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.