Oriole Resources (AIM:ORR) announced it has completed the acquisition of a 10% interest in Oriole Mbe SARL from BEIG3 SARL and Roxane Minerals for US$100,000, formalising its 50% ownership of the Mbe orogenic gold project in Cameroon.
The AIM‑quoted gold exploration and development company noted that the local vendors retain entitlement to 5% of any amounts received as additional Resource Payments under BCM's earn‑in (capped at US$150,000) and a combined 1% Net Smelter Return royalty on future mining revenues.
The purchase equalises Oriole's stake with BCM, which has earned 50% of Mbe by making a US$1m signature payment, spending US$4m on exploration and committing to further milestone payments, and formal JV agreements are being drafted.
"The formalisation of the acquisition by Oriole of an additional 10% interest in Oriole Mbe, increasing our ownership to 50% in our flagship project licence, is a welcome step," said Martin Rosser.
Mbe sits inside a 312km2 licence within Oriole's Central Licence Package and the company has a fully funded 2,500m step‑out drilling programme underway at MB01‑S to target resource growth.
Drafting of the joint venture partnership agreements for Mbe and the nearby Bibemi project is nearing completion.
