ORE Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide drill results from its ongoing oxide drill program at its Bomboré Gold Mine. The release includes results from the Phase III resource definition program and drilling of exploration targets outside of the current resources along known mineralized trends.

These results successfully:

• Confirmed the continuity of near-surface oxide mineralization within established resource areas.
• Demonstrated the potential to further expand the oxide resource along strike.
• Highlighted the potential to delineate additional oxide resources, supporting the Company’s goal of offsetting mine depletion. Ongoing drilling throughout 2023 will further test and define these targets.

Oxide Drilling Highlights:

• 30.86 g/t Au over 5.00m from 19.00m in hole BBC5287
• 42.19 g/t Au over 1.75m from 46.25m in hole BBD1279
• 1.42 g/t Au over 25.00m from 11.00m, including 3.15 g/t Au over 6.00m from 19.00m in hole BBC5392
• 1.01 g/t Au over 24.00m from 32.00m, including 1.76 g/t Au over 8.00m from 33.00m in hole BBC5174
• 1.56 g/t Au over 16.00m from surface, including 14.42 g/t Au over 1.00m from 13.00m in hole BBC5336
• 1.65 g/t Au over 15.00m from 25.00m in hole BBC5338
• 2.05 g/t Au over 11.00m from 11.00m, including 10.63 g/t Au over 1.00m from 11.00m in hole BBC5078

Patrick Downey, President and CEO stated, “Results of our ongoing shallow oxide drill program continue to show that the Bomboré mine remains open to expansion along known mineralized trends with certain target areas returning very significant high-grade intercepts. Several of these areas have never been previously tested due to the presence of local infrastructure and villages which have since been relocated. We plan to continue this program with the goal of testing new targets and replacing ongoing oxide mine depletion.”

Table 1: Highlight Oxide Drill Results

Prospect	Hole#	From(m)	To(m)	Length(m)	Grade(g/t gold)
Maga Main	BBC5263	63.00	74.00	11.00	1.26
	incl.	70.00	73.00	3.00	2.99
	BBC5264	23.00	60.00	37.00	0.66
	incl.	25.00	27.00	2.00	3.96
Maga Hill	BBC5272	31.00	40.00	9.00	1.67
	incl.	34.00	39.00	5.00	2.58
Maga HW	BBC5078	11.00	22.00	11.00	2.05
	incl.	11.00	12.00	1.00	10.63
	BBC5126	60.00	64.00	4.00	2.94
	BBC5124	21.00	29.00	8.00	2.02
	BBC5121	4.00	16.00	12.00	2.42
	incl.	13.00	15.00	2.00	11.33
	BBC5113	11.00	20.00	9.00	1.20
	BBC5155	50.00	53.00	3.00	7.81
	BBC5158	16.00	26.00	10.00	1.33
	incl.	20.00	25.00	5.00	2.07
	BBC5165	36.00	60.00	24.00	0.53
	BBC5173	8.00	20.00	12.00	0.93
	and	30.00	39.00	9.00	1.24
	BBC5174	32.00	56.00	24.00	1.01
	incl.	33.00	41.00	8.00	1.76
	BBC5321	40.00	61.00	21.00	0.52
	BBC5311	26.00	45.00	19.00	0.55
	BBC5240	6.00	17.00	11.00	1.30
	incl.	10.00	12.00	2.00	4.45
	BBC5178	20.00	31.00	11.00	1.12
	incl.	25.00	29.00	4.00	2.38
	BBC5185	33.00	35.00	2.00	6.29
	BBC5287	19.00	24.00	5.00	30.86
P8P9	BBC5395	6.00	30.00	24.00	0.51
	BBC5393	23.00	47.00	24.00	0.82

Prospect	Hole#	From(m)	To(m)	Length(m)	Grade(g/t gold)
P8P9	BBC5392	11.00	36.00	25.00	1.42
	incl.	19.00	25.00	6.00	3.15
	and	48.00	53.00	5.00	2.18
	BBC5140	13.00	35.00	22.00	0.46
	BBC5141	5.00	43.00	38.00	0.55
	BBC5143	63.00	71.00	8.00	1.32
	incl.	63.00	64.00	1.00	6.44
	BBC5146	61.00	69.00	8.00	1.60
	incl.	68.00	69.00	1.00	9.76
	BBC5334	3.00	9.00	6.00	2.42
	BBC5336	0.00	16.00	16.00	1.56
	incl.	13.00	14.00	1.00	14.42
	BBC5338	25.00	40.00	15.00	1.65
	BBC5341	10.00	18.00	8.00	1.91
	BBD1279	46.25	48.00	1.75	42.19
P11	BBC5025	1.00	10.00	9.00	1.10
	incl.	6.00	10.00	4.00	2.05
Siga E	BBC5041	41.00	50.00	9.00	2.00
	incl.	45.00	46.00	1.00	12.82
Siga W	BBC5044	17.00	24.00	7.00	2.32
* True widths for all oxide drill zones are approximately 75 to 85% of drilled lengths.

Figure 1: Bomboré Plan Map Overview

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian mining company operating the open pit Bomboré 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 Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. The Company has recently completed a resource definition drill program, and plans to issue an updated mineral resource, reserve and life of mine plan, as part of this Phase II expansion. It is expected that the pending study will be completed in Q3-2023 to be followed by a production decision. 

Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.  

The technical report for the 2019 Feasibility Study on Bomboré entitled NI 43-101 Technical Report (Amended) Feasibility Study of the Bomboré Gold Project is available on SEDAR under the Company’s profile at www.Sedar.com.  

Patrick DowneyPresident and Chief Executive Officer

Vanessa PickeringManager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663info@orezone.com / www.orezone.com

Qualified Person

Dr. Pascal Marquis, Geo., Senior VP Exploration, is the Qualified Person who has approved the scientific and technical information in this news release.

QA/QC

The mineralized intervals are based on a lower cut-off grade of 0.28 g/t Au, a minimal width of 1.5m and up to a maximum of 3.0m of dilution being included. The true width of the mineralization is approximately 70-85% of the drill length at P8P9 and 85% of the drill length at Maga. The samples were prepared by SGS Burkina Faso s.a.r.l. (“SGS”) or by BIGS Global Burkina s.a.r.l. (“BIGS Global”) at their respective Ouagadougou facilities 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 by bottle-roll cyanidation using a LeachWellTM catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.25 g/t Au were prepared by BIGS Global and then split by Orezone to 50 g using RSDs. A 50-g aliquot was analyzed by fire assay at BIGS Global.

Orezone employs a rigorous Quality Control Program including a minimum of 10% standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported, with the details available in the tables posted on our web site.

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the potential to delineate additional oxide resources, the Bomboré mine being open to expansion, the continuation of the drill program, and the updated mineral resource, reserve and life of mine plan as part of the Phase II expansion.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements 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 including, but not limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.