Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its Senala gold project (‘Senala’ or the ‘Project’) in Senegal, where joint venture partner IAMGOLD Corporation (‘IAMGOLD’) has the option to spend up to US$8 million to earn a 70% interest (announcement dated 1 March 2018).
The Company has received a notice from IAMGOLD confirming that it has duly exercised the First Option outlined in the Option Agreement dated 28 February 2018 (the ‘Agreement’) by incurring expenditures in excess of US$4 million within the first four years of the Agreement. Therefore, subject to the Company completing a review of these expenditures, IAMGOLD will acquire a 51% interest in Senala.
IAMGOLD has also confirmed that it intends to proceed with the Second Option of the Agreement whereby it has an option, at its election, to complete a further US$4 million of expenditure within a further two year period to earn an additional 19% interest in Senala for an aggregate 70% interest in the Project.
Tim Livesey, CEO of Oriole, commented: “IAMGOLD’s notification that it has reached the U$4 million expenditure threshold and is moving to a 51% position at Senala is reflective of the excellent results we have seen coming out of the Year 4 exploration programme at the Project. We will be engaging with IAMGOLD to move through the process of formalising the new ownership arrangements and discussing the future exploration plans.”
To coincide with the 121 EMEA Mining Investment event being held this week, Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, has released an updated corporate presentation that is available to view on the Company’s website at https://orioleresources.com/investors/reports-presentations/.
Oriole Resources PLC
Tim Livesey / Bob Smeeton / Claire Bay
Tel: +44 (0)20 7830 9650
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