Orezone seeks merger with Coronation International

Ottawa-based Orezone Resources (ORZ-T) has made a merger deal with London Ofex-listed Coronation International Mining, which would bring a number of west African properties into Orezone.

The deal is still preliminary and terms have not been made public, but the merger is conditional on Orezone closing a $2-million financing, after which the merged company would have about 67 million shares outstanding.

Coronation holds the Essakan gold project in Burkina Faso, where former operator BHP, now BHP Billiton (BHP-N), outlined a resource of about 20 million tonnes grading 2 grams gold per tonne. At the Pagala base metal project in Togo, Anglo American (AAUK-Q) has agreed to earn a 60% interest from Coronation by providing a pre-feasibility study.

Orezone holds a portfolio of properties including four in Burkina Faso and the Kantela project near the Sadiola mine in western Mali, where drilling last September intersected a gold-mineralized breccia zone near the surface.

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