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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: 0.32 GBX

Market: LSE
Market Cap: £2.25 m

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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

2 min read