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Oriole Resources PLC (ORR)

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Thursday 11 November, 2021

Oriole Resources PLC

Investment Update on Thani Stratex Resources

RNS Number : 0022S
Oriole Resources PLC
11 November 2021
 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

 

Investment Update on Thani Stratex Resources

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its 24.92% interest in Thani Stratex Resources Limited ('TSR') which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the Hodine exploration licence in Egypt ('Hodine' or the 'Licence').

 

Further to signing a binding Heads of Terms agreement with private investment company Red Sea Resources Ltd ('RSR') earlier this year (announcement dated 16 March 2021), the Company is pleased to report that RSR has now successfully renewed the Licence.

 

Drilling has now commenced on the Licence as part of RSR's First Option to spend US$1.2 million on exploration within 12 months in return for a 51% interest in Hodine.

 

For further information on the Company's investment in TSR, please see  the following page of the Company's website   https://orioleresources.com/investments/hutite-and-anbat/ . The Company will provide further updates in due course. 

 

Oriole Resources CEO, Tim Livesey, said "We are pleased to see the Licence renewal has been completed smoothly and that the exploration programme has started. With existing JORC and non-JORC resources on the Licence from previous drilling, we expect there will be continued success in resource development on this promising Licence. As a Director of the holding company, and TSR's board representative, I continue to monitor the ongoing progress at Hodine. "

 

 

 

 

** ENDS **

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

 

For further information please visit   www.orioleresources.com ,   @OrioleResources  on Twitter, or contact:

 

Oriole Resources PLC

Tim Livesey / Claire Bay /Bob Smeeton 

 

Tel: +44 (0)20 7830 9650

Blytheweigh (IR/PR contact)

Tim Blythe / Megan Ray / Rachael Brooks

 

Tel: +44 (0)20 7138 3204

Grant Thornton UK LLP

Samantha Harrison / George Grainger

 

Tel: +44 (0)20 7383 5100

Shard Capital Partners LLP

Damon Heath / Erik Woolgar / Isabella Pierre

 

Tel: +44 (0)20 186 9900

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. The Company also has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions

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