Gold Fields and Orezone Announce Increase in Gold Resources at the Essakan Project in Burkina Faso
August 03 2004 - 11:30AM
PR Newswire (US)
Gold Fields and Orezone Announce Increase in Gold Resources at the
Essakan Project in Burkina Faso Indicated Resource Increases 45 per
cent to 1.9 Million Ounces JOHANNESBURG, South Africa, August 3
/PRNewswire-FirstCall/ -- Gold Fields Limited (GFI:NYSE, JSE) and
Orezone Resources Inc. (OZN:TSX, AMEX) are pleased to announce an
increase in resources for the Essakan Main Zone ("EMZ"), located on
the Essakan property in Burkina Faso, West Africa. Based on a 1.0
g/t cut off, Indicated Resources now total 30.5 Mt at 1.95 g/t (1.9
Moz) and Inferred Resources total 4.4 Mt at 2.00 g/t (0.3 Moz).
Measured and Indicated Resources in the EMZ had been calculated by
previous operators as being 18.9 Mt at 2.14 g/t (1.3 Moz) with
Inferred Resources at 5.2 Mt at 1.8 g/t (0.29 Moz), both based on
the JORC Code and a 1.0 g/t cut off. The increase in total
resources is the result of geological re-modelling and subsequent
revision of the resource estimate after drilling confirmed a NNE
plunging high-grade core to the EMZ. The higher grade zones exhibit
reasonable continuity in longitudinal section and can be correlated
from section to section. Additional drilling along extensions of
these higher grade zones is expected to further enhance resources.
Mr. Martin Pittuck, CEng MIMMM, Principal Resource Geologist with
SRK Consulting in Cardiff, UK, prepared the resource estimate in
accordance with the guidelines set out in National Instrument
43-101 and acted as the "Independent Consultant" as defined
therein. A full report will be filed on SEDAR within 30 days.
Indicated Resources Inferred Resources Cutoff (g/t) Mt g/t Moz Mt
g/t Moz 0.50 49.0 1.49 2.35 5.7 1.7 0.3 1.00 30.5 1.95 1.91 4.4 2.0
0.3 1.50 18.1 2.43 1.42 2.7 2.5 0.2 2.00 9.9 3.01 0.96 2.0 2.7 0.2
Vic King, Gold Fields' Regional Exploration Manager for Africa
stated that: "Our improved understanding of the orientation and
geometry of the higher grade zones has highlighted the potential
for significantly extending resources down dip and on similar
targets along strike on the EMZ. This will be the primary focus of
our efforts during the next phase of drilling. Drilling will also
be carried out at the Falagountou, Gossey and Sokadie prospects,
which are all located around the EMZ on the Essakan property.
Infill drilling at the exciting Falagountou prospect will be
carried out to confirm the geometry and continuity of the discovery
and also extend this highly prospective zone southward." He added
that "We are very pleased with Orezone's performance in operating
this project and Essakan is one of Gold Field's top ranked
exploration projects." Ron Little, Orezone's President and CEO
commented that: "While the existence of high grade veins in the EMZ
has always been known, they have now been better reflected in the
resource calculation which has resulted in the indicated resource
increasing by almost 50 per cent. Alternatively, the grade of the
indicated resource can be increased to 2.42 g/t by raising the cut
off to 1.5 g/t and we still have more ounces than were in the
previous estimate." The Essakan Project is a joint venture in which
Gold Fields can earn a 50 per cent interest by spending US $8
million over five years, and can increase its interest to 60 per
cent by completing a bankable feasibility study. Gold Fields has
spent approximately US $2.8 million to date. Orezone is currently
the operator and expects to make an announcement shortly on the
budget for the next phase of drilling. Gold Fields Limited
(GFI:NYSE, JSE) is one of the world's largest unhedged gold
companies with annual gold production of 4.3 million ounces,
mineral resources of 196 million ounces and mineral reserves of 85
million ounces. Gold Fields has operations in South Africa,
Australia and Ghana (West Africa) and has an exciting growth
project pipeline. This includes exploration projects in all of the
major gold provinces of the world as well as 100% ownership of the
12 million ounce Arctic Platinum Project, an advanced stage PGM
project in Northern Finland, and 92% of the developing Cerro Corona
Project in Peru, a 4 million ounce copper/gold project. Gold Fields
has its primary listing on the JSE Securities Exchange in South
Africa (GFI) with secondary listings on the London, Euronext,
Paris, Brussels, and Swiss exchanges. The company's American
Depositary shares are listed on the New York Stock Exchange, where
it also trades under the symbol GFI. Orezone Resources Inc.
(OZN:TSX, Amex) is an emerging Canadian gold producer with three
advanced projects moving rapidly toward the pre-feasibility stage
in Burkina Faso, West Africa. Orezone has a very large and
strategic land position in Burkina Faso, which is a relatively
unexplored part of one of the world's fastest growing gold
producing regions. The Company's mission is to create wealth by
discovering and developing the earth's resources in an efficient
and responsible manner. FORWARD-LOOKING STATEMENTS: This news
release contains certain "forward-looking statements" within the
meaning of Section 21E of the United States Securities Exchange Act
of 1934, as amended. Except for statements of historical fact
relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
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 are based on 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,
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. DATASOURCE: Gold Fields Limited CONTACT: Gold Fields
Limited, Willie Jacobsz, Senior Vice President, Investor Relations,
, Phone +27-11-644-2460, Fax +27-11-484-0639;Cheryl Martin, Vice
President, North American Investor Relations, , Phone
+1-303-796-8683; Orezone Resources Inc.: Ron Little, President
& CEO, ; Greg Bowes, Vice President, Corporate Development, ,
Phone +1-(613)-241-3699, Toll Free +1-888-673-0663
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