logo-loader
viewOriole Resources PLC

Oriole Resources receives US$0.5mln from Turkish partner at Karaağaç

The pay-out was triggered after Andolu defined a JORC-compliant resource estimate at the Karaağaç project in Turkey

gold nuggets
Oriole retains a 1.5% net smelter royalty on any future production at Karaağaç

Gold explorer Oriole Resources PLC (LON:ORR) is to receive US$0.5mln from its Turkish partner, Andolu.

The pay-out was triggered after Andolu defined a JORC-compliant resource estimate of 348,150 ounces gold and 2.83mln ounces of silver at the Karaağaç project in Turkey.

Oriole will receive US$25,000 a month for the next 20 months. The first payment has already been perceived.

READ: Oriole’s stake at Muratdere now below 10%

“We are delighted that Anadolu have progressed the licence to a point where the success-based payment has been triggered and to see a significant uplift in the defined resource,” said chief financial officer Bob Smeeton.

“We have now reached a commercial arrangement with them to receive the payment over a period that suits both parties.”

He added: “This agreement is further evidence of the success of Oriole's self-funding exploration strategy that has been applied throughout our portfolio.”

Oriole transferred the Karaağaç licences to Andolu back in 2015 in return for a commitment by Andolu to spend up to US$1.5mln on exploration and drilling at the project.

AIM-quoted Oriole has been managing the exploration and drilling programmes throughout – at Anadolu's cost – and retains a 1.5% net smelter royalty on any future production.

Shares were unchanged at 0.37p at the opening bell on Monday.

Quick facts: Oriole Resources PLC

Price: 0.43 GBX

LSE:ORR
Market: LSE
Market Cap: £3.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Operational highlights from Oriole

Oriole Resources PLC's  (LON:ORR) CEO Tim Livesey and CFO Bob Smeeton join Proactive London from Glasgow's geographical conference to update investors on their interim results. Updates here too from sites in Turkey, Cameroon and Senegal with Smeeton outlining how cost saving measures he...

on 29/8/19

RNS

Second Price Monitoring Extn

14 hours, 39 minutes ago

Price Monitoring Extension

14 hours, 44 minutes ago

Strategic Update

5 days, 21 hours ago

121 Mining Investment Conference

6 days, 19 hours ago

Unlocking Value in Turkey

3 weeks, 1 day ago

2 min read