REG - Oriole Resources PLC - Receipt of Second Tranche of Mbe Signature Payment

Oriole ResourcesAnnouncement

29/02/2024 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240229:nRSc0329Fa&default-theme=true

RNS Number : 0329F  Oriole Resources PLC  29 February 2024

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
(http://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 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.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDTLMATMTITBRI