Oriole increases ownership in Cameroon project to 50%
Aim-listed Oriole Resources has completed the acquisition of a 10% interest in Oriole Mbe from its local partners BEIG3 and Roxane Minerals for $100 000 in cash, as part of a corporate restructure announced in 2024.
The transfer of the Mbe exploration permit from Oriole Cameroon to Oriole Mbe was confirmed by the Ministry of Mines in Cameroon last month.
The local partners are also entitled to 5% of any amounts received as additional resource payments under the earn-in agreement with BCM International, up to a maximum of $150 000, and a total 1% net smelter return royalty on future mining revenues from the Mbe project.
The transaction formalises Oriole’s interest in the Mbe orogenic gold project at 50%, equal to that earned by BCM whose 50% interest was confirmed earlier in the year.
Formalisation of the joint venture agreements with BCM in respect of Mbe, and the more advanced Bibemi project, is nearing completion, Oriole informs.
“The formalisation of the acquisition by Oriole of an additional 10% interest in Oriole Mbe from its local partners, increasing our ownership to 50% in our flagship project licence, is a welcome step.
“I was delighted to be warmly received at the premises of our valued partner BEIG3 in the Cameroon capital Yaoundé to effect the acquisition. We look forward to continuing to work closely with our local partners and benefitting from their technical knowledge and Cameroon experience as we progress the exciting Mbe project,” Oriole CEO Martin Rosser says.
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