Oriole Resources PLC Receipt of US$450,000 Bibemi Signature Payment (9520Y)
08 Gennaio 2024 - 11:20AM
UK Regulatory
TIDMORR
RNS Number : 9520Y
Oriole Resources PLC
08 January 2024
Oriole Resources PLC
('Oriole Resources' or 'Oriole' or 'the Company')
Receipt of US$450,000 Bibemi Signature Payment
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
Bibemi gold project in Cameroon, it has received the remaining
US$450,000 signature payment from BCM International Limited ('BCM';
announcement dated 5 January 2024).
As previously announced, expenditure against BCM's US$4 million
funding commitment at Bibemi 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 and further details on the programme will be provided in
due course.
** 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. At
Bibemi, BCM International has made a signature payment of
US$500,000 to the Company and is currently earning up to a 50%
interest in the project by funding 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
MSCMZGGMGRLGDZM
(END) Dow Jones Newswires
January 08, 2024 05:20 ET (10:20 GMT)
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