Oriole Resources
PLC
('Oriole
Resources' or 'Oriole' or 'the Company')
Receipt of US$500,000 towards
Mbe 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 Mbe gold project in Cameroon
(announcements dated 19 January 2024 and 22 January 2024), it has
received from BCM International Limited ('BCM'), the first tranche
of US$500,000 towards the US$1 million signature payment (against
which the Company had already received
a US$50,000 advanced payment).
The balance of US$450,000 is due
from BCM on or before 29 February 2024.
As previously announced,
work programmes are currently being
designed for the next phase of exploration at the Mbe, and further
guidance on these will be announced 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
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Tel: +44 (0)23 8065 1649
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Tim Livesey / Bob Smeeton / Claire Bay
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BlytheRay (IR/PR Contact)
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Tel: +44 (0)20 7138 3204
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Tim Blythe / Megan Ray
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Grant Thornton UK LLP
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Tel: +44 (0)20 7383 5100
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Samantha Harrison / Ciara
Donnelly
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SP
Angel Corporate Finance LLP
Ewan Leggat / Harry
Davies-Ball
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Tel: +44 (0)20 3470 0470
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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
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.
.