05/02/2008 - 12:15

GRD Minproc contracted to $381m African gold project

05/02/2008 - 12:15

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Orezone Resources Inc. has awarded GRD Minproc with the engineering, procurement and construction management contract for processing facilities at the Essakane Gold Project in Burkina Faso, West Africa.

Orezone Resources Inc. has awarded GRD Minproc with the engineering, procurement and construction management contract for processing facilities at the Essakane Gold Project in Burkina Faso, West Africa.

GRD Minproc has successfully completed 130 gold projects, nine in West Africa, and will be responsible for a range of services including site infrastructure, a carbon-in-leach processing facility and assistance with commissioning.

The definitive feasibility study indicates the project has a capital cost of US$346 million ($381 million), and when operational is expected to produce an average of 292,000 ounces of gold per annum, operating at an annual milling rate of 5.4 million tonnes.

"We are very fortunate to have a senior experienced team at GRD Minproc, that will have taken the project from concept to commissioning," said Louis Gignac, Project Executive for Orezone. "We look forward to getting started on construction."

"Essakane is a large project that will build on GRD Minproc's unrivalled expertise in gold extraction and the timely delivery of projects," said GRD Limited Chief Executive, Cliff Lawrenson.

"Our African team has a strong understanding of critical project execution issues such as transport, logistics and management of local contractors. Having carried out the Essakane Definitive Feasibility Study, we are very impressed with the tenacity of the Orezone team as well as their focus on Burkina Faso - we look forward to working together on this exciting project," continued Mr. Lawrenson.

Orezone is an explorer and emerging gold producer whose main asset is Essakane, the largest gold deposit in Burkina Faso, West Africa. Essakane contains 4.0Moz of indicated resources and 1.3Moz of inferred resources at a 0.5g/t cut-off. Reserves contained within a US$500 gold price mine plan are 2.65 Moz.

The deposit remains open and untested below 300m from surface and is surrounded by several satellites deposits.

Orezone has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world's fastest growing gold producing regions.

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