VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce its third quarter 2024 gold production results from its Bomboré Gold Mine:
- Gold production of 26,581 ounces, totaling 82,244 ounces year-to-date
- Gold sales of 27,698 ounces at an average realized price of US$2,473/oz, resulting in sales of US$68.5 million
- Quarter-end cash balance of US$66.9 million and senior debt of US$68.1 million after a further repayment of US$5.0 million in principal during the quarter
Patrick Downey, President & CEO stated, “Q3 marked another strong operating period at Bomboré, with a quarterly record of 1.5 million ore tonnes processed. Through the quarter, the Company was successful in accessing, pre-stripping, and commencing production in the higher-grade, free-digging Siga Zone oxides in the south. However, mill feed from this newly accessed, higher-grade zone, was lower than planned during the quarter due to delays from heavy rains and a four-day plant shutdown including a full ball mill reline in late September.
With the conclusion of the rainy season and completion of all scheduled annual mill maintenance, we fully expect fourth quarter gold production to be the strongest quarter for the year with increased ore contribution from the Siga Zone. The Company is on track to meet the mid-point of its 2024 production guidance of 110,000 to 125,000 ounces, evidenced by the strong gold production of 6,331 ounces through the first 15 days of October, at a head grade of 0.85 g/t gold. With record gold prices and unhedged gold sales, we expect additional cash generation in the last quarter of the year.”
Bomboré Production Results (100% Basis)
| Unit | Q3-2024 | Q2-2024 | Q1-2024 | Nine Months Ended September 30, 2024 |
| Ore processed | 1,491,740 | 1,428,396 | 1,355,619 | 4,275,755 |
| Ore grade | 0.63 | 0.64 | 0.78 | 0.68 |
| Plant recovery % | 87.4 | 86.8 | 89.0 | 87.8 |
| Gold produced Oz | 26,581 | 25,524 | 30,139 | 82,244 |
| Gold sold Oz | 27,698 | 24,937 | 31,229 | 83,864 |
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.
The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.
Contact Information
Patrick Downey
President and Chief Executive Officer
Vanessa Pickering
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
QUALIFIED PERSONS
Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Readers are cautioned not to place undue reliance on forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.
### Additional Insight
By mentioning that delays in production were experienced due to heavy rains and a plant shutdown for maintenance, it shows the operational challenges faced in the mining industry that can impact quarterly results. This provides a deeper understanding of the factors affecting the company’s performance.
### Production Consistency
Despite the challenges faced in the third quarter, Orezone Gold Corporation has shown a strong commitment to meeting its production guidance for 2024. The positive outlook for increased ore contribution from the Siga Zone in the fourth quarter indicates the company’s resilience and ability to adapt to changing circumstances in order to achieve its targets.
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