Positive Results Continue at Orezone's Bombore Gold Project

Oxide drill results to date, using cut grades, are 42% higher

OTTAWA, ONTARIO -- (Marketwire - Oct. 17, 2011) - Orezone Gold Corporation (TSX: ORE) is pleased to announce additional positive drill results from an ongoing 170,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 202 reverse circulation (RC) holes (12,205 m) and 69 diamond drill (DD) holes (9,893 m) from the northern and southern portions of the 11 km long Bomboré resource (see map). The objectives of the program are to expand and upgrade sulphide resources with core drilling at depth, as well as to upgrade and expand near-surface oxide resources with RC drilling. With 71% of the drilling completed to date and 50% of the assays reported, the results continue to indicate success in achieving both objectives with a significant increase in resources and improved project economics expected.

Results have cumulatively indicated higher grades (+42% in the oxide, +37% in the sulphide) and narrower widths (71% in the oxide, 67% in the sulphide) compared to the October 2010 NI 43-101 compliant resource model ("the 2010 model"). With six drill rigs in operation (5DD, 1RC) the program is on track to complete 80,000 m of DD and 90,000 m of RC drilling by year end. Analytical results will continue through Q1 of 2012 with a full resource update planned for release in Q2.

Open-ended mineralization (both shallow oxide and deeper sulphide extensions) has been discovered outside of the 2010 resource model and will warrant further drilling in 2012. In addition, several auger drilling anomalies warrant RC drilling in four main areas: the gap between Maga-CFU-KT; the gap between Siga West and P8P9; the possible extension of Maga SW along the western margin of P8P9, and; the (newly defined) P13 target in the SW corner of the Bomboré permit (see map). The P13 anomaly may extend onto Orezone's adjacent Toeyoko permit where an airborne survey is scheduled to be completed before year-end with follow-up reconnaissance work and auger drilling scheduled for early 2012.

"Results from the assays reported on the first 50% of the drill program have been very positive and continue to increase our confidence that Bomboré will evolve into a world-class deposit," said Ron Little, CEO for Orezone. "While we expect a significant increase in both classification and size of the Bomboré resource at the conclusion of this drill program, the results continue to underscore the potential to further expand resources at depth and along strike with continued drilling."

Today's drill results and conclusions are preliminary and may be further improved as approximately 35% of the leach residue fire assays are still missing from the Siga, P11 and P8P9 areas. The leach residue fire assays typically increase the mineralized width above a lower cut-off of 0.5 g/t by about 18% for a similar bulk grade. Table 1 summarizes the above and provides a comparison of the overall results to date with the 2010 resource model, while Table 2 provides a breakdown of the meters reported in this release.

"The drilling in the southern half of the project is almost complete and has successfully demonstrated improved continuity and grades with gold mineralization down to 200 m and remaining open at depth," said Pascal Marquis, SVP Exploration for Orezone. "The last 50,000 m of the 2011 drill program will occur in the northern half of the deposit where grades and continuity were more robust than the southern half in the 2010 resource model. The initial RC results reported in this release from the northern half (P8P9) continue to confirm this trend."

The environmental impact study, along with metallurgical and optimization studies, continue to proceed on schedule. A detailed socio-economic field inventory was completed in September and an interim report is expected in Q4. Approximately one tonne (76 samples) representative of the various oxide and sulphide mineralized zones will be processed by McClelland Laboratories Inc. in Nevada, USA, for detailed ore variability testing, including cyanidation tests, carbon and sulfur speciation, ICP scan, whole rock analysis and granulometry and particle size distribution analysis. Results will become progressively available over the next six months and will be integrated into the next round of Whittle resource modeling. The new phase 1 mine-site camp, office and access roads were completed and are fully functional. To improve the turn-around time for results, the construction of a sample preparation facility at site has commenced with the capacity to process 18,000 samples per month. The facility will be managed by a certified international laboratory, and is expected to be commissioned in Q1 2012. The company continues to improve the efficiency of the exploration programs and ultimately the development of the project.


