(Alliance News) - Oriole Resources PLC on Tuesday said it has acquired a 51% interest in Reservoir Minerals Cameroon Sarl for its early-stage exploration licences.
RMC is the holding company for the Bibemi and Wapouze orogenic gold projects in northern Cameroon. Oriole said it acquired at no additional cost a majority interest in RMC's three newly granted licences in central Cameroon.
AIM-listed Oriole recently completed USD1.6 million of exploration funding over two years at the Bibemi and Wapouze projects, and has now formalised its 51% ownership of RMC.
Oriole said it expected to reach its second expenditure commitment, giving it a 90% interest in licences in the five Cameroonian mining projects, once the ongoing drilling programme at Bibemi is completed.
"The transfer of ownership of 51% of RMC Cameroon Sarl is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme," said Oriole Chief Executive Officer Tim Livesey.
"With controlling interest in a total of ten licences at varying stages of exploration, including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000km squared, we are well placed as first movers in this new frontier for gold exploration."
Shares in Oriole were trading 6.1% lower at 0.82 pence in London on Tuesday. The stock is up 83% so far in 2021.
By Will Paige; willpaige@alliancenews.com
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