Orezone Gold Corporation (ORE.TSX) represents an excellent opportunity to invest in an emerging West African developer. The Company's world-class Bomboré gold deposit has the flexibility to be developed in stages in order to reduce the initial capital requirements. A full feasibility study to develop the near surface oxide resources using a combined heap leach and CIL circuit was completed in April 2015 along with filing an application for a mining permit in May 2015. Management has the experience and ability to build a team that would bring this deposit into production pending improved capital market conditions.
- Orezone has developed +12 Moz of gold resources in Burkina Faso in the past 10 years
- Built a development team & commenced construction at Essakane prior to selling it to IAMGOLD during the difficult markets of 2008.
- Tim Miller - COO for Orezone, developed and operated HL and CIL operations for Glamis, Goldcorp and operations in Ghana.
Bomboré - Largest Undeveloped Gold Project in the region that can be build in Stages
- Near-surface, large tonnage, low grade gold deposit
- 4.56 M&I + 0.72 Moz Inferred resource (April 2013)
- +2 Moz of oxide resources in the top 50 m that is heap leachable, high grade based on heap leach comparables, high recoveries, low cost
- Largest undeveloped oxide resource in West Africa and one of the largest underlying sulphide resources amenable to simple CIL processing
- Expansion potential: Average depth of drilling is only 120 m
- 85 km from the capital city, adjacent to the national highway, with nearby power & water
2015 Milestones Achieved
- Completed NI 43-101 feasibility study (FS) for an oxide only HL/CIL circuit with no grinding and no cement agglomeration at Bomboré in April 2015
- Applied for a mining permit for Bomboré on the basis of the FS in May 2015
- Applied for a three-year exceptional exploration permit extension on the Bondi project and received approval in August 2015
- Secured long term “back-up” financing facility with Sandstorm
- Secured private placement financing with Ross Beaty and other credible institutional investors
- Q3 2016 – Bomboré resource update to include 50,000m of additional drilling
- Q3 2016 - Expected approval of Bomboré mining permit