Table 1: Comparison of Current Program with the 2010 Resource Model

Current Program Results Reported to Date 		Average Grade 	Comparison with 2010 Resource Model 	
Zone 	Holes 	meters 	% Complete 		Uncut
(g/t) 	Cut(1)
(g/t) 	Cut Grade
(g/t) 		Width
(m) 	
Maga - RC 	50 	3,455 	17 	% 	1.37 	1.33 	117 	% 	74 	%
Maga - DD 	50 	7,702 	38 	% 	1.19 	1.11 	130 	% 	59 	%
CFU - RC 	0 	0 	0 	% 						
CFU - DD 	4 	653 	24 	% 	1.05 	1.05 				
P8P9 - RC 	208 	12,567 	52 	% 	1.39 	1.10 	152 	% 	73 	%
P8P9 - DD 	0 	0 	0 	% 						
P17 - RC 	18 	888 	100 	% 	2.09 	1.71 	188 	% 	43 	%
P17 - DD 	7 	1,095 	100 	% 	2.05 	1.73 	129 	% 	102 	%
P16 - RC 	20 	1,096 	100 	% 	1.44 	1.35 	234 	% 	95 	%
P16 - DD 	7 	1,001 	100 	% 	2.51 	1.80 	252 	% 	87 	%
P11 - RC 	178 	9,077 	79 	% 	0.93 	0.92 	238 	% 	144 	%
P11- DD 	5 	644 	7 	% 	1.08 	1.08 	215 	% 	157 	%
Siga S - RC 	208 	10,517 	100 	% 	2.21 	0.98 	134 	% 	123 	%
Siga S - DD 	60 	9,619 	100 	% 	1.15 	1.00 	132 	% 	74 	%
Siga W - RC 	117 	5,901 	90 	% 	0.90 	0.88 	154 	% 	54 	%
Siga W - DD 	32 	5,276 	52 	% 	0.92 	0.90 	130 	% 	59 	%
Siga E - RC 	155 	8,358 	84 	% 	1.06 	0.98 	125 	% 	55 	%
Siga E - DD 	48 	6,629 	63 	% 	1.16 	1.08 	154 	% 	65 	%
All - RC 	954 	51,859 	61 	% 	1.46 	1.05 	142 	% 	71 	%
All - DD 	213 	32,618 	38 	% 	1.16 	1.04 	137 	% 	67 	%

(1) Weighted average grade of individual assays cut to 5 g/t


Table 2: Breakdown of Drilling Meterage for this Release

Zone 	Diamond Drill 	Reverse Circulation
# of holes 	meters 	# of holes 	meters
CFU 	0 	0 	0 	0
Maga 	0 	0 	0 	0
P8P9 	0 	0 	142 	9,190
P17 	0 	0 	0 	0
P16 	0 	0 	0 	0
Siga S 	1 	85 	0 	0
Siga W 	24 	3,756 	0 	0
Siga E 	39 	5,408 	14 	709
P11 	5 	644 	46 	2,306
TOTAL 	69 	9,893 	202 	12,205

