Development-stage miner notes willingness of government to develop mining sector
Oriole Resources has outlined the progress it has made in Cameroon with its Bibemi project as one of two exploration and development-stage miners in the country. The company is developing the Bibemi project, it explained in its interim results this morning, underlining that the work program "has suffered a little from the fact that Cameroon is not yet an established gold mining country"."Most equipment and consumables must be shipped in from abroad.
has spent approximately $5.8 million on the project since 2018. Accordingly, 's beneficial ownership position in the Senala Exploration Licence is estimated to be 59%, and Oriole is nearing completion of an expenditure review to confirm this percentage ownership, it said."A discussion on the next steps is currently ongoing with Managem, including the formation of a joint-venture company, the next phase work plan and budget," the company added.Shares in Oriole are up 73% since the start of the year and are currently at 0.31p/share.
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