REG - Oriole Resources PLC - Update on Thani Stratex Resources

Oriole ResourcesAnnouncement

19/10/2022 14:00

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RNS Number : 4402D  Oriole Resources PLC  19 October 2022

Oriole Resources PLC

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

 

Update on Thani Stratex Resources

 

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed
on West Africa, provides an update on its 24.94% interest in privately-owned
Thani Stratex Resources Limited ('TSR') which holds a 93% interest in the
Hodine licence in Egypt (the 'Licence').

 

In Q1-2021, TSR entered into an earn-in agreement with Red Sea Resources
Limited ('RSR'), whereby RSR was issued an initial 7% shareholding in Thani
Dubai Mining Holdings Limited ('TDMHL'), the holding company of the
Egyptian-company which holds the Licence and had the option to earn an overall
85% shareholding by incurring US$2.2 million of exploration expenditure
by March 2023 ('the Option') (announcement dated 2021). RSR's exploration
programmes have been focused on the Anbat project (the 'Project'), one of two
projects on the Licence and where TSR had previously reported an Inferred
Mineral Resource Estimate ('MRE') (announcement dated 6 December 2017).

 

The Company today reports that RSR has completed its investment in full.
However, RSR has confirmed that it will not be exercising the Option on the
basis that the exploration programmes have not resulted in the significant
improvement in the MRE required to meet RSR's investment criteria.
Accordingly, the operation of the Licence, which is currently due to expire on
31 December 2022, will be returned to TSR, and RSR's 7% shareholding in TDMHL
will be cancelled. A further update 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)20 7830 9650

 Tim Livesey / Claire Bay / Bob Smeeton

 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

 Shard Capital Partners LLP                               Tel: +44 (0)20 7186 9900

 Damon Heath / Erik Woolgar / Isabella Pierre

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, operating in West
Africa. It is focussed 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. 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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