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:
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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
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.