Orezone proposes to Coronation International

Determined to boost its exploration portfolio, Orezone Resources (ORZ-T) has inked a merger deal with London-listed Coronation International Mining.

Orezone must raise $2 million before the merger takes place, and the new company would have 67 million shares outstanding. No other details of the proposed merger were available at presstime.

Orezone owns four properties in Burkina Faso, as well as the Kantela property, near the Sadiola mine in western Mali, where drilling has intersected a gold-mineralized breccia zone near the surface.

Coronation’s portfolio includes the Essakan gold property in Burkina Faso and the Pagala base metal property in Togo. At the former, BHP Billiton (BHP-N) outlined a resource of 20 million tonnes grading 2 grams gold per tonne; the latter is being explored by Anglo American (AAUK-Q), which can earn a 60% interest by delivering a prefeasibility study.