Orezone Gold (ORE.TO) announced it has sold its 11 million shares in Amara Mining (LON:AMA) for total proceeds of $3.4M, which allows Orezone to increase its cash position. The company received the shares two years ago as part of the consideration to sell the Sega project to Amara.
Orezone Gold owns the Bomboré gold project in Burkina Faso which contains 5.3 million ounces of gold, but unfortunately the company needs a higher gold price to be able to extract all of the gold. Orezone will very likely continue to focus on the oxide zone of the Bomboré project which should produce just over 1 million ounces of gold over an initial 9 year mine life.
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Disclosure: The author holds no position in Orezone Gold. Please see our disclaimer for current positions.
