Orezone Reports Continued Positive Oxide Results at Bombore Gold Project

OTTAWA, ONTARIO--(Marketwire - Nov. 21, 2011) - Orezone Gold Corporation (TSX:ORE) announces additional positive oxide and sulphide drill results at depth 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 142 reverse circulation (RC) holes (8,518 m) and 67 diamond drill (DD) holes (9,249 m) from the southern and northern portions of the 11 km long Bomboré resource. The results from the near surface oxide zone, both within and outside the pit shells that constrain the 2010 resource, continue to be positive and indicate that a significant expansion and upgrade of the oxide resources can be expected. The oxide drill results located within the 2010 pit shells continue to maintain an average cut grade of 1.1 g/t while the oxide zone extensions discovered outside of the pit shells average a cut grade of 0.9 g/t.

Early indications from core drilling are that mineralization continues beneath the oxide resources into the sulphides over approximately half of the strike length tested. The best sulphide results outside of the 2010 pit shells are from the Maga,Siga South and Siga West zones. Compared to the 2010 model (1.2 g/t), the sulphide results indicate a slightly lower average cut grade of 1.1 g/t within the pit shells and 1.0 g/t outside of the pit shells. Approximately 75% of the RC results and 50% of the core results have been received to date, with the sulphide results mostly from the southern half of the deposit and where resources were predominantly in the Inferred category. The remaining 50% of the sulphide results are to come primarily from the northern half of the deposit (mostly Indicated resources) where grades and continuity were more robust than the southern half in the 2010 resource model.

Approximately 40% of the mineralized intervals reported from the ongoing program are from outside of the 2010 resource pit shells where the model projections of the grades and widths of the mineralization were limited or non-existent. Comparisons on a percentage basis of the current drill results with what was expected from the model, as presented in the last several press releases, are therefore not meaningful and will no longer be reported. Cumulative average grades of all composited drill results both within and outside the pit shells, however, remain an accurate and practical method to monitor the drill results on an ongoing basis (see table 1 & 2) until the resources are updated.

With five core drill rigs in operation and one RC rig to restart after several weeks of repairs, the program is on track to complete a minimum of 70,000 m of DD and 80,000 m of RC drilling by year end. Drilling and analytical results will continue through 2012 with a full resource update planned for release in Q2, and a Definitive Feasibility Study in Q4. With the significant backlog of samples in the laboratories (currently 32,000 samples) and small delays in drilling, a delay of one quarter in the project timeline from previous estimates is expected.

The June 2011 positive Preliminary Economic Assessment (PEA) using $1000 pit shells and $1100 gold confirmed the project could be developed as a heap leach (oxide material only) or a standard carbon in leach (CIL) operation (oxide and sulphide material). A detailed metallurgical study is now underway to confirm the potential of building a CIL operation in two phases. Phase 1, an oxide-only plant, is envisioned to produce more than 150,000 oz/year with recoveries over 90%, with lower capital costs, lower mining and processing costs and lower strip ratios than what was outlined in the PEA. A Phase 2 plant expansion to process the sulphide ores could be funded from the project cash flows and further increase gold production. "Based on the 2011 drill results received to date, Orezone is expecting a significant expansion and upgrade in oxide resources and potentially lower strip ratios," said Ron Little, CEO for Orezone. "These improvements, combined with a two-phase project build, could result in an improvement to the project economics demonstrated in the 2011 PEA."

Table 1. Cumulative Current Program Results Reported to Date

Current Program Results Reported to Date					Average Grade
Zone	Holes	meters	% Complete		Uncut (g/t)	Cut(1) (g/t)
CFU - RC	0	0	0	%
CFU - DD	4	653	24	%	1.072	1.072
Maga - RC	50	3,455	17	%	1.367	1.329
Maga - DD	50	7,702	38	%	1.186	1.109
P8P9 - RC	284	17,494	62	%	1.355	1.078
P8P9 - DD	0	0	0	%
P11 - RC	212	10,918	85	%	0.991	0.950
P11- DD	22	3,111	28	%	1.048	1.004
Siga E - RC	169	9,163	95	%	1.084	0.970
Siga E - DD	67	9,416	91	%	1.294	1.067
Siga W - RC	131	6,646	86	%	0.901	0.881
Siga W - DD	63	9,271	89	%	0.909	0.883
Siga S - RC	208	10,517	100	%	2.210	0.977
Siga S - DD	60	9,619	100	%	1.124	1.044
P17 - RC	18	888	62	%	2.086	1.710
P17 - DD	7	1,095	38	%	2.049	1.724
P16 - RC	24	1,296	84	%	1.441	1.369
P16 - DD	7	1,001	60	%	2.586	1.822
All - RC	1,096	60,377	71	%	1.432	1.050
All - DD	280	41,867	49	%	1.126	1.026

