(Alliance News) - Oriole Resources PLC on Monday confirmed the receipt of an earn-in payment from BCM International Ltd related to the Cameroonian Bibemi project.
Following the announcement, shares in the west Africa-focused gold exploration company jumped 17% to 0.24 pence each in London on Monday morning.
In November, Oriole signed heads of terms deals with the Ghana-based mining and civil contractor relating to earn-ins at the Bibemi and Mbe Gold projects. Oriole holds a 93% and 90% stake in the projects, respectively.
On Friday, the two companies signed an earn-in agreement related to the Cameroonian Bibemi project, which required a USD450,000 signature payment alongside USD4.0 million in exploration costs from BCM.
Oriole has now confirmed receipt of the USD450,000 payment. USD72,000 expenditure against the USD4.0 million has already commenced, with BCM funding camp upgrades and technical studies at Bibemi. Oriole said that it intends to apply for an exploitation licence for the project this year, and drilling expected to resume within the first quarter of 2024.
On Friday, the company said that a second agreement for the Mbe project is expected later this month.
By Hugh Cameron, Alliance News reporter
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