Orezone Provides Bomboré Project Development Update Including Award of Mining Contract - Seite 2

Grade Control (“GC”) Drilling

The Company completed a 527-hole 19,759 metre GC drilling program of the OCR in December 2020. The GC resource and reserve models are now being completed and are expected to reconcile positively to the OCR grades and tonnes included in the current Bomboré reserve model.

EPCM

Since the recent appointment of Lycopodium Minerals Pty. Limited (“Lycopodium”) in January as the EPCM contractor, the Company has rapidly advanced engineering and procurement activities, and made significant progress on refining the project construction timeline. The Company’s key procurement and site-based activities in the upcoming months will be focused on the following:

• Pre-production mining to commence in March 2021
• Ball mill order (a critical long lead item) to be placed in March 2021
• Award of power plant contract in March 2021
• Site-wide bulk earthworks to commence April 2021

The Company will provide a further update on the construction timetable once refinement of the project schedule is completed with Lycopodium.

Expansion of Orezone Team

The Company has expanded its technical and finance teams at both the project and corporate head office in anticipation of the rapid ramp up of engineering and construction activities. The Company has granted stock options totalling 500,000 common shares as well as 100,000 restricted share units to these new Company employees. Each stock option is exercisable at C$1.05 per common share and each restricted share unit is exercisable into one common share of the Company upon vesting.

Qualified Person

Dr. Pascal Marquis, Geo., Senior VP Exploration, and Ian Chang, P. Eng., VP Projects, are the Qualified Persons who have approved the scientific and technical information in this news release.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX.V: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso.

The 2019 feasibility study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Current Bomboré mineral resources are in excess of 5 million ounces of gold. Orezone is now fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.