Orezone cuts prospect at Essakan

Ongoing rapid-air-blast drilling by Orezone Resources (ORZ-T) has turned up a new gold prospect at the Essakan property in Burkina Faso, West Africa.

The prospect, which overlies the Soka gold anomaly, returned upwards of 2.44 grams per tonne over 6 metres of saprolite. Highlights include:

— hole 436, which cut 36 metres grading 0.65 gram gold per tonne, including 8 metres of 2.12 grams gold near the top of the hole;

— hole 435, which cut 13 metres running 1.24 grams, including 6 metres of 2.44 grams beginning at a depth of 28 metres downhole;

— hole 441, which cut 20 metres averaging 0.93 gram gold, including 10 metres of 1.53 grams; and

— hole 434, which cut 8 metres grading 0.35 gram.

Orezone also notes that gold-bearing saprolite was intersected farther to the west, suggesting a bedrock source some 250 metres in strike length.

In all, the company sunk 45 holes in the Soka anomaly along three fences some 400 metres in length and 250 metres apart. One of the fences proved barren, suggesting it may be positioned too far to the south. The Soka anomaly lies 12 km southeast of the Main zone at Essakan.

Meanwhile, some 7 km east of the Main zone, Orezone sunk 98 rapid-air-blast holes (for 1,796 metres) in the Fala target. The target is thought to represent the strike extension of an altered and sheared mafic intrusive body from which 18 metres grading 3 grams were pulled by a previous reverse-circulation hole.

Results from the first 28 holes indicate widespread mineralization north of the main pit. Hole 475 returned 9 metres running 2.03 grams gold, and hole 477, 10 metres running 1.43 grams gold.

Results from the remaining holes are expected shortly, as are those from holes collared on the Gossey, Korezeina and Taradat targets. Follow-up reverse-circulation drillling at Soka and Fala is under way.

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

Based on previous work by the company now known as BHP Billiton (BHP-N), resources at Essakan stand at 20 million tonnes grading 2 grams gold per tonne. The goal is to outline at least 2 million oz. at a cutoff grade of 3 grams.

Meanwhile, on the Sega project, Orezone is more than half-finished a 7,000-metre program of reverse-circulation drilling, and initial results are expected shortly. Once the program is done, the rig will be relocated to the Bondi project in order to infill the recently discovered North zone, where upwards of 3.8 grams over 42 metres were intersected in previous drilling.

Drilling will also target five targets similar to the North zone.

Prefeasibility studies may follow in early 2004.