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Oriole Resources books £170,000 profit for six months to June, says Senegal and Cameroon are open for business

Oriole Resources is focused on exploration in West Africa

Oriole Resources PLC -

Oriole Resources PLC (LON:ORR) has delivered a profit of £170,000 during the six months to end June 2020.

The company was able to reduce administrative expenses to £420,000, particularly by reducing its outlay on consultancy fees in Turkey, where it has legacy operations. The company had £500,000 cash as at the end of August.

During the period, the company secured the Senala licence in Senegal for up to a further 10 years and continued to enjoy the participation of IAMGOLD Corporation as its partner. IAMGOLD has the option to spend a total of US$8 million at Senala by March 2024 to earn a 70% interest in the project.

In Cameroon the company has been planning for its maiden drilling campaign at the Bibemi gold licence

"The unprecedented global events of the first half of 2020 delayed some of the progress we would have liked to have made in 2020,” Oriole chief executive Tim Livesy said in the results statement

“However, with Senegal and Cameroon now largely open for business, we look forward to launching our drilling campaign at Bibemi in Cameroon later this year, and for our partner IAMGOLD to deliver drilling results from the Faré prospect at our Senala licence in Senegal,” he added.

Quick facts: Oriole Resources PLC

Price: 0.4915 GBX

Market: LSE
Market Cap: £4.48 m

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