Name and Location
Bomboré gold project, Burkina Faso.

Client
Orezone Gold.

Project Description
The 105 km² Bomboré gold property is the largest undeveloped gold deposit in Burkina Faso. Metallurgical testing at the project has revealed that the deposit is amenable to heap leaching, with indicated recoveries grading at 82% for oxide, 80% for transition and 93% recoveries for carbon-in-leach (CIL) mining.

The project plans to develop an openpit oxide heap-leach operation and a large CIL operation, with a total capacity of more than nine-million tons of ore a year.

The base case heap-leach project will have an eight-year mine life and average yearly production of 118 000 oz of gold, while it is envisioned that the larger CIL operation will operate for over nine years and produce an average of 240 000 oz/y of gold.

Value
The initial capital cost estimates for the heap-leach and CIL projects are estimated at $204.7-million and $499.5-million respectively.

Duration
First gold production from the mine is planned for 2015.

Latest Developments
Orezone has announced the results of an ongoing infill and expansion drill programme at the Bomboré project.

An additional 75 000 m of results have been released since the August 2012 resource estimation. The 100 000 m drill programme continues to demonstrate the potential to upgrade and expand the resources, especially the softer near-surface oxide resources. The current resource is constrained within optimised openpit shells that span 11 km and includes 4.13-million ounces of measured and indicated resources and 1.03-million ounces of inferred resources, with an average depth of drilling to only 120 m. The oxide portion of the resource occurs in the top 50 m and includes 1.76-million ounces in measured and indicated resources and 260 000 oz of inferred resources.

The company has recently commissioned an interim/internal resource update using 771 holes of the current programme that will bring the total database to more than 5 034 holes. The update is expected to be completed in the first quarter of 2013 and will be the basis for the reserves of the full feasibility study to be released during the second half of 2013.

Meanwhile, work continues on the feasibility study, with various trade-off studies to finalise the plant site location, optimal grinding circuit, water storage system, tailings design, as well as geotechnical and environmental studies.

All geotechnical drilling and work on the ground was completed before the end of 2012, with the results and reports pending. The first-quarter resource update will include pit slopes derived from the geotechnical drilling and studies.

Although results from the 2012 detailed variability metallurgical tests should be released during the first quarter of 2013, Orezone Gold continues to study the soft- and hard-rock ores to further optimise the design of the grinding circuit so that the CIL plant can be built in two phases.

Current preliminary results are positive and indicate that up to 60% of the near surface saprolite oxide resources does not require grinding and could report directly to the CIL leaching circuit. This would allow for a small grinding circuit (ball mill), with lower power consumption.

Orezone’s objective is to improve project returns by reducing the initial capital expenditures and operating costs through the processing of only the softer surface ores for at least the first five to six years, with subsequent expansion of the grinding and leaching circuit funded from cash flows generated from the operation. Results of the ongoing trade-off studies will be released as they are completed.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Orezone Gold (Burkina Faso), tel +226 50 35 5642 or fax +226 50 35 5644; or CEO Ron Little, tel +1 613 241 3699 or email rlittle@orezone.com.