Mr. Patrick Downey reports
OREZONE INCREASES BOMBORE AFTER-TAX NPV BY $137.5M (+62%) AND RESERVES BY 686KOZ (+60%) WITH MODEST ADDITIONAL UPFRONT CAPITAL
Orezone Gold Corp. has released the results of its updated feasibility study, which incorporates a staged phase 2 sulphide expansion for its 90-per-cent-owned Bombore gold project in Burkina Faso, West Africa. (All reported figures are in U.S. dollars and are on a 100-per-cent project basis unless otherwise stated.)
2019 feasibility study highlights (at base-case gold price of $1,300 per ounce):
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Pretax net present value discounted at 5 per cent of $513.5-million and IRR (internal rate of return) (1) of 61.9 per cent with a 1.5-year payback;
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After-tax NPV discounted at 5 per cent of $361.0-million and IRR (1) of 43.8 per cent with a 2.5-year payback;
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Mine life of 13-plus years with life-of-mine (LOM) gold production of 1.6 million ounces and average annual production of 133,800 ounces in the first 10 years;
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Initial project construction costs estimated at $153.0-million;
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First gold pour targeted for June, 2021;
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LOM expansion capital costs of $63.2-million;
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LOM sustaining capital costs of $66.2-million;
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LOM cash costs of $681 per oz with cash costs of $629 per oz in the first 10 years;
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LOM AISC (all-in sustaining costs) (2) of $730 per oz with AISC (2) of $672 per oz in the first 10 years.
Notes
(1) IRR calculated from start of commercial production.
(2) AISC excludes corporate G&A (general and administrative costs).
The 2019 feasibility study incorporates a staged phase 2 sulphide expansion with production commencing in year three of oxide operations. This expansion, financed from oxide cash flows, significantly improves the overall gold production profile and project economics by processing 17.6 million tonnes of higher-grade sulphide and lower-grade transition (LT) ore. Furthermore, the addition of these reserves and the oxides within the restricted zones facilitates the increase in the annual plant throughput from 4.5 million tonnes per annum (Mtpa) in the 2018 FS to 5.2 Mtpa in the 2019 FS.
"The staged development approach at Bombore results in increased annual gold production, improves operating margins and significantly enhances economics, including a material increase in after-tax NPV of $137.5-million. The results of the 2019 FS confirm that Bombore is a long-life, low-cost gold mine, and we continue to evaluate additional project opportunities," said Patrick Downey, president and chief executive officer. "Equally important, the decision to complete the phase 2 sulphide expansion after the start-up of oxide operations allows the company to finance construction of the sulphide circuit without the need for additional upfront capital."
Lycopodium Minerals Canada Ltd. of Toronto, Canada, was the lead 2019 FS consultant (process engineering and overall study manager), supported by Knight Piesold Consulting of Denver, the United States (tailings and water storage systems), AMC Consultants of Vancouver, Canada, and Maidenhead, United Kingdom (reserves and mining), Roscoe Postle Associates Inc. (RPA) of Toronto, Canada (mineral resources), and AnteaGroup, France (social and environmental).
The company will host a conference call and webcast on June 27 at 10:30 a.m. EDT, to further discuss the Bombore 2019 FS results. Details are provided at the end of this press release.
BASE-CASE SUMMARY
COMPARISON OF 2018 FS VERSUS 2019 FS
Description 2018 FS 2019 FS
Base-case gold price (U.S.$/oz) $1,275 $1,300
Mine life (years) 12.3 13.3
Total waste tonnes mined (Mt) 93.8 164.4
Total ore tonnes mined (Mt) 56.0 70.1 (3)
Strip ratio 1.68 2.34
Production
Processing annual throughput (Mt) 4.5 5.2
Total gold ounces recovered (ounces) 1,024,239 1,599,569
Average annual gold production (ounces) 83,271 117,760
Operating costs
Unit operating costs ($ per tonne processed) 12.38 15.53
Cash costs ($/ounce) 677 681
AISC ($/ounce) 746 730
Capital costs
Initial construction costs ($M) 143.8 153.0
Sustaining capital costs ($M) 58.9 66.2
Closure costs ($M) 14.5 17.9
Financials (1, 2)
Pretax NPV (5%) (millions) 315.2 513.5
Pretax IRR 59.3% 61.9%
Posttax NPV (5%) (millions) 223.5 361.0
Posttax IRR 42.4% 43.8%
Notes:
(1) Represents total project cash flows net of government royalties and taxes.
