viewOriole Resources PLC

Oriole Resources to increase acreage in Cameroon

This will be both through its existing partnership with BEIG3 and through a newly incorporated subsidiary.

Oriole Resources PLC -

Oriole Resources PLC (LON:ORR) intends to apply for more licences in Cameroon

This will be both through its existing partnership with BEIG3 and through a newly incorporated subsidiary.

“We are expanding our position in Cameroon to build on our success to date in what is an underexplored but highly prospective country," said Tim Livesey, chief executive.

Oriole added it expects to take its interest in the Bibemi and Wapouze licences in Cameroon to 90% following recent trench and soil sample results.

The junior exceeded its initial exploration commitment of US$0.56mln and expects to complete its second-year commitment and acquire a 51% stake in early 2020

Subject to ongoing results, Oriole expects to spend a total of US$3.12mln by June 2022 to earn-in to a 90% interest in the projects.

In Senegal, Oriole is being carried at Dalafin by Canadian group IAMGOLD, which has an option to take 70% in return for spending US$8mln on exploration.

Livesey said IAMGOLD's commitment to the second year of its US$8mln earn-in reinforces his confidence that Dalafin can become an ore source for the Boto mine.

IAMGOLD is expected to submit a mine permit approval for Boto later this year.

Losses for the half-year dropped to £0.75 mln (£3.30mln).

Quick facts: Oriole Resources PLC

Price: 0.37 GBX

Market: LSE
Market Cap: £2.6 m

Add related topics to MyProactive

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


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...



Oriole Resources' Tim Livesey updates on operations at Mines & Money London

Oriole Resources PLC's (LON:ORR) Tim Livesey caught up with Proactive's Andrew Scott while at Mines & Money in London 2019. Most recently Oriole's concluded the conversion of its interest in the Muratdere copper-molybdenum-gold deposit to a 1.2% post-tax net smelter return (NSR)...

on 27/11/19

2 min read