(1)Weighted average grade of individual assays cut to 5 g/t that occur both in and outside the 2010 Whittle pit shells

Table 2. Comparison of Current Program with the 2010 Resource Model

Area	Pit Shell	Type	October 2010 Model Au > 0.5 g/t			2011 Drilling Au > 0.5 g/t
			Composite Total m	Uncut Grade g/t	Cut Grade g/t	Composite Total m	Uncut Grade g/t	Cut Grade g/t
North	In	Weathered	6,734	1.30	1.11	3,176	1.32	1.15
	In	Sulfide	623	2.19	1.33	384	1.26	1.18
	Out	Weathered	808	0.73	0.73	408	1.48	0.93
	Out	Sulfide	500	0.92	0.88	411	1.20	1.11
South	In	Weathered	2,124	1.21	1.05	3,252	1.71	1.03
	In	Sulfide	807	1.38	1.06	1,322	1.16	1.04
	Out	Weathered	272	1.29	1.07	1,484	1.00	0.94
	Out	Sulfide	283	0.78	0.77	2,706	1.05	0.96
All	In	Weathered	8,858	1.27	1.09	6,428	1.52	1.09
	In	Sulfide	1,430	1.73	1.18	1,706	1.18	1.07
	Out	Weathered	1,080	0.87	0.82	1,891	1.10	0.94
	Out	Sulfide	783	0.87	0.84	3,117	1.07	0.98

Table 3. Breakdown of Drilling Meterage for this Release

Zone	Diamond Drill		Reverse Circulation
	# of holes	meters	# of holes	meters
Maga	0	0	0	0
CFU	0	0	0	0
P8P9	0	0	76	4,927
P11	17	2,467	34	1,841
Siga W	31	3,995	8	408
Siga E	19	2,787	20	1,142
Siga S	0	0	0	0
P16	0	0	4	200
P17	0	0	0	0
TOTAL	67	9,249	142	8,518

Table 4. Highlights of Diamond Drill Hole Results for this Release

(Note: Includes holes previously reported for which the final assay results are now available, as well as new holes.)

Zone	Section	Hole #	From (m)	To (m)	Length (m)	Uncut Grade(2) (g/t)	Cut Grade(3) (g/t)	Total Assay(4)
Siga W	12900	BBD0283	53.00	56.00	3.00	3.44	3.44	Pending
Siga W	12100	BBD0271	111.00	124.50	13.50	1.27	1.27
Siga W	12050	BBD0462	51.00	69.00	18.00	0.68	0.68	Pending
Siga W	11950	BBD0461	28.00	45.50	17.50	0.71	0.71	Pending
Siga W	11800	BBD0311	129.00	143.50	14.50	0.79	0.79
Siga W	11600	BBD0453	24.00	33.00	9.00	1.13	1.13	Pending
Siga W	11600	BBD0454	9.00	28.50	19.50	0.93	0.93	Pending
Siga W	11600	BBD0454	79.00	94.00	15.00	0.86	0.86	Pending
Siga W	11550	BBD0452	79.00	84.00	5.00	3.22	2.59	Pending
Siga E	12750	BBD0411	10.50	15.00	4.50	2.25	2.24
Siga E	12600	BBD0267	83.00	93.50	10.50	1.41	1.41
Siga E	12600	BBD0267	99.50	105.50	6.00	2.70	1.92
Siga E	12550	BBD0407	0.00	9.50	9.50	1.26	1.26
Siga E	12550	BBD0407	44.00	54.50	10.50	1.64	1.64
Siga E	12550	BBD0407	71.00	78.50	7.50	1.60	1.60
Siga E	12550	BBD0408	155.00	161.00	6.00	2.46	2.13
Siga E	12550	BBD0408	179.00	194.00	15.00	1.26	1.26
Siga E	12550	BBD0409	50.00	63.00	13.00	1.17	0.94
Siga E	12500	BBD0405	185.00	200.00	15.00	0.81	0.81	Pending
Siga E	12450	BBD0359	62.00	71.00	9.00	11.82	1.48
Siga E	12450	BBD0359	90.50	99.50	9.00	3.34	1.73
Siga E	12450	BBD0360	159.00	169.50	10.50	1.28	1.28
Siga E	12400	BBD0403	37.50	45.50	8.00	1.98	1.84
Siga E	12350	BBD0401	24.00	28.00	4.00	4.63	4.31
Siga E	12300	BBD0357	113.00	120.50	7.50	1.35	1.35
Siga E	12200	BBD0245	0.00	9.50	9.50	2.07	1.89
Siga E	12200	BBD0246	29.50	38.50	9.00	1.94	1.94
Siga E	12200	BBD0246	43.50	63.00	19.50	6.05	2.54
Siga E	12150	BBD0243	26.50	48.00	21.50	1.01	1.02
P11	48850	BBD0339	19.00	28.00	9.00	2.46	1.57	Pending
P11	48300	BBD0368	54.00	58.00	4.00	2.69	2.64	Pending

