TIDMORR
RNS Number : 7248Y
Oriole Resources PLC
05 January 2024
Oriole Resources PLC
('Oriole Resources' or 'Oriole' or 'the Company')
Execution of Bibemi Earn-In Agreement
Oriole Resources (AIM: ORR), the AIM-quoted gold exploration
company focussed on West Africa, is delighted to report that,
further to its announcement dated 2 January 2024, it has now signed
a definitive earn-in agreement ('Earn-In Agreement') with BCM
International Limited ('BCM') in relation to the Company's Bibemi
gold project ('Bibemi' or the 'Project') in Cameroon.
Highlights
-- Execution of the Bibemi Earn-In Agreement whereby BCM will
earn up to a 50% interest in Bibemi in return for meeting certain
commitments which, in addition to the Signature Payment, include
US$4 million in exploration expenditure and future resource-linked
success-based payments;
-- A signature payment ('Signature Payment') of US$450,000 to
the Company is now being processed by BCM, which follows an earlier
advanced payment of US$50,000 (announcement dated 20 November
2023);
-- A large component of the exploration expenditure at Bibemi
will include resource-expansion drilling. It is anticipated that
drilling will start at Bibemi in Q1-2024 and further details on the
planned programme will be released in due course;
-- Expenditure against the US$4 million funding has already
commenced, with approximately US$72k received to support camp
upgrades and ongoing technical studies ahead of the application for
an exploitation licence in 2024;
-- Execution of a second agreement with BCM, the 'Mbe Earn-In
Agreement' (announcement dated 20 November 2023), is expected later
this month.
Oriole Resources CEO, Tim Livesey , said: " We are delighted to
have signed the first of two landmark agreements with BCM and to
have already established a very close and strong working
relationship with our new partner. With our strategies and goals
aligned at Bibemi, and also Mbe, we believe this is the start of
something significant for Oriole, BCM and for exploration and
mining in Cameroon.
"We are a long way from the Company realignment and rebranding
we undertook back in 2018, when I originally took the helm, and I
am very pleased to see that the decisions we have made and the time
we have invested are now paying dividends for the team at Oriole,
our partners, shareholders and the wider exploration and mining
community in Cameroon . "
Further Details
O n 20 November 2023, the Company signed two Heads of Terms with
BCM International Limited , a well-respected mining and civil
contractor, related to earn-ins by BCM on the Company's Bibemi
(92.8%-owned) and Mbe (90%-owned) gold projects, respectively.
The Company today reports that a definitive Earn-In Agreement
has been executed for the Bibemi project in northern Cameroon,
securing up to US$4 million in exploration expenditure for the
Project, in addition to a Signature Payment and JORC resource
linked success-based payments (announcement 20 November 2023).
Under the terms of the Bibemi Earn-In Agreement, a Signature
Payment of US$450,000 to the Company is now being processed by BCM
(being the US$500,000 Signature Payment less the US$50,000 deposit
already paid). A further update will be made on receipt of the
Signature Payment, which is expected in the next few days.
Expenditure against the US$4 million funding has already
commenced, with approximately US$72k received to support camp
upgrades and ongoing technical studies ahead of the application for
an exploitation licence in 2024. Drilling is expected to resume at
Bibemi in Q1-2024, with a strong focus on expanding the resource
inventory at the Bakassi Zone 1 prospect, where the Company has
already announced a maiden Mineral Resource Estimate of 305,000
ounces ('oz') grading 2.19 grammes per tonne ('g/t') gold ('Au') in
the JORC Inferred category, within the limit of a US$1,800/oz gold
price pit shell, and an additional JORC Exploration Target of
between 1.5 and 2.2 million tonnes at grades ranging from 1.10 to
2.10 g/t for between 53,000 and 148,000 oz of Au (announcement
dated 12 December 2022). Further details on the planned drilling
programme will be announced in due course.
Execution of the Mbe Earn-In Agreement is anticipated later in
January 2024.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by Claire Bay (Executive Director,
Exploration and Business Development). Claire Bay (MGeol, CGeol) is
a Competent Person as defined in the JORC code and takes
responsibility for the release of this information. Claire has
reviewed the information in this announcement and confirms that she
is not aware of any new information or data that materially affects
the information reproduced here, and that the material assumptions
and technical parameters that underpin the Bibemi Mineral Resource
Estimate continue to apply.
** 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
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
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 a maiden Resource of 305,000 oz
Au at 2.19g/t in the JORC Inferred category at the 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 project by funding a Signature payment of US$500k, up to
US$4m in exploration expenditure and JORC resource-based success
payments. A similar deal at Mbe (part of the Central Licence
Package) is expected to be completed before the end of the current
month.
At the more advanced Senala gold project in Senegal, AGEM
Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of
Managem Group, has earned an initial 51% beneficial interest in the
Senala Exploration Licence by spending US$4 million and has the
option to spend up to a further US$4 million by 17 February 2024 to
earn an additional 19% interest in the licence. The Company also
has several interests and royalties in companies operating in East
Africa and Turkey that could deliver future cash flow.
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END
AGREADFLEFALEAA
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January 05, 2024 02:00 ET (07:00 GMT)
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