to announce that a NI 43-101 compliant resource estimate has been completed for its 100% owned Sega 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. .The resource estimate is based on exploration work up to and including June 15, 2005 and was completed by Met-Chem Canada Inc. and their independent Qualified Person, Mr. Yves Buro.Using a 0.5 g/t cutoff, indicated resources total 4,844,000 tonnes grading 1.99 g/t (310,600 ounces) and inferred resources total 1,413,000 tonnes grading 1.61 g/t (73,000 ounces).The resource estimate only encompasses the three main 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. on the Sega property, the Bakou, Gambo and RZ, all of which are located within a relatively small 2.5km2 area. Orezone recently announced that a number of new gold zones have been identified on the Sega property (press release dated January 4th, 2006) that are not included in the resources.The most promising new zone of mineralization is Tiba 4, located 8km northeast of RZ, Bakou and Gambo, where mineralization has been defined over a strike length of 600m.Highlights included 30m grading 4.1 g/t in hole TBC tbc abbr (= to be confirmed) → por confirmar tbc abbr (= to be confirmed) → noch zu bestätigen tbc abbr 686 while hole TBC652 returned 7m grading 14.1 g/t and hole TBC736 intersected 9m grading 7.4 g/t.Drilling has also continued on the RZ East extension where the zone has now been demonstrated to be continuous with the Bakou Zone.Recent drill results from RZ East included 29m grading 1.9g/t in hole RZC RZC Red Zone Cuba (Mystery Science Theater 3000 movie) 778 and 9m grading 2.3g/t in hole RZD020.
Sega Project Resource Estimate
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Indicated Resources
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0.5 g/t Au cutoff 1.0 g/t Au cutoff
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Zone Tonnes g/tAu ozAu Tonnes g/tAu ozAu
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Bakou 1,761,000 1.35 76,400 911,000 1.93 56,500
Gambo North 453,000 2.29 33,400 260,000 3.46 28,900
Gambo South 1,540,000 2.06 102,000 980,000 2.83 89,200
RZ 1,090,000 2.82 98,800 674,000 4.11 89,100
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Total 4,844,000 1.99 310,600 2,825,000 2.90 263,700
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Inferred Resources
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0.5 g/t Au cutoff 1.0 g/t Au cutoff
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Zone Tonnes g/tAu ozAu Tonnes g/tAu ozAu
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Bakou 383,000 1.02 12,600 163,000 1.45 7,600
Gambo North 112,000 1.12 4,000 51,000 1.58 2,600
Gambo South 356,000 1.94 22,200 210,000 2.79 18,800
RZ 562,000 1.89 34,200 263,000 3.25 27,500
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Total 1,413,000 1.61 73,000 687,000 2.56 56,500
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The resource estimate used ordinary Kriging, with ellipsoid parameters determined within each particular zone. The details of the estimation parameters can be found within the technical document which has been filed at www.sedar.com.Mr. Jeffery Ackert, Vice President, Technical Services, is the Company's Qualified Person under National Instrument 43-101. Ron Little, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Orezone stated, "The current resource estimate is a good start towards building sufficient resources for a heap leach operation.Based on current gold prices and operating costs operating costs npl → gastos mpl operacionales for the West African 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. region, a resource of double this size at the same grade or better is likely required to make a production decision." He added that, "Recent drill results provide encouragement that we can achieve this goal and we are also evaluating a number of other scenarios in order to advance this project towards production." Orezone currently has drill rigs working at each of the Sega, Bondi, Kossa and Essakane projects and partner 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. has three additional rigs working at Essakane.The Company expects to be in a position to issue drilling results and updates on all of these projects in the near future. Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a 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. .Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is 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. 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 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. Orezone Resources Inc. (TSX:OZN) (AMEX:OZN) |
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