On August 14, 2008, Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) announced 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$300 million in project debt and a US$30 million cost over-run facility for the Orezone's Essakane gold project in Burkina Faso, West Africa. The US$330 million combined facility is considerably larger than the US$250 million 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$125 million Export Credit Insurance Corporation tranche, underwritten by Standard Bank, has an 8 year term. In addition, both banks have committed US$15 million 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%. Standard Bank has also agreed to provide Orezone with a five month, US$40 million 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. Orezone Resources was advised in this transaction by a team from Fasken Martineau led by John Torrey and that included, among others, Louise Vaillancourt-Châtillon, Tom Wexler and Daye Kaba.