Orezone Reports Q3-2023 Gold Production

Vancouver, British Columbia, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide Q3-2023 production results from its Bomboré Gold Mine, located in Burkina Faso.

Q3-2023 Highlights

• Gold production of 30,726oz, totalling 107,509oz year-to-date.
• Gold sales of 29,167oz at an average realized price of US$1,910/oz resulting in sales of US$55.7M.

Patrick Downey, President & CEO stated, “Production in Q3 exceeded our expectations, with higher than budgeted mining and processing rates achieved during the rainy season. This is a testament to the experienced operating team at Bomboré, and their operational preparedness as mining and processing of oxide material in wet conditions can prove difficult. With the Q3 rainy season now behind us, and a favorable outlook for Q4, Orezone remains well-positioned to meet the lower end of its 2023 guidance of 140,000-155,000oz.

The impact of historical artisanal mining on ore grades realized in H1 was localized, and during Q3 was only observed in the month of July. For August and September there was minimal impact, with monthly production averaging 11,289oz as pit depths are now below that of the affected artisanal horizon.

Significant progress was also made during the quarter on the Bomboré grid power connection, with all tower foundations complete, and over 50% of the towers now installed. The project remains on time and on budget, with energization scheduled for late 2023. Once connected, this will significantly lower Bomboré’s operating costs and carbon footprint.

Lastly, the Company expects to release the results of the Bomboré Phase II Expansion and Updated
Life-of-Mine study during the week of October 8^th.”

2023 Production Results

	Unit	Q3-2023	Q2-2023	Q1-2023	9M-2023
Ore processed	Tonnes	1,453,541	1,400,160	1,445,693	4,299,394
Ore grade	Au g/t	0.74	0.87	0.96	0.86
Plant recovery	%	88.8	91.1	92.2	90.9
Gold produced	Au oz	30,726	35,482	41,301	107,509
Gold sold	Au oz	29,167	33,608	43,139	105,914