Orezone’s Burkina Faso drill program update

The first seven shallow, reverse-circulation infill holes on the Main zone at the Bondi gold project in Burkina Faso, West Africa, have returned encouraging results for Orezone Resources (ORZ-T).

Results are:

• Hole 42 – 4 metres grading 2.7 grams gold per tonne;
• Hole 43 – 6 metres averaging 3.2 grams gold;
• Hole 44 -11 metes running 3.8 grams gold, and 8 metres of 2.4 grams;
• Hole 45 – 2 metres grading 3.4 grams gold;
• Hole 46 – 15 metres of 3 grams;
• Hole 47 – 14 metres of 2.8 grams, and 6 metres running 2 grams; and
• Hole 48 – 11 metres containing 6.1 grams gold per tonne.

The holes, sunk on 50-metre centres and angled at minus 45, generally tested the zone between 10-40 metres below surface. The holes tested only an 800-metre portion of a 4-km gold-in-soil anomaly situated on the 45-km-long mineralized corridor controlled by Orezone.

Results are pending from a second course of holes designed to test the zone at a vertical depth of 65 metres. Previous shallow, reverse-circulation drilling was highlighted by 42 metres running 3.8 grams gold. The zone remains open at depth and may be offset and extend further to the south.

Orezone plans an initial resource calculation for the Bondi main zone in the first quarter of 2004.

Results from twelve holes to test extensions and parallel zones outlined via sampling and trenching around the Main zone are expected before year-end.

Meanwhile, initial RC drilling on the Falagountou target on the Essakan property 500 km to the northeast returned up to 33 metres running 3.9 grams gold. The mineralization is associated with a gabbro intrusive body and sediments. Core drilling along strike and at depth is planned for January.

At Sokadie, 15 km south of Essakan Main zone, drilling yielded up to 10 metres of 2.1 grams in hole SRC472 and 8 metres averaging 2.2 grams gold in hole SRC476.

At the Gossey target, 10 km northwest of the Main zone, rotary-air-blast drilling cut three sections of bedrock mineralization over 850 metres of strike length. The drilling focussed on a soil geochemical anomaly measuring up to 10 km. Pending positive results from 1,117 metres worth of RC drilling, Orezone plans to drill test the target on 100-metre centres.

Based on previous work by BHP Billiton (BHP-N), resources at Essakan are pegged at 20 million tonnes grading 2 grams gold.

Gold Fields (GFI-N) can earn a half-interest in Essakan by spending US$8 million. Delivery of a bankable feasibility study boosts its position to 60%.

The news, and a higher gold price, had shares in Orezone a nickel, or nearly 5%, higher at $1.10 in late afternoon trading in Toronto on Dec. 22.