The government of Burkina Faso benefits from a 10-per-cent free carried
interest, sales royalties (4-per-cent NSR (net smelter royalty) between $1,000
and $1,300 gold), local development mining fund tax (1-per-cent NSR),
corporate income tax (27.5-per-cent tax rate), fuel taxes, VAT (value-added
tax) and withholding taxes on services.
(2) Exchange rate assumptions: West African CFA franc to U.S. dollar equals
550; U.S. dollar to euro equals 1.19; West African CFA franc to euro equals
655.957; fuel price delivered to site: diesel: $1.05 per litre; heavy-fuel
oil: 62 cents per litre.
(3) Total ore tonnes mined and stated mineral reserves in exclude 1.7 M tonnes
of mineralized low-grade material not in the current mill feed schedule.
The phase 1 oxide operation is scheduled to commence commercial production in fourth quarter 2021 after a 23-month construction period followed by four months of commissioning and ramp-up to commercial production. Construction of the phase 2 sulphide expansion will start in 2023 with the introduction of sulphide feed in first quarter 2024.
The sulphide circuit will be designed for a throughput of 2.2 Mtpa and consists of a single-stage jaw crusher, SAG (semi-autogenous grinding) mill, preleach thickener, a preoxidation tank and three leach tanks. After 24 hours of leaching, the sulphide material then combines with the oxide material in the existing carbon-in-leach (CIL) circuit for final leaching and gold recovery. The combined oxide/sulphide throughput will remain at 5.2 Mtpa. As previously disclosed, the sulphide circuit was originally contemplated to be 1.2 Mpta, but further optimization studies confirmed that the higher-grade LT and sulphide ore would support a 2.2-million-tonne-per-annum circuit.
Mineral resource and mineral reserve
RPA provided an updated mineral resource estimate with an effective date of Jan. 5, 2017, by incorporating the oxide material within the previously excluded restricted zones and all drilling completed to that date on the high-grade P17S deposit.
The mineral reserves estimate for the 2019 FS was prepared by AMC and is based on the 2017 mineral resources.
The mineral resource estimate comprises five separate block models, which have been combined into a global resource as shown in the attached Bombore mineral resource estimate table.
BOMBORE MINERAL RESOURCE ESTIMATE AS OF JAN. 5, 2017
Classification Measured Indicated
Cut-off Tonnage Grade Contained Tonnage Grade Contained
Au g/t 000 t Au g/t Au koz 000 t Au g/t Au koz
Oxides 0.20 31,600 0.62 628 75,300 0.53 1,273
Sulphides 0.2/0.38 9,000 0.90 260 113,600 0.79 2,894
-------- -------- -------- -------- -------- --------
Total 40,600 0.68 888 188,900 0.69 4,167
-------- -------- -------- -------- -------- --------
Classification Measured + indicated Inferred
Tonnage Grade Contained Tonnage Grade Contained
000 t Au g/t Au koz 000 t Au g/t Au koz
Oxides 106,900 0.55 1,901 20,900 0.40 265
Sulphides 122,600 0.80 3,154 32,400 0.81 842
-------- -------- -------- -------- -------- --------
Total 229,400 0.69 5,055 53,300 0.65 1,107
-------- -------- -------- -------- -------- --------
Notes:
1. CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definitions (2014)
were followed for mineral resources.
