Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to announce that it will receive US$0.5m in success-based payments from its partner Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi in relation to the Karaağaç project in Turkey. The payment occurs as per the terms of the exploration agreement (the ‘Agreement’), which was announced on 2 February 2015, following the definition of a minimum JORC 2012-compliant Resource of 50,000oz Au.
Highlights
- Anadolu triggers success-based payment of US$0.5m by defining minimum JORC 2012-compliant Measured, Indicated and Inferred Resource of 50,000oz Au at Karaağaç;
- Anadolu announces a JORC-2012 compliant Indicated and Inferred resource for the Project of 348,150 oz Au and 2,832,036 oz Ag (0.2 g/t cut-off);
- Oriole to receive staged payments of US$25,000 per month for 20 months – first payment already received for February 2019;
- Environmental Impact Assessment (‘EIA’) awaiting approval by Urban and Environment Ministry;
- Oriole will receive 1.5% net smelter returns (‘NSR’) royalty on any future production.
Oriole Resources CFO, Bob Smeeton, said: “We are delighted that Anadolu have progressed the licence to a point where the success-based payment has been triggered and to see a significant uplift in the defined resource. We have now reached a commercial arrangement with them to receive the payment over a period that suits both parties.
This agreement is further evidence of the success of Oriole’s self-funding exploration strategy that has been applied throughout our portfolio. The Company’s focus on developing projects in conjunction with carefully chosen partners means that we can expose investors to significant exploration upside whilst also minimising the risk of dilution.”
stratex