(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 leach residue fire assay results are pending

Table 5. Highlights of Reverse Circulation Results for this Release

(Note: Includes holes previously reported for which the final assay results are now available, as well as new holes.)

Zone	Section	Hole	From (m)	To (m)	Length (m)	Uncut Grade(5) (g/t)	Cut Grade(6) (g/t)	Total Assay(7)
P11	50100	BBC2002	31.00	37.00	6.00	1.74	1.67
P11	50000	BBC1998	19.00	23.00	4.00	6.36	3.65
P11	50000	BBC1998	26.00	41.00	15.00	2.39	1.75
P11	48800	BBC2370	0.00	4.00	4.00	3.10	2.58
P16	44150	BBC2405	12.00	22.00	10.00	1.63	1.63	Pending
P16	44150	BBC2406	3.00	11.00	8.00	2.62	2.53	Pending
P16	44150	BBC2406	18.00	32.00	14.00	1.35	1.35	Pending
P16	44075	BBC2407	34.00	48.00	14.00	1.24	1.24	Pending
P8P9	2100	BBC2249	45.00	49.00	4.00	3.28	3.03	Pending
P8P9	2100	BBC2251	32.00	45.00	13.00	1.94	1.56	Pending
P8P9	2050	BBC2246	0.00	8.00	8.00	4.49	2.48	Pending
P8P9	1950	BBC2230	34.00	40.00	6.00	3.26	2.63	Pending
P8P9	1900	BBC2217	21.00	24.00	3.00	5.80	3.76
P8P9	1900	BBC2218	7.00	41.00	34.00	1.49	1.49
P8P9	1900	BBC2221	1.00	29.00	28.00	2.37	2.27
P8P9	1900	BBC2221	47.00	66.00	19.00	6.19	1.94
P8P9	1850	BBC2293	6.00	19.00	13.00	0.92	0.92	Pending
P8P9	1850	BBC2296	25.00	33.00	8.00	1.29	1.29	Pending
P8P9	1800	BBC2207	23.00	32.00	9.00	3.58	1.77	Pending
P8P9	1700	BBC2193	14.00	31.00	17.00	1.12	1.12	Pending
P8P9	1650	BBC2182	56.00	71.00	15.00	1.09	1.09
P8P9	1650	BBC2184	36.00	48.00	12.00	0.99	0.99
P8P9	1600	BBC2171	5.00	9.00	4.00	4.16	3.30
P8P9	1550	BBC2175	4.00	21.00	17.00	1.53	1.33
P8P9	1550	BBC2175	28.00	43.00	15.00	2.39	1.42
P8P9	1550	BBC2177	49.00	66.00	17.00	1.09	1.01
P8P9	1500	BBC2155	36.00	44.00	8.00	2.87	1.56
P8P9	1500	BBC2165	7.00	25.00	18.00	0.70	0.71
P8P9	1500	BBC2166	19.00	38.00	19.00	0.82	0.83
P8P9	1500	BBC2167	2.00	12.00	10.00	1.32	1.32
P8P9	1450	BBC2154	39.00	57.00	18.00	1.01	1.01
P8P9	1450	BBC2154	60.00	64.00	4.00	3.50	3.20
P8P9	1450	BBC2168	15.00	28.00	13.00	1.14	1.14
P8P9	1400	BBC2127	40.00	46.00	6.00	9.61	2.08
P8P9	1400	BBC2128	10.00	18.00	8.00	4.77	2.12
P8P9	1400	BBC2148	47.00	65.00	18.00	1.78	1.54
P8P9	1350	BBC2123	68.00	78.00	10.00	1.27	1.23
P8P9	1350	BBC2124	23.00	28.00	5.00	6.83	3.24
P8P9	1350	BBC2140	70.00	81.00	11.00	1.11	1.11
P8P9	1350	BBC2141	59.00	73.00	14.00	0.96	0.96
P8P9	1350	BBC2142	18.00	29.00	11.00	1.18	1.18
