REG - Oriole Resources PLC - Update on Senala Gold Project in Senegal

Oriole ResourcesAnnouncement

21/12/2022 07:00

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RNS Number : 3916K  Oriole Resources PLC  21 December 2022

Oriole Resources PLC

('Oriole Resources' or 'the Company' or 'the Group')

 

Update on Senala Gold Project in Senegal

 

Oriole Resources PLC, the AIM-quoted gold exploration company focussed on West
Africa, reports that it's partner on the Senala gold project in Senegal
('Senala'), IAMGOLD Corporation ('IAMGOLD'), has signed a definitive agreement
to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group
('Managem') for an aggregate consideration of approximately US$282 million
('m') (the 'Transaction').

Included in the sale is IAMGOLD's interest in the Option Agreement on Senala,
where IAMGOLD has recently earned a 51% initial interest in Senala by spending
US$4m over four years and can earn up to a further 19% (total 70%) by spending
an additional US$4m before the end of February 2024.

Oriole notes that the Transaction is subject to certain regulatory approvals
as well as other closing conditions and IAMGOLD expects the Transaction to
close early in the third quarter of 2023.

Oriole is currently in discussions with IAMGOLD as to the effect of the
Transaction and the timing of further exploration at Senala, and will update
the market 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)20 7830 9650
 Tim Livesey / Bob Smeeton / Claire Bay

 BlytheRay (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 / 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 recently reported a maiden Resource of
305,000 oz Au 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 the more advanced Senala
gold project in Senegal, IAMGOLD is the operator and has the option to
spend US$8 million to earn a 70% interest. Under the terms of the Option
Agreement, IAMGOLD has recently met its first commitment by spending US$4
million within an initial four years and will shortly acquire a 51% interest
in Senala. 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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