2. Mineral resource are inclusive of mineral reserves.
3. Oxide resources are made up of the regolith, saprolite and upper transition
layers reported at a cut-off of 0.2 gram per tonne gold.
4. Sulphide resources are made up of lower transition and fresh layers reported at
a cut-off of 0.2 g/t Au and 0.38 g/t Au, respectively.
5. Mineral resources have been constrained within a preliminary pit shell generated
in Whittle software.
6. Mineral resources are estimated using a long-term gold price of $1,400 (U.S.)
per ounce.
7. A minimum mining width of approximately three metres was used.
8. Bulk densities vary by material type.
9. Mineral resources that are not mineral reserves do not have demonstrated economic
viability.
10. Numbers may not add due to rounding.
For the mineral reserve estimate, AMC developed new reserve block models, for each of the resource block models, by applying the modifying factors necessary for conversion of mineral resources to mineral reserves. Those factors included, amongst others: weathering profiles, operating costs, mining dilution and extraction factors, and pit slope angles. Cut-off grade determinations for block assignments (ore versus waste) were based on a gold price of $1,250 per ounce.
BOMBORE MINERAL RESERVE ESTIMATE, JUNE 26, 2019
Classification Proven Probable
Tonnage Grade Contained Tonnage Grade Contained
000 t Au g/t Au koz 000 t Au g/t Au koz
Oxides 20,213 0.73 473 32,326 0.66 687
Sulphides 3,241 1.31 136 14,320 1.17 538
--------- --------- --------- --------- --------- ---------
Total 23,453 0.81 610 46,647 0.82 1,225
--------- --------- --------- --------- --------- ---------
Classification Proven plus probable
Tonnage Grade Contained
000 t Au g/t Au koz
Oxides 52,539 0.69 1,161
Sulphides 17,561 1.19 675
--------- --------- ---------
Total 70,100 0.81 1,835
--------- --------- ---------
Notes:
1. Oxides include regolith, saprolite and upper
transition material.
2. Sulphides include lower transition and fresh
material.
3. Mineral reserves have been estimated in
accordance with the CIM definition standards.
4. Mineral reserves are estimated at an average
long-term gold price of $1,250 (U.S.) per troy
ounce.
5. Mineral reserves are based on cut-off grades
that range from 0.300 to 0.325 gram per tonne
gold for oxides, and 0.466 to 0.555 gram per
tonne gold for sulphides.
6. Mineral resources which are not mineral
reserves do not have demonstrated economic
viability.
7. There are 1.7 Mt of low-grade mineralized
oxide material above cut-off grade remaining in
the stockpiles that are not included in the
reserves estimate.
8. Mining recovery factors estimated at 98 per
cent for oxides and 96 to 100 per cent for
sulphides.
9. Processing recovery varies by grade,
weathering unit and location.
10. Rounding of some figures may lead to minor
discrepancies in totals.
Mine plan and production summary
The 2019 FS mine plan is based on an annual feed rate to the plant of 5.2 Mtpa of ore, delivering higher-grade ore in the early years of the project, by stockpiling lower-grade material and subsequent drawdowns in the later years. The first 2.5 years of production will be free-dig oxide ore only. In year three, the sulphide circuit will be commissioned, and as it ramps up to 2.2 Mtpa capacity, the throughput of the oxide circuit will be correspondingly reduced to 3.0 Mtpa to maintain the combined capacity at 5.2 Mtpa.
Oxide mine waste will be utilized as construction material for the tailings storage facility, thereby reducing water management costs and closure costs associated with waste dumps. The oxide ore is free dig and is composed of over 70 per cent passing 150-micron material that requires minimal grinding before leaching. The upper transition, although relatively soft, will require some grinding to achieve expected recoveries. The oxide ball mill is sized to handle a 70-to-30 oxide to upper transition blend.
The LT and sulphide ore, which requires conventional drill and blast mining methods, will be mined using a separate equipment fleet to account for the increased density, abrasion and hardness.
