Investors should be watching closely (and buying) Orezone Gold.
We note in particular that the recovery rates are better than expected and the mill is working extremely well.
This is quite important, in our view.
Also, pay attention to all the infill drilling that was done that has yet to be added to the resources.
We would not be surprised to see additions to this remarkable management team as they continue to impress and grow.
In addition, are you watching what’s happening with gold and other precious metals? They’re SOARING thanks to the latest news out of Federal Reserve Chairman Jay Powell.
In a speech at the Brookings Institution in Washington yesterday, Powell strongly hinted he’s ready to “downshift” to smaller interest rate hikes. That could happen as soon as the next Fed meeting scheduled for Dec. 13 and 14.
The market reaction was swift and severe. The US dollar tanked, while gold, silver, and mining shares surged. In the early going today, gold is up ANOTHER $56 an ounce, while silver is up another 5% (after rising more than 4% yesterday).
If you’ve been in this business as long as we have, then you know you have to strike when the iron is hot, and the duck is quacking.
Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone”) is pleased to announce that the Bomboré Gold Mine (“Bomboré”) has achieved commercial production, effective December 1, 2022.
Orezone has declared commercial production at Bomboré based on achieving 30 consecutive days of mill throughput exceeding 70% of nominal nameplate capacity of 14,250 tonnes per day (“tpd”) and recovery reaching design levels of 90%. During November 2022, the mill processed 364,123 ore tonnes (12,137 tpd) at a recovery rate of 91%.
Patrick Downey, President & CEO commented, “Commercial production at Bomboré is a significant milestone and transforms the Company to producer status. We congratulate the Bomboré team for their excellent execution in achieving this goal. With our power supply issues now firmly behind us, we are focused on optimizing plant performance and steadily increasing throughput and availability with the objective of exceeding design capacity.”
Management plans to provide annual guidance for Bomboré in January 2023.
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian mining company operating the open pit Bomboré Gold Mine in Burkina Faso.
Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes. The Company believes that Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. A 77,000 m infill and expansion drill program is ongoing and once completed, the Company plans to issue an updated mineral resource and reserve statement and feasibility study, as part of this Phase II expansion. It is expected that the studies will be completed in H1-2023 to be followed by a production decision.
IWA is a shareholder of Orezone Gold Corporation
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company’s operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.