EURO Ressources completes the silver stream transaction with Orezone Gold
18 Octubre 2021 - 07:45AM
EURO Ressources completes the silver stream transaction with
Orezone Gold
EURO RESSOURCES
COMPLETES THE SILVER STREAM TRANSACTION
WITH OREZONE GOLD
Paris, France, October 18, 2021: EURO Ressources
S.A. (“EURO” or “the Company”) (Paris: EUR) is pleased to
announce the closing of its previously announced acquisition of a
silver stream (the “Silver Stream”) from a subsidiary of Orezone
Gold Corporation (“Orezone”).
The Silver Stream entitles EURO to receive 50%
of the payable silver production over the life of mine on Orezone’s
Bomboré Project (“Bomboré”), located in Burkina Faso, West Africa.
The Silver Stream also stipulates a minimum guaranteed delivery
obligation in favour of EURO of 37,500 ounces of silver per annum,
until delivery of 375,000 ounces of payable silver.
Full details of the transaction can be found in
EURO’s news release dated March 1, 2021.
The Bomboré
Project
Orezone Gold Corporation (TSX.V: ORE OTCQX:
ORZCF) is a Canadian development company which owns a 90% interest
in Bomboré, one of the largest undeveloped gold deposits in Burkina
Faso. The 2019 feasibility study highlights Bomboré as an
attractive shovel-ready gold project with forecasted annual gold
production of 118,000 ounces over a 13+ year mine life at an AISC
of US$730/ounce with an after-tax payback period of 2.5 years at an
assumed gold price of US$1,300/ounce. Assay data and metallurgical
studies suggest there is a silver component to the Bomboré deposit,
with EURO’s review of assay data indicating that the average silver
grade is in the region of 1 g/t and that the silver to gold ratio
is approximately 1:1. Bomboré is underpinned by a mineral resource
base in excess of 5 million ounces of gold and possesses
significant expansion potential.
Orezone plans to develop Bomboré in two stages:
Stage 1 is focused on the Free Dig Oxides as a CIL operation with
no crushing and minimal grinding with average recoveries of 87%;
and Stage 2 will focus on the underlying higher-grade sulphides
with a separate crushing and grinding circuit feeding the same CIL
circuit as the oxides. This will reduce upfront capital and
increase annual production and recovered ounces over the life of
mine.
For more information on Bomboré, please visit
www.orezone.com.
About EURO
EURO is a French company whose main assets are a
royalty on the Rosebel gold mine production in Suriname (the
“Rosebel royalty”), a royalty on the Paul Isnard concessions, and
marketable securities. The Rosebel gold mine is 95%-owned by
IAMGOLD Corporation (“IAMGOLD”), and is operated by IAMGOLD. The
royalty on the Paul Isnard concessions is a net smelter returns
production royalty on future production of the Paul Isnard
concessions and an area of interest surrounding the concessions in
French Guiana, owned under a joint venture agreement between Orea
Mining Corp. and Nord Gold SE.
EURO has approximately 62.5 million shares
outstanding. At September 30, 2021, IAMGOLD France S.A.S. (“IAMGOLD
France”), an indirect wholly owned subsidiary of IAMGOLD, owned
approximately 89.71% of all issued outstanding shares of EURO. As
at September 30, 2021, IAMGOLD France held 56,058,191 shares
representing 112,116,382 voting rights or 94.25% of the voting
rights of EURO. This threshold crossing results from a double
voting rights allocation.
Statements Regarding Forward-Looking
Information: Some statements in this news release are
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain and involve
risks and uncertainties. There can be no assurance
that future developments affecting the Company will be those
anticipated by management.
Not for distribution to United States newswire
services or for dissemination in the United States. The securities
referred to herein have not been registered under the United States
Securities Act of 1933, as amended (the Securities Act), and may
not be offered or sold in the United States or to a U.S. person
absent registration, or an applicable exemption from the
registration requirements of the Securities Act.
Additional information relating to
EURO Ressources S.A. is available on SEDAR at
www.sedar.com. Further requests for information should be addressed
to:
Tidiane BarryDirecteur GénéralTel: +1 450 677 0040Email:
tbarry@euroressources.net |
Sophie
HalléDirecteur Général DéléguéTel: +1 450 677 0040Email :
shalle@euroressources.net |
- PR 21-10EN 2021 10 18 EURO - News release-2021 Orezone
transaction V1_final
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