The calculated drill and blast pattern for the LT ore and waste is significantly lower than sulphide material with most of the LT material being minable through machine ripping.
Mine plan
Oxides
Mining will be by a local contractor using a conventional diesel-hydraulic excavator fleet, and small 30-tonne and 50-tonne road-type rear dump trucks. Ore and waste are all free-dig material with little or no oversize material eliminating the need for drill and blast. This type of load and haul fleet is common in Burkina Faso and West Africa for similar free-dig material and will provide the needed versatility for a mine plan, having a large number of shallow pits of varying tonnage.
Sulphides
Mining of the sulphides in the first three years of phase 2 will incorporate the high-grade P17S ore blended with higher-grade material from the other sulphide zones to maximize the value of the project. The schedule was developed to satisfy physical and practical constraints, including a sustainable production profile, achievable vertical advance rates, practical use of low-grade stockpiling, and minimizing mining of oxides and sulphides concurrently within the same pits. Mining of the LT and sulphides will be by contractor with trucks suited to the more abrasive and denser rock types. The LT requires a less dense drill hole pattern and lower powder factor than needed for sulphides.
Mineral processing
Metallurgical testing has been continuing on all ore types since 2008. The most recent testing on oxide material was completed by SGS in Quebec in fourth quarter 2017 and included grinding and reagent optimization work. Testing on the LT and sulphide ores was completed in May, 2019, by Base Metallurgical Laboratories, located in Kelowna, B.C. Testing was performed on a series of composite and variability samples from the various pits. Testwork included determination of grinding and abrasion standards and the effect of grind size, cyanide addition, preaeration and leach time on gold extraction. Results also included settling tests and tailings and waste rock characterization testwork.
Lycopodium has reviewed the historical and recent test data and based the process flowsheet on this work.
Oxides
The flowsheet and plant have been designed to process the soft fine-grained ore, which eliminated the need for a crushing plant ahead of the grinding circuit. The ore is direct dumped across a static grizzly into a large hopper and onto a variable speed apron feeder. From the apron feeder, the ore is transferred to a conveyor that feeds directly to a ball mill. The plant is designed with two ore transfer points and one conveyor, thereby minimizing issues associated with wet sticky ore in the rainy season. The ball mill is equipped with a variable speed drive sized to accommodate a wide range of ore types and hardness.
Ball mill discharge is pumped to a cyclone cluster with the oversize reporting back to the mill and the undersize fed to a preleach tank and seven-stage CIL circuit. The CIL tails are thickened to recover process water and then pumped to a lined tailings facility. The tailings facility is designed to be zero discharge, with water recovered in a decant tower and returned to the process water tank at the plant. Gold is recovered in a standard 10-tonne carbon desorption plant, finishing with electrowinning and smelting to produce gold dore bars.
Sulphides
The comminution circuit will consist of a primary jaw crusher followed by an SAG mill in closed circuit with hydrocyclones and a recirculation pebble conveyor system. A surge ore bin and dead ore stockpile are included in the design to provide surge capacity between the crushing and grinding stages. The cyclone overflow will be thickened and transferred to the preoxidation and leaching circuit. After 24 hours of leaching, the leached sulphide product will be combined with the oxide mill product and fed to the CIL circuit for an additional 24 hours of residence time and gold recovery onto carbon.
ADR plant expansion
The 2018 FS was designed with a five-tonne carbon elution circuit for gold recovery. Additional testwork completed in 2019 indicated that this plant was undersized, and a new 10-tonne elution circuit has been incorporated in the 2019 FS. This will allow carbon stripping to be completed on a more systematic basis and provide capacity for further expansion.
Optimization of the tailing storage facility
The 2018 FS was based on a tailings storage facility footprint that was restricted by the location of low-grade ore stockpiles. During the front-end engineering and design (FEED), this design was optimized, which eliminated these stockpiles, allowing for an expanded TSF footprint. This has reduced tailings embankment construction quantities through the LOM, reducing both upfront capital and ongoing sustaining capital.
