Orezone drills Intidougou

A third phase of definition drilling is under way at Orezone Resources’ (ORZ-M) Intidougou gold property in southwestern Burkina Faso.

The property is part of a portfolio acquired from Geomaque Explorations (geo-t) in exchange for 500,000 Orezone shares and a $250,000-private placement of 500,000 Orezone shares, raising Geomaque’s interest in Orezone to 11.6%.

As well, Geomaque President John Paterson has joined Orezone’s board.

Previously, Orezone and Geomaque were equal joint-venture partners at Intidougou, with each holding a 37.5% interest in the project and Orezone serving as operator.

Orezone can buy the remaining 25% from a businessman in Burkina Faso in return for US$1.5 million, as well as three quarters of a

yet-to-be-determined net smelter return royalty for another US$1.5 million.