Orezone Gold : Completes $26.45 Million Financing

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Orezone Gold Corporation (ORE: TSXV, 'Orezone' or the 'Company') is pleased to announce that it has completed its previously announced $26,450,000 equity financing. A total of 26,450,000 common shares, including 3,450,000 common shares issued pursuant to the exercise in full of the over-allotment option, have been issued today at a price of $1.00 per share to a syndicate of underwriters co-led by Raymond James Ltd. and National Bank Financial Inc.

The common shares were sold by way of a short form prospectus in each of the provinces and territories of Canada other than Quebec.

About Orezone Gold Corporation

Orezone is a Canadian company with a successful gold discovery track record and mine development experience in Burkina Faso, West Africa. The Company owns a 100% interest in Bomboré, the largest undeveloped oxide gold deposit in West Africa, situated 85 km east of the capital city and adjacent to an international highway. The Company has completed a Feasibility Study and received all environmental and critical approvals for the granting of a mining permit at Bomboré that is expected during the third quarter of 2016.

For further information, please contact Orezone at (613) 241-3699.

Ron Little, CEO of Orezone, is a 'Qualified Person' under National Instrument 43-101 and has reviewed the information in this release. Readers should refer to Orezone's annual information form for the year ended December 31, 2015 and other continuous disclosure documents filed by Orezone since January 1, 2016 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

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', 'potential', 'possible' and other similar words, or statements that certain events or conditions 'may', 'will', 'could', or 'should' occur. Forward-looking statements in this release include statements regarding, among others; the granting of the Bomboré mining permit in Q3 2016. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, the risks set out under 'Risk Factors' in the Company's annual information form for the year ended December 31, 2015 and those set out under 'Risk Factors' in the Company's final short form prospectus dated July 12, 2016.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.