Project Highlights
Location:  Burkina Faso, West Africa
Ownership:  90%
Type of Mine:  Open Pit Gold
Status:  Development
Production:  Avg. 117,760 oz/year 
13+ years mine life
Throughput:  5.2mtpa (3.0mtpa oxide circuit – 2.2mtpa sulphide circuit)
Reserves:  1.8Moz @ 0.81 g/t gold P&P
Resources:  5.1Moz @ 0.69 g/t gold M&I (inclusive of reserves)

Bomboré is one of the largest undeveloped gold deposits in Burkina Faso, and one that can be built in stages to reduce initial Capex.

The Company owns a 90% interest in the development stage Bomboré project with the government of Burkina Faso retaining a 10% carried interest. Bomboré is situated 85 km east of the capital city of Ouagadougou and is readily accessed by paved international highway thereby offering excellent infrastructure and simple logistics. Bomboré hosts large Free Digging oxide resources underlain by higher-grade sulphide resources. On June 26, 2019 the Company announced an updated feasibility study (“FS”)* which outlines a long-life, low cost open pit gold mine for Bomboré.

Project Highlights

  • Shear-zone hosted: 11 km long x 200 m average width
  • Average depth of drilling to date is 120 m
  • 85 km from the capital of Ouagadougou, adjacent to a major highway with nearby power and water
  • 90% owned and a sliding scale 3 to 5% net smelter royalty (“NSR”)
  • Stage 1 development to mine the Free Dig shallow oxide reserves by open-pit, CIL operation, no crushing and minimal grinding
  • Stage 2 development to mine the higher-grade sulphide and lower-grade transition ore and funded from oxide cashflows
  • Phase 1 construction of the Resettlement Action Plan (RAP) is 100% complete

2019 Feasibility Study Highlights

(at Base Cast gold price of $1300/oz. All reported figures are in US dollars and are on a 100% project basis unless otherwise stated)

  • Pre-tax NPV5% of $513.5M and IRR(1) of 61.9% with a 1.5-year payback
  • After-tax NPV5% of $361.0M and IRR(1) of 43.8% with a 2.5-year payback
  • Mine life of 13+ years with life-of-mine ("LOM") gold production of 1.6M ounces and average annual production of 133.8k ounces in the first 10 years
  • Initial project construction costs estimated at $153.0M
  • LOM expansion capital costs of $63.2M
  • LOM sustaining capital costs of $66.2M
  • LOM cash costs of $681/oz with cash costs of $629/oz in the first 10 years
  • LOM AISC(2) of $730/oz with AISC(2) of $672/oz in the first 10 years
  1. IRR calculated from start of commercial production.
  2. AISC excludes Corporate G&A.


Orezone’s 150.4 km2 Bomboré Project is the largest undeveloped gold deposit in Burkina Faso. Gold resources occur at surface in several zones contained within a gold-in-soil anomaly that extends virtually uninterrupted at a level of +0.1 g/t for 14 km and represents the largest gold-in-soil anomaly in the country.

Approximately 40% of the total resource occurs in the shallow weathered horizon (average depth of about 45 m) and economic pit shells that constrain the resource can reach depths of up to 200 m.

Resources generally remain open at depth where there is excellent potential to further increase the sulphide resources. Short range strike extension potential as well as new targets suggest that additional shallow weathered mineralized material can also be added to the current mineral resources and mineral reserves.

The Company plans to develop the project in stages with Stage 1 focused on the Free Dig Oxides as a CIL operation with no crushing and minimal grinding with average recoveries of 87%.

Stage 2 will focus on the underlying higher-grade sulphides with a separate crushing and grinding circuit feeding the same CIL circuit as the oxides. This will reduce up front capital and increase annual gold production and recovered ounces over a 13+ year mine life.

The Bomboré Project is in an area of moderate population density, and local infrastructure includes a high voltage power line nearby, access to sufficient water and a local labor force. These infrastructure advantages should translate into reduced operating and development costs.


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