11:27 AM EST, 01/22/2025 (MT Newswires) -- (Updates shares.)

Orezone Gold ( ORZCF ) late on Tuesday said an expansion of production at its Bombore gold mine in Burkina Faso is ahead of schedule and on budget with completion expected in the fourth quarter.

The hard rock expansion is forecast to boost gold production by about 50% to over 170,000 ounces per year, the company said.

Engineering is ahead of schedule and procurement is at 82% of total supply-value awarded. Structural, mechanical and piping contracts have been awarded, with mobilization to begin in March.

"With the current strength in the price of gold, the company continues to evaluate the timing of the Stage II hard rock expansion, which will further increase the gold production profile at Bombore to 225,000-250,000 ounces per year," said chief executive Patrick Downey.

Orezone shares were last seen up $0.02 to $0.71 on the Toronto Stock Exchange.

Price: 0.71, Change: +0.02, Percent Change: +2.90