Last checked at 29 Feb 2024 15:50
Oriole Resources PLC
('Oriole Resources' or 'Oriole' or 'the Company')
Receipt of Second Tranche of Mbe Signature Payment for US$450,000
Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, is pleased to report that, following the recently-executed definitive earn-in agreement on its Mbe gold project in Cameroon ('Mbe' or the 'Project'; announcements dated 19 January 2024 and 22 January 2024), BCM International Limited ('BCM') has made payment of the second and final tranche of US$450,000 towards the US$1 million signature payment.
Accordingly, BCM will be granted a 10% beneficial interest in the Project and can earn up to a total 50% interest, in return for US$4 million in exploration funding and future resource-linked success-based payments.
As previously announced on 26 February 2024, expenditure against this exploration funding is already underway, with an infill soil sampling programme being executed ahead of a trenching programme in Q2 2024.
** 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 | Tel: +44 (0)23 8065 1649 |
Tim Livesey / Bob Smeeton / Claire Bay | |
| |
BlytheRay (IR/PR Contact) | Tel: +44 (0)20 7138 3204 |
Tim Blythe / Megan Ray | |
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Samantha Harrison / Ciara Donnelly | |
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball
| Tel: +44 (0)20 3470 0470 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has reported a Resource of 375,000 oz Au at 2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5m in signature payments (US$1.05m of which has already been received), up to US$8m in exploration expenditure, as well as JORC resource-based success payments.
At the more advanced Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed a six-year earn-in to acquire an estimated 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million. A review of expenditure and discussions on the formation of a joint-venture company are currently underway. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.