BURKINO FASO – OREZONE RESOURCES of Ottawa has completed a US$200-million financing with which to buy out partner GOLD FIELD’s 60% interest in the Essakane gold project. Orezone paid $150 million in cash and issued shares to cover the balance.
The Essakane property is about 330 km northeast of Ouagadougou, the capital of Burkino Faso. Small-scale mining of gold-bearing quartz veins on the property began in the mid-1980s. Although Orezone says about half the property has been explored, the company has identified a wide, near-surface oxide deposit hosted within a volcano-sedimentary sequence in a greenstone belt. The deposit is estimated to contain total indicated resources of 78.4 million tonnes grading 1.58 g/t Au or 4.0 million oz of gold (at 0.5 g/t cutoff).
Orezone plans to bring Essakane to production as its first gold mine. Additional information is available at www.Orezone.com.