REG - Oriole Resources PLC - Receipt of US$450,000 Bibemi Signature Payment

Oriole ResourcesAnnouncement

08/01/2024 10:30

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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
(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 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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