Project infrastructure
The project benefits from a mining-friendly jurisdiction, a strong mining culture and excellent local infrastructure. Burkina Faso has experienced rapid development of its mining sector over the past decade, which has contributed to the growth of available mining contractors, suppliers and skilled labour. In addition, the project is favourably situated only 85 kilometres from the capital city of Ouagadougou, accessed by a five-kilometre all-weather gravel road connecting to the main sealed highway (RN4) that runs between the capital and the coast. The company has already seen the benefit of this in certain early works contracts, where mobilization costs have been significantly lower than anticipated.
Offices and accommodation
Orezone has constructed a main camp, kitchen and office complex, including warehousing, a sample preparation facility and a small-vehicle repair shop. The facility was upgraded in 2018/2019, including new accommodation blocks for senior staff, upgrades to the kitchen and dining facility, and certain new offices for technical staff. A contractor will continue to be responsible for all camp operations, including catering, cleaning and maintenance activities. All communication systems, including Internet, are in place.
Power supply
A heavy-fuel oil (HFO) power station will be constructed at the process plant by an independent power provider (IPP) under a build-own-operate agreement. The power station will be fitted with seven-by-1.6-megawatt heavy-duty HFO generator engines (or similar) with five operating and two standby units.
In year two of oxide operations, additional larger HFO units will be installed by the IPP as part of the sulphide expansion.
Aerial transmission lines of 11 kilovolts will be constructed from the power station to the tailings storage facility, water storage facility, camp and the mining contractor's area.
The power station will utilize a dedicated bulk HFO storage facility located adjacent to the powerhouse.
Water supply
Raw water will be sourced from the seasonal Nobsin River and diverted by a permanent weir into an off-channel reservoir (OCR). The OCR is essentially one of the mine pits excavated early and designed to hold sufficient water for the project on an annual basis.
Pumps will transfer water from the OCR to the raw and process water tanks by pipeline.
Project economics
Operating costs
OPERATING COST SUMMARY
Description Total costs ($M) $/tonne processed $/ounce
Mining $386.3 $5.51 $242
Processing 456.9 6.52 286
Site G&A 139.4 1.99 87
Refining and transport 2.4 0.03 1
Government royalties 103.9 1.48 65
Total cash cost 1,089.0 15.53 681
Sustaining capital 66.2 0.94 41
Rehabilitation and closure 17.9 0.26 11
Salvage value (5.6) (0.08) (3)
All-in sustaining cost (1) 1,167.5 16.66 730
Notes:
(1) AISC excludes corporate G&A expenses.
Numbers may not add up due to rounding.
Mining costs are based on a detailed annual mining schedule incorporating the actual haul distances and pit depths as per contractor quotes. Processing costs are LOM averages and include various annual blends of oxide, transition and sulphide ores as mill feed, incorporating the various associated reagent consumptions, work indices, abrasion indices and power requirements.
Initial and expansion project capital costs
Since the release of the 2018 FS, significant work has been completed to derisk the project. FEED for the phase 1 oxide facility is complete, which has more accurately defined material quantities, and detailed firm quotes have also been obtained for all major equipment. The camp and early-stage civil works are complete, and the phase 1 resettlement action plan (RAP) construction is in progress.
Outside of the firm quotes received to date, the remaining capital estimates are based on quotes, including taxes and freight received up to the end of May, 2019, from potential equipment and service providers. Other key aspects of the capital cost estimate include:
-
Preproduction capital costs include the construction of the OCR and completion of remaining phase 1 and 2 RAP activities prior to commencement of oxide mining.
-
Construction of the phase 2 sulphide expansion commences in year two of oxide operations:
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The bulk earthworks for the sulphides will have already been completed during the oxide stage, simplifying construction of the expansion.
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Additional HFO power generation units will be added as necessary by the IPP.