Table 3: Highlights of Diamond Drill Hole Results for this Release

				From 	To 	Length 	Uncut Grade(2) 	Cut
Grade(3) 	Total
Zone 	Section 		Hole # 	(m) 	(m) 	(m) 	(g/t) 	(g/t) 	Assay(4)
Siga W 	12200 		BBD0271 	111.00 	120.00 	9.00 	1.28 	1.28 	Pending
Siga W 	11950 		BBD0315 	36.00 	41.00 	5.00 	2.45 	2.45 	Pending
Siga W 	11750 		BBD0309 	84.50 	93.50 	9.00 	1.49 	1.49 	
Siga W 	11750 		BBD0309 	108.50 	123.50 	15.00 	1.00 	1.00 	
Siga W 	11700 		BBD0308 	153.00 	171.00 	18.00 	0.95 	0.95 	
Siga W 	11650 		BBD0305 	36.00 	50.00 	14.00 	0.87 	0.87 	
Siga W 	11550 		BBD0200 	149.00 	156.50 	7.50 	1.56 	1.56 	
Siga W 	11550 		BBD0200 	194.00 	213.50 	19.50 	0.74 	0.74 	
Siga W 	11350 		BBD0199 	41.00 	63.00 	22.00 	0.89 	0.89 	
Siga S 	11250 		BBD0302 	15.00 	24.00 	9.00 	1.29 	1.29 	
Siga S 	11250 		BBD0302 	56.00 	68.00 	12.00 	1.22 	1.22 	
Siga S 	11250 		BBD0302 	90.50 	108.50 	18.00 	0.67 	0.67 	
Siga S 	11200 		BBD0198 	81.50 	90.50 	9.00 	6.53 	1.97 	
Siga S 	11200 		BBD0198 	99.50 	107.00 	7.50 	1.42 	1.42 	
Siga S 	11150 		BBD0197 	72.50 	92.00 	19.50 	1.19 	1.10 	
Siga S 	11050 		BBD0228 	165.00 	175.50 	10.50 	1.14 	1.14 	
Siga S 	10850 		BBD0196 	104.00 	116.00 	12.00 	1.01 	1.01 	
Siga S 	10800 		BBD0192 	89.00 	110.00 	21.00 	1.35 	1.35 	
Siga S 	10600 		BBD0178 	155.00 	191.50 	36.50 	0.85 	0.85 	
Siga E 	12600 		BBD0267 	83.00 	93.50 	10.50 	1.19 	1.19 	Pending
Siga E 	12600 		BBD0267 	99.50 	105.50 	6.00 	2.46 	1.82 	Pending
Siga E 	12550 		BBD0407 	44.00 	54.50 	10.50 	1.17 	1.17 	Pending
Siga E 	12550 		BBD0407 	72.50 	78.50 	6.00 	1.68 	1.68 	Pending
Siga E 	12400 		BBD0403 	37.50 	45.50 	8.00 	1.88 	1.79 	Pending
Siga E 	12350 		BBD0401 	24.00 	28.00 	4.00 	4.40 	4.24 	Pending
Siga E 	12200 		BBD0245 	0.00 	9.50 	9.50 	1.99 	1.83 	Pending
Siga E 	12200 		BBD0246 	29.50 	38.50 	9.00 	1.81 	1.81 	Pending
Siga E 	12200 		BBD0246 	43.50 	63.00 	19.50 	4.52 	2.30 	Pending
Siga E 	12150 		BBD0244 	122.00 	140.00 	18.00 	0.70 	0.70 	
Siga E 	12100 		BBD0241 	69.00 	73.50 	4.50 	3.86 	3.67 	
Siga E 	12050 		BBD0238 	47.00 	63.50 	16.50 	0.84 	0.84 	
Siga E 	11950 		BBD0235 	219.00 	226.50 	7.50 	1.36 	1.36 	
Siga E 	11450 		BBD0252 	24.00 	43.00 	19.00 	0.87 	0.87 	
Siga E 	11400 		BBD0264 	3.00 	14.00 	11.00 	1.21 	1.21 	
Siga E 	11400 		BBD0264 	146.00 	157.00 	11.00 	1.75 	1.75 	

(2) Weighted average grade of uncut individual assays
(3) Weighted average grade of individual assays cut to 5 g/t
(4) Composite width and grade are preliminary where fire assay residue results are pending

The dip of the Siga mineralization is approximately 55 degrees, resulting in true widths that are >90% of the core length.


