Orezone Reports Q2-2023 Gold Production

VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide Q2-2023 production results from its Bomboré Gold Mine.

Q2-2023 Highlights

• Gold production of 35,482oz, totalling 76,783oz for H1-2023.
• Gold sales of 33,608oz at an average realized price of US$1,970/oz resulting in sales of US$66.2M.
• Senior loan principal repayments of US$19.1M and US$28.8M for Q2-2023 and H1-2023, respectively. Senior loan of US$66.4M remains outstanding.
• Cash position of US$32.3M as at June 30, 2023.

Patrick Downey, President & CEO stated, “Q2 marked another solid quarter at Bomboré, with ore processed continuing to achieve rates beyond nameplate design. Overall mill throughput for the quarter was slightly below that of Q1 due to lower than planned plant availability from routine maintenance for the installation of newly designed mill liners and the replacement of worn shafts in the front-end mineral sizer. All major planned maintenance for the year is now complete and the Company expects quarterly throughput in the second half of 2023 to reach record levels.

Gold production benefited from the reclaim of higher-grade stockpiles in the first half of the year with head grades expected to continue to moderate in the second half. The Company re-affirms its 2023 annual production guidance of 140,000 to 155,000 ounces.

Work on the Phase II Hard Rock Expansion Feasibility Study continued during Q2, with mine design and scheduling now underway. Project costing is well-advanced with initial reviews of detailed quotes for long lead items ongoing. The expansion study remains on track for completion at the end of Q3-2023.

Significant progress was also made on the Bomboré grid power connection, with right-of-way clearing complete and tower installations commencing. Energization of the grid connection is slated for late 2023 which will see current power costs dramatically reduced.”

2023 Production Results

	Unit	Q2-2023	Q1-2023	H1-2023
Ore processed	Tonnes	1,400,160	1,445,693	2,845,853
Ore grade	Au g/t	0.87	0.96	0.92
Plant recovery	%	91.1	92.2	91.7
Gold produced	Au oz	35,482	41,301	76,783
Gold sold	Au oz	33,608	43,139	76,747