Oriole reports drilling progress at Mbe project

(Sharecast News) - Oriole Resources updated the market on drilling results at its 90%-owned Mbe gold project in Cameroon on Friday, where BCM International was earning up to a 50% interest through a staged investment of up to $4m in exploration. The AIM-traded firm said Mbe is one of five licences within its district-scale Central Licence Package.

It said BCM had already acquired an initial 10% stake in the project, and was continuing to fund exploration as part of the earn-in agreement.

"I am pleased to say that we have received the next batch of results from the maiden drilling programme at Mbe," said chief executive officer Martin Rosser.

"Whilst we had indicated the Company would receive these in February, this has been later in the month than anticipated, largely due to custom related delays."

Rosser said the knock-on effect was that the company was "slightly delayed" in the process of running requisite QAQC checks and the normal corporate reporting compliance steps.

"Rest assured that we are completing these tasks as quickly as possible and will be able to announce the results very soon."

At 1511 GMT, shares in Oriole Resources were up 2.2% at 0.21p.

Reporting by Josh White for Sharecast.com.