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Bombore FS and Resource Update Will Include +400,000m of Drilling

Progress continues on the full Feasibility Study for a CIL plant

OTTAWA, ONTARIO -- (Marketwire) -- 02/04/13 -- Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive results from an ongoing infill and expansion drill program at its wholly owned Bombore Gold Project in Burkina Faso, West Africa. An additional 75,000 m of results have now been released since the August 2012 resource estimation. The 100,000 m drill program continues to demonstrate the potential to upgrade and expand the resources, especially the softer near surface oxide resources. The current resource is constrained within optimized open pit shells that span 11 km and includes 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The oxide portion of the resource occurs in the top 50 m and includes 1.76 Moz M&I and 0.26 Moz Inferred resources. The Company has recently commissioned an interim/internal resource update using 63,500 m (771 holes) of the current program that will bring the total database to over 400,000 m (5,034 holes). The update is expected to be completed in Q1 2013 and will be the basis for the reserves of the full Feasibility Study ("FS") to be released during the second half of 2013.

"The additional drilling completed since the release of the 2012 Resource has been successful in infilling and expanding the known resources. This is expected to have a positive impact on the Bombore gold resource in terms of both size and the project economics," said Pascal Marquis, SVP Exploration for Orezone.

Results for this release include 9,509 m of reverse circulation (RC) drilling (170 holes) and 9,756 m of core (DD) drilling (73 holes) and are mostly from the northern area of the deposit. The drilling in this location was designed to upgrade the largely inferred resources and test some new oxide targets. Some of the holes were also part of a geotechnical drill program that was necessary to finalize the plant, tailings and infrastructure sites as part of the FS.

Feasibility Study Update:

Work continues on the FS with various trade-off studies to finalize the plant site location, optimal grinding circuit, water storage system, tailings design, geotechnical and environmental studies. All geotechnical drilling and work on the ground was completed prior to year end with the results and reports pending. The Q1 resource update will include pit slopes derived from the geotechnical drilling and studies. Although results from the 2012 detailed variability metallurgical tests should be released during Q1 2013, the Company continues to study both the soft and hard rock ores to further optimize the design of the grinding circuit so that the CIL plant can be built in two phases. Preliminary results to date are positive and indicate that up to 60% of the near surface saprolite oxide resources (approximately 65% of the total oxide resource) does not require grinding and could report directly to the CIL leaching circuit. This would allow for a small grinding circuit (ball mill) with lower power consumption. The Company's objective is to improve project returns by reducing both the initial capital expenditures and operating costs through the processing of only the softer surface ores for at least the first 5 to 6 years, with subsequent expansion of the grinding and leaching circuit funded from cash flows generated from the operation. Results of the ongoing trade-off studies will be released as they are completed.

Table 1. Cumulative Results Excluded from the August 2012 Resource Reported to Date

----------------------------------------------------------------------------
                                     Total Drilling to Date        Grade g/t
----------------------------------------------------------------------------
Zone                                   # of Holes   Total m   Uncut   Cut(1)
----------------------------------------------------------------------------
KT - RC                                        23     1,172    1.28     1.23
----------------------------------------------------------------------------
CFU - RC                                       17     1,455    0.82     0.82
CFU - DD                                       16     2,517    2.69     1.08
----------------------------------------------------------------------------
Maga - RC                                     268    17,885    1.08     0.95
Maga - DD                                      60    12,874    1.36     1.10
----------------------------------------------------------------------------
P8P9 - RC                                      30     1,665    0.91     0.90
P8P9 - DD                                      43     8,320    1.01     0.98
----------------------------------------------------------------------------
P11 - RC                                       24     1,308    1.42     1.12
P11- DD                                         3       496    1.69     1.15
----------------------------------------------------------------------------
Siga E - RC                                    55     2,828    1.06     0.90
Siga E - DD                                    15     1,920    1.37     1.03
----------------------------------------------------------------------------
Siga W - RC                                    35     1,750    1.17     0.96
Siga W - DD                                    17     2,127    0.93     0.88
----------------------------------------------------------------------------
Siga S - RC                                   177     8,877    0.95     0.87
Siga S - DD                                    36     5,423    0.95     0.90
----------------------------------------------------------------------------
P16 - RC                                       12       607    1.03     1.03
P16 - DD                                        1       184     .91      .91
----------------------------------------------------------------------------
P17 N - RC                                      5       250    1.50     1.26
----------------------------------------------------------------------------
P17 S - DD                                      3       414    3.09     2.59
----------------------------------------------------------------------------
North - RC                                    338    22,177    1.07     0.96
North - DD                                    119    23,711    1.28     1.03
----------------------------------------------------------------------------
South - RC                                    291    14,763    1.01     0.90
South- DD                                      71     9,966    1.02     0.92
----------------------------------------------------------------------------
SE - RC                                        17       857    1.23     1.13
SE - DD                                         4       598    1.98     1.74
----------------------------------------------------------------------------
All - RC                                      646    37,797    1.05     0.94
----------------------------------------------------------------------------
All - DD                                      194    34,274    1.19     1.00
----------------------------------------------------------------------------
                                                                            
