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(Kitco News) - Orezone Gold (TSX: ORE) announced on Wednesday that its Bombore gold mine in Burkina Faso produced 41,301 oz of gold in Q1 2023 (Q4 2022: 22,258 oz).
The company said that during the quarter, the Bombore mill continued to exceed design by achieving an average throughput of 13% above nameplate capacity while maintaining an average gold recovery of 92.2%.
Orezone also reported gold sales of 43,139 oz at an average realized price of US$1,892 per oz resulting in sales proceeds of US$81.6 million, adding that cash position was US$45.2 million at March 31, 2023, an increase of US$36.0 million for the quarter.
President and CEO Patrick Downey stated, “Following a successful ramp-up to commercial production in Q4 2022, Q1 marks a strong first full quarter of production at Bombore. The company remains well-positioned to meet its 2023 annual production guidance of 140,000 to 155,000 ounces, while further reducing its senior debt and improving its treasury.
“Work on the sulphide expansion study continued during Q1, with metallurgical testwork and flowsheet optimization now complete. The Phase II Sulphide Expansion feasibility study update remains on track for completion in Q3 2023.”
Orezone Gold is a Canadian mining company operating the open pit Bombore gold mine in Burkina Faso. Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes.
The company believes that Bombore has a significant underlying sulphide resource to support a substantially larger Phase II expansion.
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