Partners expand Essakan resource (August 09, 2004)

Orezone Resources (OZN-T) and Gold Fields (GFI-N) have updated the resource estimate for the Essakan main zone at the Essakan property in Burkina Faso. As a result, the gold resouce has increased by 45%.

The indicated resource now stands at 30.5 million tonnes grading 1.95 grams gold per tonne (or 1.91 million oz. gold) at a cutoff of 1 gram per tonne. In addition, there is an inferred resource of 4.4 million tonnes grading 2 grams gold.

If a 1.5-gram per tonne cutoff is used, the indicated resource is 18.1 million tonnes grading 2.43 grams gold (or 1.42 million oz. gold). The inferred resource, in this case, is 2.7 million tonnes grading 2.5 grams gold.

The resource estimate was prepared by the U.K.-based office of SRK Consulting, in accordance with National Instrument 43-101 standards.

The Essakan main zone contains higher-grade shoots plunging northeast in a lower-grade deposit (about 1.5 grams gold per tonne) in the nose of an anticline that strikes northwest.

Orezone is operating the project. Gold Fields is earning a half-interest by spending US$8 million over five years (almost US$3 million of this has been spent).