Table 4: Highlights of Reverse Circulation Results for this Release

				From 	To 	Length 	Uncut
Grade(5) 	Cut
Grade(6) 	Total
Zone 	Section 		Hole 	(m) 	(m) 	(m) 	(g/t) 	(g/t) 	Assay(7)
Siga W 	12450 		BBC1572 	35.00 	45.00 	10.00 	1.22 	1.22 	
Siga S 	11250 		BBC1789 	25.00 	41.00 	16.00 	1.01 	1.01 	
P8P9 	1900 		BBC2217 	21.00 	24.00 	3.00 	4.94 	3.71 	Pending
P8P9 	1900 		BBC2218 	7.00 	40.00 	33.00 	1.30 	1.30 	Pending
P8P9 	1900 		BBC2221 	1.00 	29.00 	28.00 	2.05 	2.03 	Pending
P8P9 	1900 		BBC2221 	48.00 	66.00 	18.00 	5.56 	1.84 	Pending
P8P9 	1650 		BBC2182 	56.00 	66.00 	10.00 	1.21 	1.21 	Pending
P8P9 	1600 		BBC2171 	5.00 	9.00 	4.00 	3.77 	3.17 	Pending
P8P9 	1550 		BBC2175 	4.00 	21.00 	17.00 	1.40 	1.23 	Pending
P8P9 	1550 		BBC2175 	28.00 	43.00 	15.00 	2.21 	1.37 	Pending
P8P9 	1550 		BBC2177 	49.00 	66.00 	17.00 	1.01 	0.95 	Pending
P8P9 	1500 		BBC2165 	7.00 	24.00 	17.00 	0.61 	0.61 	Pending
P8P9 	1500 		BBC2166 	19.00 	32.00 	13.00 	0.88 	0.88 	Pending
P8P9 	1450 		BBC2153 	57.00 	82.00 	25.00 	1.96 	1.73 	Pending
P8P9 	1450 		BBC2154 	39.00 	57.00 	18.00 	0.88 	0.88 	Pending
P8P9 	1450 		BBC2154 	60.00 	64.00 	4.00 	2.66 	2.66 	Pending
P8P9 	1400 		BBC2127 	40.00 	46.00 	6.00 	8.40 	1.95 	Pending
P8P9 	1400 		BBC2128 	10.00 	18.00 	8.00 	4.26 	2.05 	Pending
P8P9 	1400 		BBC2148 	47.00 	55.00 	8.00 	1.33 	1.33 	Pending
P8P9 	1350 		BBC2123 	68.00 	76.00 	8.00 	1.39 	1.37 	Pending
P8P9 	1350 		BBC2124 	23.00 	28.00 	5.00 	6.17 	3.00 	Pending
P8P9 	1350 		BBC2140 	70.00 	81.00 	11.00 	0.99 	0.99 	Pending
P8P9 	1350 		BBC2142 	18.00 	29.00 	11.00 	1.08 	1.08 	Pending
P8P9 	1350 		BBC2143 	29.00 	43.00 	14.00 	1.07 	1.07 	Pending
P8P9 	1350 		BBC2143 	50.00 	61.00 	11.00 	1.03 	1.03 	Pending
P8P9 	1300 		BBC2116 	34.00 	40.00 	6.00 	5.64 	3.96 	Pending
P8P9 	1300 		BBC2118 	6.00 	14.00 	8.00 	1.56 	1.48 	Pending
P8P9 	1300 		BBC2137 	8.00 	16.00 	8.00 	1.42 	1.42 	Pending
P8P9 	1300 		BBC2137 	33.00 	45.00 	12.00 	1.26 	1.26 	Pending
P8P9 	1300 		BBC2139 	12.00 	24.00 	12.00 	1.05 	1.05 	Pending
P8P9 	1250 		BBC2111 	40.00 	49.00 	9.00 	1.78 	1.73 	Pending
P8P9 	1250 		BBC2112 	14.00 	25.00 	11.00 	2.61 	1.63 	Pending
P8P9 	1250 		BBC2135 	42.00 	52.00 	10.00 	1.81 	1.81 	Pending
P8P9 	1200 		BBC2106 	32.00 	42.00 	10.00 	1.97 	1.81 	Pending
P8P9 	1200 		BBC2107 	9.00 	16.00 	7.00 	2.02 	1.65 	Pending
P8P9 	1200 		BBC2130 	7.00 	31.00 	24.00 	1.81 	1.73 	Pending
P8P9 	1200 		BBC2130 	34.00 	43.00 	9.00 	2.56 	1.28 	Pending
P8P9 	1200 		BBC2134 	14.00 	17.00 	3.00 	4.00 	3.37 	Pending
P8P9 	1150 		BBC2092 	62.00 	69.00 	7.00 	4.85 	3.27 	Pending
P8P9 	1150 		BBC2093 	38.00 	49.00 	11.00 	4.02 	2.07 	Pending
P8P9 	1150 		BBC2133 	8.00 	17.00 	7.00 	3.88 	2.30 	Pending
P8P9 	1100 		BBC2085 	0.00 	7.00 	7.00 	1.53 	1.53 	Pending
P8P9 	1100 		BBC2086 	16.00 	26.00 	10.00 	2.01 	1.29 	Pending
P8P9 	1050 		BBC2078 	29.00 	40.00 	11.00 	0.93 	0.93 	Pending
P8P9 	1000 		BBC2076 	18.00 	32.00 	14.00 	0.78 	0.78 	Pending
P8P9 	900 		BBC1934 	33.00 	40.00 	7.00 	2.06 	1.77 	
P8P9 	850 		BBC2053 	9.00 	40.00 	31.00 	1.16 	1.03 	Pending
P8P9 	850 		BBC2054 	0.00 	16.00 	16.00 	0.72 	0.72 	Pending
P8P9 	750 		BBC2037 	2.00 	13.00 	11.00 	2.01 	1.23 	
P8P9 	750 		BBC2037 	24.00 	41.00 	17.00 	0.89 	0.89 	
P8P9 	750 		BBC2038 	8.00 	15.00 	7.00 	2.13 	1.81 	
P8P9 	200 		BBC2011 	15.00 	24.00 	9.00 	1.30 	1.30 	Pending
P11 	50050 		BBC1875 	5.00 	25.00 	20.00 	0.83 	0.83 	
P11 	50000 		BBC1998 	19.00 	23.00 	4.00 	3.38 	3.06 	Pending
P11 	50000 		BBC1998 	26.00 	41.00 	15.00 	1.50 	1.29 	Pending
P11 	48950 		BBC1836 	40.00 	48.00 	8.00 	1.33 	1.33 	
P11 	48900 		BBC1831 	6.00 	15.00 	9.00 	1.98 	1.84 	
P11 	48200 		BBC1862 	6.00 	29.00 	23.00 	1.34 	1.34 	

