Oriole Resources PLC (AIM:ORR) has confirmed that BCM International has now earned a 50% beneficial interest in the Bibemi gold project after the company received the first US$300,000 tranche under a previously announced earn-in arrangement.
Oriole said administrative work to establish the joint venture structure is now underway, including drafting the joint venture agreement.
Chief executive Martin Rosser said: "We would like to thank BCM for its unstinting management support and essential funding during the earn-in period, which has resulted in it reaching its 50% beneficial interest."
Rosser added that the company expects to advance project work with BCM during the joint venture phase, noting ongoing preparations for exploitation licence negotiations with the Cameroon Government.
The completion agreement commits BCM to three US$300,000 monthly payments and a further US$300,000 contribution to drilling at the MB01-N programme.