VANCOUVER, British Columbia, July 10, 2024 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX:ORE, OTCQX:ORZCF) (the "Company" or "Orezone") is pleased to announce that the Company has secured binding commitments totaling over $105 million to fully finance the construction of the Phase II hard rock expansion at its flagship Bomboré Gold Mine. With this financing, the Company's Board of Directors has approved a positive construction decision for this brownfield expansion. With early works complete, engineering and procurement well-advanced, and major works expected to commence shortly, the Phase II expansion remains on schedule for first gold in late 2025. Financing Package Highlights: $58 million senior secured term loan with Coris Bank International ("Coris Bank"), a leading West African bank and the Company's current senior lender. $47 million non-brokered private placement of 92,743,855 common shares of Orezone at C$0.70 per share with Nioko Resources Corporation ("Nioko Resources"). No gold hedging, offtakes, or cost overrun reserve required by Coris Bank. The Bomboré mine remains free of any hedging, gold stream or private gold royalty, thereby preserving upside for shareholders. Patrick Downey, President and CEO stated, "We are extremely pleased to announce that the Phase II hard rock expansion for Bomboré is now fully financed. We welcome Nioko Resources, a local Burkinabe and West African investment group, as an aligned and committed stakeholder, further strengthening our local base and providing another platform for regional growth. Orezone remains well-positioned to deliver this next stage of project growth, which will see annual gold production increase to over 170,000 ounces in 2026, an approximate 50% increase from current levels. The capital cost for the expansion is estimated at $85 million, and Orezone expects to deliver first gold from the expansion in late 2025. This financing package sets a clear path forward for Bomboré to realize a substantial hard rock life of mine. The path forward includes our renewed focus on exploration and discovery, and with a greater than 14km long mineralized trend, drilled to an average depth of approximately 200m, we see substantial upside to further expand the project's current stated mineral resources of 4.5M oz in Measured and Indicated, and 0.6M oz in Inferred. Lastly, I would like to acknowledge our in-country lender, Coris Bank, whose ongoing support has been instrumental in advancing Bomboré through a phased production ramp-up. With this Phase II financing package, we look forward to further strengthening our partnership with Coris Bank". PHASE II TERM LOAN The Company has received a credit committee approved binding term sheet from Coris Bank for a senior secured project-level term loan (the "Phase II Term Loan") for the hard rock expansion. The Phase II Term Loan is denominated in West African Communauté Financière Africain francs ("XOF"), ...