ORIOLE RESOURCES PLC — Earnings Release 2016

Feb 21, 2019

National Storage Mechanism | Additional information

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RNS Number : 6742Q

Oriole Resources PLC

21 February 2019

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

£40,000 R&D Rebate from HMRC

Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to announce that it has received a £40,000 rebate from Her Majesty's Revenue and Customs ('HMRC') in relation to a Research and Development ('R&D') tax relief claim (the 'Claim') in respect of geoscientific advances sought by the Company through its exploration programmes.

Under the UK Government's scheme, work that qualifies for R&D relief must be part of a specific project to make an advance in science or technology. The claim submitted by the Company for the year ended 31 December 2016, successfully demonstrated that it performs research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of mining operations in those areas.

On the basis of this success, the Company will complete its R&D submissions for the years ended 31 December 2017 and 31 December 2018, later this year.

Oriole Resources CFO, Bob Smeeton, said: "The scientific research underpinning all of Oriole's exploration activities very clearly improves the understanding of the geology and potential economic feasibility of the areas in which we operate. R&D tax credits are an excellent incentive for research companies to continue their activities and develop successful UK-based businesses that can operate internationally."

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For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:

Oriole Resources PLC Bob Smeeton / Tim Livesey /Claire Bay	Tel: +44 (0)20 7830 9650
Camarco (IR/PR contact) Gordon Poole / Nick Hennis	Tel: +44 (0)20 3781 8330
Grant Thornton UK LLP Samantha Harrison / Ben Roberts / Niall McDonald	Tel: +44 (0)20 7383 5100
Hannam & Partners Neil Passmore / Andrew Chubb	Tel: +44 (0)20 7907 8500
Turner Pope Investments (TPI) Ltd Ben Turner / James Pope / Andy Thacker	Tel: +44 (0)2036214120

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has a number of interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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