Orezone Reports 2023 Gold Production and Connection of the Bomboré Mine To the National Grid

VANCOUVER, British Columbia, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce 2023 gold production results and connection of the Bomboré Mine to the national grid.

Q4 and Full Year 2023 Production Results

• Gold production totalled 33,916oz during the fourth quarter, and 141,425oz for the full year 2023, achieving annual guidance of 140,000 to 155,000oz.
• Gold sales during the quarter were 33,782oz at an average realized price of US$1,997/oz, resulting in sales of US$67.5M.
• For the full year, gold sales totaled 139,696oz at an average realized price of US$1,940/oz, resulting in sales of US$271.0M.
  

Patrick Downey, President & CEO stated, “With a strong Q4, the Bomboré mine had a successful first full year of operations and achieved guidance, which is a testament to the hard work and dedication of our operating team. Operational performance was matched by a strong safety record, with no lost-time injuries in 2023.”

Bomboré Connection to the National Grid

Mr. Downey continued, “I am also very pleased to report that construction of the Bomboré powerline was completed on-schedule in late December (Photo 1 below). Commissioning and acceptance by the state power provider SONABEL to bring power to site commenced in early January and has now been completed. Process plant energization is in progress and will be completed by January 21, 2024.

The powerline replaces the use of onsite diesel gensets for power, significantly lowering our operating costs and carbon footprint.”

Phase II Expansion

Early works for the Bomboré Phase II expansion commenced in the fourth quarter of 2023. These activities included: ordering of the SAG mill, early-stage engineering, and bulk earthworks (Photo 2 below) on the hard rock mill site.

Discussions with our senior lender, Coris Bank, are ongoing and the Company expects to receive a financing proposal later in the first quarter.

Bomboré 2023 Production Results

	Unit	Q4-2023	Q3-2023	Q2-2023	Q1-2023	FY-2023
Ore processed	Tonnes	1,449,769	1,453,541	1,400,160	1,445,693	5,749,163
Ore grade	Au g/t	0.82	0.74	0.87	0.96	0.85
Plant recovery	%	88.9	88.8	91.1	92.2	90.4
Gold produced	Au oz	33,916	30,726	35,482	41,301	141,425
Gold sold	Au oz	33,782	29,167	33,608	43,139	139,696

Completed Powerline and Substation – Photo 1