Orezone Resources Inc. - Acquisition of a Gold Property in Burkina Faso, Africa.

OTTAWA--(BUSINESS WIRE)--Oct. 3, 1996--ORZ (ME ORZ.) Orezone Resources Inc. is pleased to announce that it has acquired a Gold Property in Burkina Faso and established a joint venture agreement with GEOMAQUE EXPLORATIONS LTD. (GEO-TSE) on the property.

The Intiedougou Property, is located in Southwestern Burkina Faso approximately 100 km east of Bobo-Dioulasso. The Property has an area of 500 km squared within the eastern border of the Hounde Birimian Archean Greenstone Belt that trends north-south over a length of 400 km. Prospecting for gold is an old activity in this area, and very ancient small scale mining vestiges can be observed. More recently, systematic soil sampling campaigns have covered most of the belt, and within the property area, these samples have yielded gold values ranging from 5 ppb to 5000 ppb (5 g), and average 45 ppb. At least four very anomalous gold zones have been outlined, with gold values averaging 0.3 g/tonne and greater, but have not been explored in detail.

In the north east corner of the Property the "Pekpirine" stream drainage basin has been examined in greater detail by the BUMIGEB- Bobo, with over 100 test pits up to 6 m deep, in the softer saprolitic material. The mineralization is thought to be continuous and occurs within an underlying porphyritic or granitic intrusive. Local experts have stated that this intrusive is mineralized as indicated by shallow auger drilling over an area of 1 km squared, and samples grade up to 5.0 g/tonne. A recent compilation of the test pit results has indicated a resource of more than 40,000 ounces of alluvial gold within an a 2 m horizon, less than 6 m from surface (0.4 g/m cubed). Based on these results, Orezone is interested in the gold bearing potential of the underlying host rock that are expected to be weathered to a depth of 60 to 70 m. If the mineralization found at surface extends to these depths, the result may be a low cost, bulk tonnage, mining situation.

Orezone is also pleased to have formed a joint venture on this project, with Geomaque Explorations Ltd., of Toronto, on a 50:50 basis, and Orezone will be the operator. Orezone and Geomaque have acquired a 75 percent interest in the property for cash payments, in US funds of $50,000, $60,000 and $80,000 annually, over the next three years, and a total of $2.0 million in exploration expenditures over four years. Geomaque will contribute $40,000 to the first year's payments. All subsequent payments and costs will be shared equally with Orezone. Orezone and Geomaque can acquire the remaining 25 percent interest in the project for $1.5 million at any time and Geomaque will make a payment of $100,000 to Orezone upon the fourth anniversary of the joint venture. Geomaque is currently active in Burkina Faso and consequently, Orezone will benefit from their experience and expertise.

Orezone and Geomaque have concluded that the property has significant, large scale, geochemical gold anomalies that are ready to be tested by drilling. Orezone plans to commence a 30 to 40 hole, 25000 m reverse circulation drill program, as early as mid November. The property is easily accessible by road and is within three hours drive from the capital, Ouagadougou.

The above agreements are subject to the approval of the regulatory authorities.

On behalf of the Board of Directors, Ronald N. Little, President.

CONTACT: Orezone Resources Inc.

Ronald N. Little, 613/241-3699

613/241-6005 (FAX)

or

Geomaque Exploration Ltd.

Sean Stokes, 416/956-7470

416/956-7471 (FAX)