(1) Weighted average grade of individual assays, cut to 5 g/t. NSA: No      
Significant Assay.                                                          

Table 2. Breakdown of Drilling Meterage for this Release

----------------------------------------------------------------------------
Zone                                    Core Drilling            RC Drilling
                              ----------------------------------------------
                                 # of holes   Total m   # of holes   Total m
----------------------------------------------------------------------------
KT                                        0         0           16       822
Maga                                     15     3,010           93     6,618
CFU                                      16     2,517            4       293
P8P9                                     18     3,689                       
P16                                       1       184           12       607
Geotechnical program                     23       356           49     1,462
----------------------------------------------------------------------------
TOTAL                                    73     9,756          170     9,509
----------------------------------------------------------------------------

Table 3. Highlights of Diamond Drill Hole Results for this Release

----------------------------------------------------------------------------
                                                    Uncut       Cut         
                             From     To Length  Grade(2)  Grade(3)    Total
Zone      Section   Hole #    (m)    (m)    (m)     (g/t)     (g/t) Assay(4)
----------------------------------------------------------------------------
CFU          3500  BBD0921  52.00  63.00  11.00      9.92      1.34         
----------------------------------------------------------------------------
CFU          3500  BBD0921  66.50  78.50  12.00     15.40      1.23         
----------------------------------------------------------------------------
CFU          2950  BBD0927 212.00 221.00   9.00      1.77      1.77         
----------------------------------------------------------------------------
CFU          2650  BBD0897   7.00  11.50   4.50      2.90      2.74         
----------------------------------------------------------------------------
CFU          2550  BBD0898  28.00  50.00  20.50      2.71      1.46         
----------------------------------------------------------------------------
CFU          2400  BBD0930  39.50  50.00  10.50      1.64      1.46         
----------------------------------------------------------------------------
Maga         4900  BBD0888 110.00 113.00   3.00     15.14      3.64         
----------------------------------------------------------------------------
Maga         4800  BBD0889  83.50  90.50   7.00     21.14      2.94         
----------------------------------------------------------------------------
Maga         3700  BBD0904 174.00 187.00  13.00      1.58      1.58         
----------------------------------------------------------------------------
Maga         3550  BBD0879 215.00 224.00   9.00      2.64      2.39         
----------------------------------------------------------------------------
Maga         3450  BBD0878  65.00  76.00  11.00      2.61      2.19         
----------------------------------------------------------------------------
Maga         3450  BBD0878  80.00  84.00   4.00      2.74      2.74         
----------------------------------------------------------------------------
Maga         3450  BBD0887 235.00 239.00   4.00      3.31      2.66         
----------------------------------------------------------------------------
Maga         3400  BBD0885 269.00 275.00   6.00      2.10      2.10         
----------------------------------------------------------------------------
Maga         2900  BBD0916  83.00  93.50  10.50      1.28      1.28         
----------------------------------------------------------------------------
Maga         2800  BBD0894 129.00 137.00   8.00      1.66      1.66         
----------------------------------------------------------------------------
P16         44200  BBD0971  85.00  95.00  10.00      1.26      1.26  Pending
----------------------------------------------------------------------------
P8P9         2100  BBD0933 111.00 120.00   9.00      3.91      2.81         
----------------------------------------------------------------------------
P8P9         1950  BBD0935  38.50  44.50   6.00      2.95      2.60         
----------------------------------------------------------------------------
P8P9         1950  BBD0935  71.50  82.00  10.50      1.67      1.66         
----------------------------------------------------------------------------
P8P9         1750  BBD0949  15.00  25.00  10.00      2.40      2.25  Pending
----------------------------------------------------------------------------
                                                                            
(2) Weighted average grade of uncut individual assays                       
(3) Weighted average grade of individual assays cut to 5 g/t                
(4) Composite width and grade are preliminary where leach residue fire assay
results are pending.                                                        

