OZN Now a neighbor of NWT in NIGERSee NR. Stock just shot up Fast on News.
Press Release Source: Orezone Resources Inc.
Orezone Granted Uranium Exploration Permits in Niger
Monday April 16, 9:46 am ET
OTTAWA, ONTARIO--(CCNMatthews - April 16, 2007) - Orezone Resources Inc. (TSX:OZN - News; AMEX:OZN - News) is pleased to announce that its wholly-owned subsidiary, Niger Resources Inc., has been granted two uranium exploration permits by the Government of the Republic of Niger, West Africa. The two permits totaling 980km2 are located adjacent to Areva's exploration permits (previously Cogema) and within 40km of its SOMAIR and COMINAK uranium mines which have been in production since the early seventies. Niger is the world's fourth largest Uranium producer.
ADVERTISEMENT
The permits, named ZELINE 1 and ZELINE 4 are within the Tim Mersoi sedimentary basin. This basin is host to a number of economic Colorado-type low-grade uranium deposits that are mainly associated with the Upper Carboniferous clastic sediments (see Figure 1, https://www.orezone.com/site/media/Press145.asp Prospective sedimentary series), in the vicinity of major structural breaks. These breaks are interpreted to control the circulation of the ore-forming fluids and the development of structural traps where the deposits were formed. The ZELINE 1 permit straddles the Arlit Fault, the main structural break in the basin. Sixty percent of the permit is underlain by the sub-cropping prospective sedimentary series that hosts the SOMAIR and COMINAK uranium deposits. The permit is also traversed by a NNE-oriented subsidiary structure of the Arlit fault. Several of the uranium deposits are distributed along a similar structure. The ZELINE 4 permit is partly underlain by the same sedimentary series and traversed by similarly oriented Arlit fault subsidiary structures.
The initial work, consisting of high-resolution airborne surveys, is expected to begin during this quarter, with a budget of US$1.5 million for the first year. Dr. Pascal Marquis, Vice President Exploration, is Orezone's Qualified Person under National Instrument 43-101and will oversee the programs.
Ron Little, President & CEO of Orezone stated, "We are very pleased to have been given the opportunity to explore such prospective ground. Over the last two years we have been very active gold explorers in Niger and we can take advantage of our existing infrastructure. These permits will initially be funded internally with the long term objective of maximizing shareholder value and significantly increasing our efforts in Niger."
Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a full feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner