Orezone Gold Corporation press release

Tan Range Chairman Agrees to Reprice Third Tranche of $3 Million Private Placement

2005-12-16

TSX - Toronto Stock Exchange · Gold · Silver · Canada

Trade Symbol: TSX: TNX AMEX: TRE

VANCOUVER, Dec. 16 /CNW/ - Tan Range Exploration Corporation advises that Mr. James E. Sinclair has agreed to reprice the third tranche of the private placement. As announced on January 13, 2005, Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005. Since the announcement of Mr. Sinclair's intention to proceed with the third tranche, Tan Range's share price has increased meaningfully. Tan Range and Mr. Sinclair have agreed to reprice the third tranche to reflect the current share price. The third tranche will consist of 90,405 common shares of the Corporation having a purchase price of $4.148 per share for proceeds totaling $375,000. The purchase price reflects the weighted average trading price of the Corporation's shares for the five consecutive trading days for the period ended December 14, 2005. The third tranche private placement has now closed. Inclusive of the proceeds of the $375,000 third tranche private placement, Mr. Sinclair's total share placements to date aggregate $7,025,000. In addition to the $375,000 third tranche private placement, the Company has received to date an additional $517,125 from Mr. Sinclair representing payment in advance of future tranche private placements, which are subject to regulatory approval. The private placement common shares are subject to certain mandated hold periods and resale restrictions and the certificates representing such shares are legended accordingly. No warrants, options or other rights have been issued or granted in connection with this placement. Each tranche is subject to regulatory approval.

Respectfully Submitted,

"James E. Sinclair" James E. Sinclair Chairman and Chief Executive Officer

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The Toronto Stock Exchange nor American Stock Exchange have not reviewed and does not accept responsibility for the adequacy or accuracy of this release

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as "measured", "indicated", and "inferred" "resources" that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-50634, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.