Update on Senala Gold Project in Senegal

RNS Number : 3916K

Oriole Resources PLC

21 December 2022

 

Oriole Resources PLC 

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

Update on Senala Gold Project in Senegal

Oriole Resources PLC, the AIM-quoted gold exploration company focussed on West Africa, reports that it's partner on the Senala gold project in Senegal ('Senala'), IAMGOLD Corporation ('IAMGOLD'), has signed a definitive agreement to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group ('Managem') for an aggregate consideration of approximately US$282 million ('m') (the 'Transaction').

Included in the sale is IAMGOLD's interest in the Option Agreement on Senala, where IAMGOLD has recently earned a 51% initial interest in Senala by spending US$4m over four years and can earn up to a further 19% (total 70%) by spending an additional US$4m before the end of February 2024.

Oriole notes that the Transaction is subject to certain regulatory approvals as well as other closing conditions and IAMGOLD expects the Transaction to close early in the third quarter of 2023.

Oriole is currently in discussions with IAMGOLD as to the effect of the Transaction and the timing of further exploration at Senala, and will update the market in due course.

** 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	Tel: [phone]
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / George Grainger / Ciara Donnelly
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has recently reported a maiden Resource of 305,000 oz Au in the JORC Inferred category at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, IAMGOLD is the operator and has the option to spend US$8 million to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.

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