LONDON (ShareCast) - (Sharecast News) - West Africa-focussed exploration company Oriole Resources has secured a controlling position in Reservoir Minerals Cameroon (RMC), a former subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques (BEIG3), for its early-stage exploration licences in Cameroon, it announced on Tuesday.
The AIM-traded firm said that, following completion of an initial funding commitment of $1.56m over two years at the Bibemi and Wapouzé projects in northern Cameroon, it had now formalised its 51% ownership of the local holding company, RMC, that also holds three of the newly-granted licences in central Cameroon.

Completion of the drilling programme at Bibemi was expected to see the company meet its second expenditure commitment to acquire a 90% interest in all five licences.

Oriole said it has also acquired 51% ownership of the Mana, Dogon and Sanga licences in central Cameroon at no additional cost.

Those licences were contiguous with its 90%-owned licences in central Cameroon, which together form a 3,592 square kilometre district-scale land package.

Completion of the ongoing maiden drilling programme at Bibemi was expected to satisfy Oriole's second earn-in commitment to acquire a 90% interest in all five licences.

"The transfer of ownership of 51% of RMC Cameroon is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme," said chief executive officer Tim Livesey.

"With controlling interest in a total of ten licences at varying stages of exploration - held between RMC Cameroon and our 90%-owned subsidiary Oriole Cameroon - including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000 square kilometres, we are well placed as first movers in this new frontier for gold exploration."

At 1429 BST, shares in Oriole Resources were down 4.97% at 0.83p.

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