Last checked at 11 Nov 2021 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Investment Update on Thani Stratex Resources
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its 24.92% interest in Thani Stratex Resources Limited ('TSR') which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the Hodine exploration licence in Egypt ('Hodine' or the 'Licence').
Further to signing a binding Heads of Terms agreement with private investment company Red Sea Resources Ltd ('RSR') earlier this year (announcement dated 16 March 2021), the Company is pleased to report that RSR has now successfully renewed the Licence.
Drilling has now commenced on the Licence as part of RSR's First Option to spend US$1.2 million on exploration within 12 months in return for a 51% interest in Hodine.
For further information on the Company's investment in TSR, please see the following page of the Company's website https://orioleresources.com/investments/hutite-and-anbat/. The Company will provide further updates in due course.
Oriole Resources CEO, Tim Livesey, said: "We are pleased to see the Licence renewal has been completed smoothly and that the exploration programme has started. With existing JORC and non-JORC resources on the Licence from previous drilling, we expect there will be continued success in resource development on this promising Licence. As a Director of the holding company, and TSR's board representative, I continue to monitor the ongoing progress at Hodine."
** ENDS **
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC Tim Livesey / Claire Bay /Bob Smeeton
| Tel: +44 (0)20 7830 9650 |
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks
| Tel: +44 (0)20 7138 3204 |
Grant Thornton UK LLP Samantha Harrison / George Grainger
| Tel: +44 (0)20 7383 5100 |
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre
| Tel: +44 (0)20 186 9900 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. The Company also has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions