VANCOUVER, BC, Feb. 23, 2025 /CNW/ – Orezone Gold Corporation (TSX:ORE) (OTCQX:ORZCF) (the “Company” or “Orezone”) is pleased to announce that it is advancing several transformational initiatives to (1) accelerate production growth and exploration at its Bomboré Gold Mine, and (2) further enhance the Company’s capital markets profile. These initiatives include:
- Plans to accelerate Stage II of the Bomboré hard rock expansion by two years to achieve an optimized gold production profile of 220,000-250,000 ounces per year by late 2026. Subject to final board approval, the Stage II hard rock expansion would commence in H2-2025 and follow the current Stage I expansion, which is scheduled to achieve first gold in Q4-2025. Stage I is forecasted to increase gold production to 170,000-185,000 ounces in 2026.
- An expanded exploration program designed (1) to accelerate exploration of multiple higher-grade centers of mineralization, and (2) to illustrate the broader size and scale of the Bomboré mineralized system, given the average reserve pit depth of less than 40 metres.
- Intention to dual list on the Australian Securities Exchange (“ASX”) to further enhance the Company’s capital markets profile through access to an incremental pool of institutional investors including specialist mining focused funds.
Patrick Downey, President and CEO stated, “Orezone is excited to be advancing these transformational initiatives during this period of record high gold prices. We believe that an acceleration of the Stage II hard rock expansion to an overall production profile of 220,000-250,000 ounces per year will serve to maximize free cash flow in the coming years, positioning Orezone with a cornerstone asset from which to diversify and grow its production base. This strategic goal will be complemented by our plans to list on the ASX, which is expected to enhance the Company’s trading liquidity and promote better access to investment capital.
In parallel with these initiatives, the Company plans to further ramp-up exploration at Bomboré in the coming quarters, with additional drill rigs to be added to the current program. With a current stated mineral reserve of 2.4Moz at average reserve pit depth of less than 40 metres, the Company sees significant exploration upside at Bomboré. The near-term focus of exploration will be to illustrate the higher-grade open pittable and underground potential at Bomboré, as well as continuity of the mineral system at depth along the 14-kilometre reserve defined strike length.”
Acceleration of Stage II Hard Rock Expansion
The processing complex at the Bomboré Gold Mine currently comprises a 6.0 million tonne per annum (“Mtpa”) oxide plant, which entered into commercial production in late 2022. The Company plans to expand production by constructing an independent hard rock plant adjacent to the oxide plant that is in current operations. Stage I of the hard rock expansion, which …
