AIM-listed Oriole Resources (LON: ORR) has acquired a controlling position in Reservoir Minerals Cameroon Sarl (RMC Sarl), the company said on Tuesday.
RMC Sarl is a a former subsidiary of Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL. Oriole has acquired the stake for its early stage exploration licenses in Cameroon.
Oriole recently completed an initial funding commitment of $1.56 million over two years at the Bibemi and Wapouzé projects in northern Cameroon, with RMC Sarl holding three of the newly granted licences in central Cameroon.
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Completing the drilling programme at Bibemi is expected to see the company meet its second expenditure commitment to acquire a 90% interest in all five licences.
Oriole Resources CEO, Tim Livesey, commented: “The transfer of ownership of 51% of RMC Cameroon SARL is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme.
“With controlling interest in a total of ten licences at varying stages of exploration (held between RMC Cameroon SARL and our 90%-owned subsidiary Oriole Cameroon SARL), including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000km2, we are well placed as first movers in this new frontier for gold exploration.”
Oriole Resources share price is down 2.8% on Tuesday at 0.85p.
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