TIDMORR

RNS Number : 0022S

Oriole Resources PLC

11 November 2021

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                       Tel: +44 (0)20 7830 9650 
  Tim Livesey / Claire Bay /Bob Smeeton 
 Blytheweigh (IR/PR contact)                Tel: +44 (0)20 7138 3204 
  Tim Blythe / Megan Ray / Rachael Brooks 
 Grant Thornton UK LLP                      Tel: +44 (0)20 7383 5100 
  Samantha Harrison / George Grainger 
 Shard Capital Partners LLP                 Tel: +44 (0)20 186 9900 
  Damon Heath / Erik Woolgar / Isabella 
  Pierre

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFERLELILIL

(END) Dow Jones Newswires

November 11, 2021 02:00 ET (07:00 GMT)

Oriole Resources (LSE:ORR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Oriole Resources Charts.
Oriole Resources (LSE:ORR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Oriole Resources Charts.