-
A small focused owner team will be dedicated to overseeing construction and commissioning of the sulphide expansion.
Initial capital for the oxide project
Oxide project capital by area
Process plant: $51.4-million
Infrastructure: $21.3-million
Mining: $800,000
Construction indirects: $9.9-million
EPCM (engineering, procurement and construction management): $11.2-million
Resettlement action plan: $20.8-million
Owner costs: $26.1-million
Subtotal: $141.7-million
Contingency: $11.3-million
Total initial construction costs: $153.0-million
Working capital (ore stockpiles): $24.9-million
Preproduction operating costs: $8.4-million
Total upfront costs before sales: $186.3-million
Preproduction gold sales: ($47.6-million)
Total upfront costs: $138.7-million
Notes
1.
Numbers may not add up due to rounding.
2.
Excludes $5.1-million used for early construction activities, including phase 1RAP up to June 30, 2019.
Expansion capital for the sulphide circuit
Sulphide project capital by area
Process plant: $36.2-million
Infrastructure: $1.1-million
Mining: $0.0-million
Construction indirects: $5.4-million
EPCM: $6.4-million
Resettlement action plan: $3.7-million
Owner costs: $5.2-million
Subtotal: $58.0-million
Working capital: $1.4-million
Contingency: $5.2-million
Total construction costs: $63.2-million
Sustaining capital costs
Sustaining capital costs include continuing tailings storage facility construction, including liner, piping and valves and decant tower raises, second-stage tailings pumps, and motors. Also included in sustaining capital are haul road extensions, mine dewatering pumps and piping, surface water management pumps and piping, and replacement of surface support fleet on a continuing scheduled basis.
Closure costs include all necessary remediation work required to return the site to meet all conditions of the environmental social impact assessment, thereby reducing the risks for health and safety, controlling erosion, and developing a profile compatible with the future uses of the site.
Sustaining capital and closure costs
Tailings and water management: $59.7-million
Mining: $5.1-million
General and administration: $1.5-million
Total sustaining capital costs: $66.2-million
Reclamation and closure: $17.9-million
Salvage value: ($5.6-million)
Total sustaining capital and closure costs: $78.5-million
Project sensitivities
The project is sensitive to gold price as demonstrated in the attached project gold price sensitivity table.
PROJECT GOLD PRICE SENSITIVITY
Gold price ($/oz) Base case
$1,100 $1,200 $1,300 $1,400 $1,500
NPV after tax (5%) ($M) $186.6 $273.8 $361.0 $434.7 $520.0
IRR after tax 25.8% 34.7% 43.8% 51.8% 61.4%
Permitting
An update to the ESIA is under way to include the sulphide circuit and the restricted zones and to expand the mining licence to include P17S. The company expects to submit the updated ESIA in third quarter 2019, and approval is expected in early 2020.
The phase 1 oxide portion of the project is fully permitted and ready for construction and operation with the exception of the restricted zones, which are expected in early 2020. All necessary environmental baseline studies were completed prior to submission of the mining permit application in 2015. The mining permit was granted on Dec. 30, 2016, and remains in full force and effect.
Development update and next steps
The phase 1 RAP house construction is currently under way and is expected to be completed in fourth quarter 2019. With the phase 1 oxide FEED completed, detailed engineering and procurement will commence in fourth quarter 2019.
Orezone is working with Cutfield Freeman on its project financing initiatives and expects to progress financial discussions through 2019.
The estimated time to construct the Bombore oxide process plant (preproduction) is 23 months, including time to excavate the OCR, complete the phase 1 RAP, and a four-month commissioning and ramp-up of the process plant. The critical path items are the phase 1 RAP and OCR excavation. Timely completion of the phase 1 RAP will allow commencement of the OCR excavation, which will meet the water needs for commissioning, start-up and subsequent operations as the OCR is filled during the rainy season each year from May through October.
