(Alliance News) - Oriole Resources PLC has sold its stake in Tembo Gold Corp, it said Tuesday, as part of a plan to dispose of non-core assets.
The plan to sell non-core projects was begun to help fund ongoing exploration work in Cameroon, Oriole said. The company expects further non-core sales "in the coming months".
The 12% stake in Tembo has been sold for GBP172,000 net to Oriole. Tembo is a Toronto-listed gold company which owns an exploration project of the same name in Tanzania.
Oriole's remaining assets include the Bibemi and Wapouze projects in Cameroon as well as Senala in Senegal.
Oriole shares were 3.3% higher on Tuesday afternoon in London at a price of 0.41 pence each.
By George Collard; georgecollard@alliancenews.com
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Oriole Resources (ORR)