Burkina Faso – Orezone Gold Corporation has obtained all signed protocols with the local people and stakeholders affected by its Bomboré gold project in Burkina Faso.
The final versions of the relocation action plan (RAP) and the environmental and social impact assessment (ESIA) were submitted to the Ministry of Environment for their review and comment. Public hearings organised by the Ministry of Environment, to audit the company’s previous work and signed protocols are in progress and their final comments and approvals are expected in December 2015.
The Presidential and legislative elections are to commence on November 29 and could continue into December in order to achieve the required majority vote (>50%). For this reason, combined with the onset of the holiday season, the company does not anticipate cabinet approval of the mining permit application until the first quarter of 2016.
Cost cutting initiatives
Orezone has initiated several measures to reduce its annual operating costs by approximately US$1 million, that are offset in the first year by severance and other costs of $0.45 million.
Key to these savings includes a reduction in its head office accounting staff as a result of a voluntary application to move from a current listing on the TSX to a Tier 1 listing on the TSX-V.
The proposed change in listing to the TSX-V does allow the company to reduce costs given the different disclosure and regulatory standards required of TSX-V and venture issuers. An application to list has been submitted to the TSX-V.
In addition, with the Bomboré feasibility study completed and the mining permit application in progress, the company has reduced a few its technical staff that are no longer required until the project progresses to construction.
Ron Little, President and CEO for Orezone states, “Although we are well advanced in our permitting process and remain focused on getting Bomboré ‘shovel-ready’ in 2016, we feel it is prudent to preserve our treasury and be prepared to endure the current market conditions for as long as possible.”
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