Business
Update on Senala Gold Project in Senegal
Update on Senala Gold Project in Senegal.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n Oriole Resources PLC \n \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n \n \n \n Update on Senala Gold Project in Senegal\n \n \n \n \n \n \n Oriole Resources PLC, the AIM-quoted gold exploration company focussed on West Africa, reports that it's partner on the Senala gold project in Senegal ('Senala'), IAMGOLD Corporation ('IAMGOLD'), has signed a definitive agreement to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group ('Managem') for an aggregate consideration of approximately US$282 million ('m') (the 'Transaction').\n \n \n Included in the sale is IAMGOLD's interest in the Option Agreement on Senala, where IAMGOLD has recently earned a 51% initial interest in Senala by spending US$4m over four years and can earn up to a further 19% (total 70%) by spending an additional US$4m before the end of February 2024.\n \n \n Oriole notes that the Transaction is subject to certain regulatory approvals as well as other closing conditions and IAMGOLD expects the Transaction to close early in the third quarter of 2023.\n \n \n Oriole is currently in discussions with IAMGOLD as to the effect of the Transaction and the timing of further exploration at Senala, and will update the market in due course.\n \n \n \n \n \n \n \n \n \n ** ENDS **\n \n \n \n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n For further information please visit \n \n \n www.orioleresources.com\n \n \n ,\n \n @OrioleResources\n on Twitter,\n \n \n \n or contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n Oriole Resources Plc\n \n \n \n \n \n Tel: +44 (0)20 7830 9650\n \n \n \n \n \n \n Tim Livesey\n / Bob Smeeton / Claire Bay\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n...