OREZONE ANNOUNCES C$46,875,000 EQUITY FINANCING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Dec. 3 /CNW/ - OREZONE GOLD CORPORATION (ORE:TSX) (the "Company" or "Orezone") is pleased to announce that in connection with its previously announced overnight marketed public offering on December 2, 2010 (the "Offering"), it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and Desjardins Securities Inc. and including CIBC World Markets Inc., BMO Capital Markets Corp. and Raymond James Ltd. (the "Underwriters") to sell 12,500,000 common shares of the Company at a price of C$3.75 per share ("Common Shares") for gross proceeds of C$46,875,000. In addition, the Company has granted the Underwriters an over-allotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time up to 30 days after the closing of the Offering.

In connection with the Offering, a preliminary short form prospectus has been filed in each of the provinces and territories of Canada other than Quebec. 

The Company intends to use the net proceeds from the Offering to fund exploration and development of the Bomboré, Sega and Bondi projects as well as other regional projects and for general corporate purposes.

The Offering is expected to close on or about December 21, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and other securities regulatory authorities.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

Orezone is a gold exploration and development company with significant gold resources in Burkina Faso and more than 15 years of operating experience in West Africa, one of the world's fastest growing gold producing regions. Orezone is focused on developing Bomboré, the second largest gold deposit in the country, and its pipeline of advanced gold projects. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.

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," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements include statements with respect to the timing and completion of the Offering.

FORWARD-LOOKING STATEMENTS are based on 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, 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.

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, 2009 and other continuous disclosure documents filed by Orezone since January 1, 2010 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

For further information:

please contact Orezone at [phone] or Toll Free: [phone]

Ron Little, CEO,    [email protected]      Joe McCoy ,CFO,   [email protected]