Table 4. Highlights of Reverse Circulation Results for this Release

----------------------------------------------------------------------------
                                                    Uncut       Cut         
                             From     To Length  Grade(5)  Grade(6)    Total
Zone      Section   Hole #    (m)    (m)    (m)     (g/t)     (g/t) Assay(7)
----------------------------------------------------------------------------
KT           6750  BBC3839   8.00  12.00   4.00      3.71      3.10         
----------------------------------------------------------------------------
KT           6350  BBC3846  12.00  21.00   9.00      1.76      1.73         
----------------------------------------------------------------------------
KT           6300  BBC3847  42.00  50.00   8.00      2.44      2.27         
----------------------------------------------------------------------------
Maga         4950  BBC3857   6.00  13.00   7.00      1.55      1.55         
----------------------------------------------------------------------------
Maga         4950  BBC3876  26.00  37.00  11.00      3.01      1.82         
----------------------------------------------------------------------------
Maga         4850  BBC3859  47.00  56.00   9.00      4.86      2.02         
----------------------------------------------------------------------------
Maga         4850  BBC3862  18.00  32.00  14.00      1.69      1.69         
----------------------------------------------------------------------------
Maga         4850  BBC3878  28.00  39.00  11.00      1.59      1.59         
----------------------------------------------------------------------------
Maga         4800  BBC3690  53.00  64.00  11.00      2.05      2.05         
----------------------------------------------------------------------------
Maga         4800  BBC3880  22.00  29.00   7.00      3.16      2.04         
----------------------------------------------------------------------------
Maga         4750  BBC3868  21.00  28.00   7.00      1.47      1.47         
----------------------------------------------------------------------------
Maga         4200  BBC3824  19.00  25.00   6.00      8.96      2.20         
----------------------------------------------------------------------------
Maga         4150  BBC3717   5.00  20.00  15.00      0.78      0.78         
----------------------------------------------------------------------------
Maga         4100  BBC3829  50.00  64.00  14.00      1.36      1.36         
----------------------------------------------------------------------------
Maga         4050  BBC3723   8.00  13.00   5.00      2.14      2.14         
----------------------------------------------------------------------------
Maga         3950  BBC3738  13.00  21.00   8.00      1.33      1.33         
----------------------------------------------------------------------------
Maga         3650  BBC3743  45.00  51.00   6.00      3.65      2.44         
----------------------------------------------------------------------------
Maga         3050  BBC3771  33.00  42.00   9.00      1.26      1.26         
----------------------------------------------------------------------------
                                                                            
(5) Weighted average grade of uncut individual assays                       
(6) Weighted average grade of individual assays cut to 5 g/t                
(7) Composite width and grade are preliminary where leach residue fire assay
results are pending                                                         

The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is approximately 85% of the drill length intervals in KT, CFU, Maga, P16, P17 and P8P9 areas, and 95% of the drill length intervals in the Siga area.

The half-core samples were collected by Orezone employees using a diamond saw. The core samples were prepared by SGS Burkina Faso s.a.r.l. at the Bombore site facility and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell(TM) catalyst.

The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg split was prepared by SGS Burkina Faso s.a.r.l. at the Bombore site facility and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell(TM) catalyst.

The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at SGS Burkina Faso s.a.r.l.

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release. A complete table of results and the NI 43-101 Bombore Resource Report that describes the Bombore resource model can be found at www.orezone.com.

About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +12 Moz and recent mine development experience in Burkina Faso, West Africa. The company owns a 100% interest in Bombore which is situated 85 km east of the capital city, adjacent to an international highway. Mineral resources are constrained within optimized open pit shells that span 11 km, and include 4.13 Moz of measured and indicated (125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @ 1.00 g/t) with an average depth of drilling to only 120 meters. The Company is working to further expand the resources at Bombore while it completes a FS for a phase one oxide-only CIL plant in 2H 2013 and becomes a mid-tier gold producer by 2015.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this release include statements regarding, among others; capital and operating cost estimates; gold production for the project; completion of a FS in 2H 2013; completion of an internal resource update in Q1 2013; commencement of production at the Bombore Project in 2015.

FORWARD-LOOKING STATEMENTS are based on certain assumptions, the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Orezone for the year ended December 31, 2011 and other continuous disclosure documents filed by Orezone since January 1, 2012 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

Contacts:
Orezone
Ron Little
CEO
(613) 241-3699 or Toll Free: (888) 673-0663
[email protected]

Orezone
Pascal Marquis
SVP Exploration
(613) 241-3699 or Toll Free: (888) 673-0663
[email protected]

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