Receipt of Second Tranche of Mbe Signature Payment
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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.
| 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 Ewan Leggat / Harry Davies-Ball | Tel: +44 (0)20 3470 0470 |
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