P8P9	1350	BBC2143	24.00	43.00	19.00	1.00	1.00
P8P9	1350	BBC2143	50.00	61.00	11.00	1.14	1.14
P8P9	1300	BBC2116	34.00	40.00	6.00	6.29	4.06
P8P9	1300	BBC2118	6.00	14.00	8.00	1.84	1.63
P8P9	1300	BBC2137	8.00	16.00	8.00	1.50	1.50
P8P9	1300	BBC2137	33.00	45.00	12.00	1.34	1.34
P8P9	1300	BBC2139	12.00	24.00	12.00	1.24	1.24
P8P9	1250	BBC2111	40.00	49.00	9.00	1.95	1.86
P8P9	1250	BBC2112	14.00	25.00	11.00	2.85	1.71
P8P9	1250	BBC2135	42.00	53.00	11.00	1.96	1.96
P8P9	1250	BBC2136	16.00	26.00	10.00	1.05	1.05
P8P9	1200	BBC2104	76.00	86.00	10.00	1.68	1.11
P8P9	1200	BBC2106	29.00	42.00	13.00	1.80	1.61
P8P9	1200	BBC2107	9.00	16.00	7.00	2.24	1.73
P8P9	1200	BBC2130	7.00	43.00	36.00	2.15	1.69
P8P9	1200	BBC2134	14.00	17.00	3.00	4.23	3.37
P8P9	1150	BBC2092	62.00	69.00	7.00	5.14	3.34
P8P9	1150	BBC2093	38.00	49.00	11.00	4.54	2.18
P8P9	1150	BBC2133	8.00	17.00	7.00	4.16	2.36
P8P9	1100	BBC2082	35.00	52.00	17.00	0.95	0.95
P8P9	1100	BBC2085	0.00	7.00	7.00	1.61	1.61
P8P9	1100	BBC2086	16.00	44.00	28.00	1.34	1.06
P8P9	1100	BBC2097	22.00	27.00	5.00	2.15	2.15
P8P9	1100	BBC2097	32.00	49.00	17.00	0.89	0.88
P8P9	1050	BBC2077	35.00	48.00	13.00	0.95	0.95
P8P9	1050	BBC2078	29.00	41.00	12.00	1.28	1.28
P8P9	1000	BBC2073	33.00	44.00	11.00	1.64	1.19
P8P9	1000	BBC2076	18.00	32.00	14.00	0.78	0.79
P8P9	900	BBC2060	1.00	20.00	19.00	0.59	0.59
P8P9	850	BBC2053	9.00	47.00	38.00	1.03	0.93
P8P9	850	BBC2054	0.00	16.00	16.00	0.80	0.80
P8P9	800	BBC2045	10.00	38.00	28.00	1.88	1.72
P8P9	200	BBC2011	15.00	28.00	13.00	1.22	1.17
Siga E	12700	BBC2317	24.00	29.00	5.00	2.21	2.08
Siga E	12450	BBC2329	41.00	46.00	5.00	2.19	2.16
Siga E	12300	BBC2333	40.00	50.00	10.00	1.25	1.25
Siga E	12200	BBC2336	22.00	26.00	4.00	8.25	2.79	Pending

(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 leach residue fire assay 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, P17 and P8P9 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), BIGS Global Burkina s.a.r.l 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.

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), BIGS Global Burkina s.a.r.l 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 a 30 g aliquot 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," "project economics," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "could" 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.