Construction of the sulphide expansion will commence in the second full year of oxide operations with construction estimated to take 12 months. The critical path for this expansion will be delivery and installation of the large SAG mill and motors.
Project opportunities
Many of the enhancement opportunities identified in the 2018 FS have been included in the 2019 FS. As part of the 2019 FS work, several additional opportunities have been identified:
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Geological interpretation: refine the geological model to incorporate the knowledge gained from drilling at P17S and evaluation of potential for higher-grade oxides and sulphides at depth along plunge:
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Drilling undertaken during 2017 and 2018 was very successful in continuing to intercept significantly higher-grade oxide mineralization;
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To date, these results have not been incorporated in the resources or reserves;
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Modelling of these zones is continuing, and it is expected that this will be complete by end of 2019;
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Limited deeper drilling has intercepted these higher-grade mineralized trends in sulphides along the same plunge zones, which may provide underground targets for future exploitation.
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Metallurgical recoveries: The most recent sulphide testwork program resulted in better-than-historical testwork recoveries. The 2019 FS has not included these improved recoveries, and further testwork is now planned, including the addition of oxygen sparging to the sulphide preleach to better quantify these higher recoveries.
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Dilution and grade control: continuing grade control and test mining work at site for the oxide material to determine if the mining dilution factors in the 2019 FS can be reduced, which may improve mill feed grade.
-
Regional exploration: Regional exploration drilling in 2017 and 2018 continued to intercept oxide mineralization in several identified zones outside of the current mining lease, but within the exploration leases. Further exploration is warranted in these areas to determine if there is potential to add additional near-surface oxide material and thereby extend mine operating life.
Technical report filing
The National Instrument 43-101 technical report supporting the 2019 FS and this press release will be filed on SEDAR within the next 45 days of the date of this press release.
Qualified persons
The independent qualified persons responsible for the FS, on which the NI 43-101 technical report will be based, are Manochehr Oliazadeh, PEng, of Lycopodium Minerals Canada; Alan Turner, CEng, MIMMM, of AMC Consultants; Tom Kerr, MSc, of Knight Piesold; David Ramel, PEng, of AnteaGroup, France; and Jose Texidor Carlsson, PGeo, MSc, and Tudorel Ciuculescu, PGeo, MSc, of RPA. Each qualified person has reviewed and approved the scientific and technical information in this news release relevant to the portion of the 2019 FS for which they are responsible as set out herein.
Manochehr Oliazadeh, PEng, of Lycopodium Minerals Canada, is responsible for the metallurgy, recovery methods, site infrastructure project implementation plan, the associated capital cost and operating cost estimates, and the overall preparation of the consolidated capital and operating cost estimates and the report.
Alan Turner, CEng, MIMMM, of AMC Consultants, is responsible for the mining and mineral reserve estimates and the mine capital and operating costs.
Tom Kerr, MSc, of Knight Piesold, is responsible for the tailings storage facility, site water management systems, and the associated earthworks and civil construction quantities.
David Ramel, PEng, of AnteaGroup, France, is responsible for social and environmental matters.
Jose Texidor Carlsson, PGeo, MSc, and Tudorel Ciuculescu, PGeo, MSc, of RPA, are responsible for the mineral resource estimates.
Pascal Marquis, Geo, PhD, senior vice-president, and Patrick Downey, PEng, chief executive officer of Orezone, are qualified persons under NI 43-101, and have reviewed and approved other scientific and technical information contained in this news release for which the independent qualified persons who prepared the FS are not responsible.
Mr. Marquis and Mr. Downey are not independent within the meaning of NI 43-101.
Conference call and webcast
The company will host a conference call and webcast on June 27 starting at 10:30 a.m. EDT to further discuss the Bombore 2019 FS results. To participate, please use the following dial-in phone numbers or join the webcast.
The United States and Canada toll-free: 1-800-319-4610
Other international toll-free number: 1-604-638-5340
A copy of the presentation will be available on the company's website.
We seek Safe Harbor.
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