The Company has made submissions for eight new licences in central Cameroon, which cover a contiguous land package of c.3,500 km2. Three of the applications have been made through its existing partnership with BEIG3 (via wholly-owned subsidary RMC Cameroon), and the remaining five through a 90%-owned local subsidiary, Oriole Cameroon SARL. BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each licence within Oriole Cameroon SARL up until the definition of a minimum Measured and Indicated resource of 50,000 oz Au; thereafter, funding will be pro-rata on a contribute or dilute basis. BEIG3 is an excellent, technically-competent partner that is well-connected both at the Governmental and local community level and Oriole looks forward to sharing success with its partner going forward.
The licence applications are now live on the government’s mining cadastre and the Company looks forward to providing a further update once the licences are granted and cementing further Oriole’s first-mover advantage.