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Exploration|Gold|PROJECT|Resources|Drilling
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Oriole receives remaining signature payment for Bibemi earn-in agreement

8th January 2024

By: Darren Parker

Creamer Media Contributing Editor Online

     

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Following the recently-executed definitive earn-in agreement on Aim-listed gold exploration company Oriole Resources’ Bibemi gold project, in Cameroon, the company reported on January 8 that it had received the remaining $450 000 signature payment from BCM International, which follows an earlier advanced payment of $50 000 in November. 

BCM will earn up to a 50% interest in Bibemi in return for meeting certain commitments which, in addition to the signature payment, include $4-million in exploration expenditure and future resource-linked success-based payments. 

Expenditure against BCM's $4-million funding commitment at Bibemi has already started, with about $72 000 received to support camp upgrades and ongoing technical studies ahead of the application for an exploitation licence this year.  

A large component of the exploration expenditure at Bibemi will include resource-expansion drilling. Drilling is expected to resume at Bibemi in the first quarter. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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