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Oriole Resources sells 12.27% holding in Tembo Gold Corp. for net proceeds of £172,000

The sale supports the company's previously announced strategy of asset realisation of non-core assets to help fund its ongoing exploration programmes in Cameroon

Oriole Resources PLC -
Oriole anticipates making a number of further announcements around non-core asset disposals in the coming months

Oriole Resources PLC (LON:ORR), the AIM-quoted exploration company focused on West Africa, reports that it has disposed of its 12.27% holding in Tembo Gold Corp. following the sale of 19,975,000 ordinary shares for net proceeds of £172,000.

In a statement, the AIM-listed firm said the sale - by Oriole's wholly-owned subsidiary company, Stratex Gold AG -supports the company's previously announced strategy of asset realisation of non-core assets to help fund its ongoing exploration programmes in Cameroon.

READ: Oriole Resources reveals positive initial 2020 results at Bibemi gold project

The company anticipates making a number of further announcements around non-core asset disposals in the coming months.

At the end of January, Oriole revealed positive initial results from its 2020 exploration campaign at the Bibemi gold project in Cameroon.

The group said mapping work, at the 90% owned project, has shown a continuation of mineralisation at the main Bakassi area adding 1.3 kilometres to the known strike which now exceeds 5 kilometres.  Preparations are underway for a drill programme of 1,500 metres, it added.

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Price: 0.33 GBX

LSE:ORR
Market: LSE
Market Cap: £2.55 m
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