Oriole Resources plc has received the first US$300,000 tranche of funding from BCM International Ltd, relating to an earn-in completion agreement at its Bibemi gold project in Cameroon.
NEGOTIATIONS
BCM has now earned a 50% beneficial interest in the Bibemi orogenic gold project, located in the northeast of the country.
The operator is also earning a 50% interest in Mbe, central Cameroon, where it has started 2,950 metre diamond drilling at the MB01-North target.
“We would like to thank BCM for its unstinting management support and essential funding during the earn-in period, which has resulted in it reaching its 50% beneficial interest,” said Oriole chief executive officer, Martin Rosser.
“We look forward to continuing this strong working relationship as we advance the project under a joint venture agreement, especially the forthcoming exploitation licence negotiations with the Cameroon Government.”