Orezone Resources Inc. (Toronto:OZN.TO - News)(OZN - News) is pleased to announce that Bayerische Hypo- und Vereinsbank AG, a member of UniCredit Group ("HVB") and The Standard Bank of South Africa Ltd have received final credit approvals to fully underwrite and provide US$300M in project debt and a US$30M cost over-run facility for the Company's Essakane gold project in Burkina Faso, West Africa.

The US$330M combined facility is considerably larger than the US$250M originally envisioned with each bank subscribing equally to the increase. The US$175 million commercial tranche, underwritten by HVB, has a 7 year term. The US$125M Export Credit Insurance Corporation tranche, underwritten by Standard Bank, has an 8 year term. In addition, both banks have committed US$15M each to a cost over-run facility. Both tranches rank pari-passu and will be drawn down proportionally. At current market rates, the overall annual interest rate for the combined facility, including political risk insurance premiums, is expected to be below 8%.

Documentation for the facility is largely complete. Closing and drawdown of the facility is contingent on, inter alia, raising the remaining equity capital and completing a fixed price arrangement covering sufficient ounces of gold to satisfy the lender's requirements over the term of the project loan. Based on the current gold market, the Company expects that the total number of ounces sold at a fixed price will not be higher than 25% of project's measured and indicated resources. The fixed price arrangement can be unwound at any time if the loan is repaid. The loan contains no early repayment penalties. The capital expenditure budget for the project is US$420M with Orezone having spent approximately $40M as at June 30, 2008.

Standard Bank has also agreed to provide the Company with a five month, US$40M bridge loan facility at an interest rate of LIBOR plus 4%. The Company expects to close and drawdown on the bridge facility within 10 days in order to maintain momentum and construction of the project.

Ron Little, CEO of Orezone, stated that "We are very pleased to have achieved another significant milestone in the ongoing development of the Essakane project. The combined facility has increased by over 30%, on reasonable terms, during one of the most difficult credit markets. This clearly demonstrates the robust nature of the project, the quality of our development team and should attract attention to Orezone, Burkina Faso, our lenders and advisors. We have not seen a financing of this magnitude in our sector for some time."

UniCredit Group is one of Europe's largest financial institutions. For 20 years HVB, as part of the UniCredit Group, has been an active finance house catering to the needs of its diverse and broad client base. With highly experienced industry specialists and regional coverage the Group is well positioned to provide solutions for its mining customers.

Standard Bank is a financial services company with a global presence. It operates from 18 countries in Africa and 20 on other continents, including the key financial centers of Europe, the Americas and Asia. Standard Bank is the largest bank in Africa by market capitalization and was awarded the title of Leading Project Finance Bank in Africa by Euromoney in 2007, Best Bank in Africa 2008 and Best Bank in South Africa 2008.

Auramet Trading, LLC ("Auramet") of Fort Lee, New Jersey has been acting as advisors to Orezone on the transaction.

Orezone's Consolidated Financial Statements and Management's Discussion and Analysis for the three and six month periods ended June 30, 2008 will be filed on SEDAR (www.sedar.com) and posted on the Company's website (www.orezone.com) today.

Orezone is an explorer and emerging gold producer whose main asset is the Essakane Project, the largest gold deposit in Burkina Faso, West Africa. Essakane contains 4.0Moz of indicated resources and 1.3Moz of inferred resources at a 0.5g/t cut-off. Recoverable reserves contained within a US$600 gold price mine plan are 3.0Moz. The deposit remains essentially open and untested below 260m from surface and is surrounded by several satellites deposits. The government of Burkina Faso has a 10% non-participating interest and a 3% net smelter royalty in the project. Orezone has a pipeline of developing projects, all located in politically stable areas of West Africa, 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.