(5) Weighted average grade of uncut individual assays
(6) Weighted average grade of individual assays cut to 5 g/t
(7) Composite width and grade are preliminary where fire assay residue results are pending

The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is equal to about 85% of the drill length intervals in Maga, P16 and P17 areas, and to 95% of the drill length intervals in the Siga area. The half-core samples were collected by Orezone employees using a diamond saw. The core samples from the weathered (oxide) zone were prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., 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 Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst. The samples from the fresh or sulphide zone were prepared by BIGS Global Burkina s.a.r.l,SGS Burkina Faso s.a.r.l. and Abilab Burkina s.a.r.l. in Ouagadougou 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 Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst. Orezone decided to switch to bottle-roll cyanidation using a LeachWell™ catalyst for the sulphide core samples to improve turn-around and precision when compared to the fire assay analyses that were used during the first part of the current program.

The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg split was prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1 kg using RSDs. A 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst. The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) or at SGS Burkina Faso s.a.r.l.

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release. A complete table of results and the NI 43-101 Bomboré Resource Report that describes the Bomboré resource model can be found at
www.orezone.com.


About Orezone Gold Corporation

Orezone is a Canadian company with a gold discovery track record of +10 M oz and recent mine development experience in Burkina Faso, West Africa. Bomboré, the Company's 100% owned flagship project, is one of the largest gold deposits in the country and is situated 85 km east of the capital city, adjacent to an international highway. Resources are constrained within optimized open pit shells that span 11 km, and include 1.6 Moz indicated and 1.9 Moz inferred resources with an average drill depth of only 60 meters. The Company is currently completing a $24 M, 170,000 meter drill program to significantly expand resources and support the completion of feasibility studies in 2012. Orezone's goal is to develop Bomboré into a world-class deposit by 2012 and become a mid-tier producer by 2015.


FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION:

This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this release include statements regarding, among others, the completion of a 170,000m drill program; capital and operating cost estimates; gold production for the project; completion of a feasibility study in 2012; completion of a resource update in early 2012; commencement of production at the Bomboré Project; and completion of metallurgical testing and social impact studies.

FORWARD-LOOKING STATEMENTS are based on certain assumptions, the opinions and estimates of management at the date the statements are made, and 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. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Orezone for the year ended December 31, 2010 and other continuous disclosure documents filed by Orezone since January 1, 2011 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.



Contact Information

Orezone
Ron Little, CEO
(613) 241 3699 or Toll Free: (888) 673 0663
rlittle@orezone.com

Orezone
Pascal Marquis, SVP Exploration
(613) 241 3699 or Toll Free: (888) 673 0663
pmarquis@orezone.com
www.orezone.com