Oriole Resources PLC R&D Rebate from HMRC Delivers GBP165k (1128N)
May 18 2020 - 1:00AM
UK Regulatory
TIDMORR
RNS Number : 1128N
Oriole Resources PLC
18 May 2020
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
R&D Rebate from HMRC Delivers GBP165k
Oriole Resources, the AIM-quoted exploration company focused on
West Africa, is pleased to announce that it has received a rebate
totalling GBP165k 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. The Claim is for
the year ended 31 December 2019 (the 'Period') and follows the
Company's successful claims for the previous three years (2016 to
2018) where it received a total of c.GBP145k (announcements dated
21 February 2019 and 11 November 2019).
The Claim submitted by the Company continues to demonstrate that
it qualifies for the R&D tax relief by performing research work
on potential areas of mineralisation in order to build the
geological data necessary to prove or disprove the economic
feasibility of future mining operations in those areas. The size of
the Claim is significantly higher value than the previous three
years as a result of enhanced exploration activities by the Group
during the Period. The funds will be used to progress our technical
programme in Cameroon, which the Company anticipates will continue
with a maiden drilling programme later this year, subject to
ongoing travel restrictions around Covid-19.
Oriole Resources CFO, Bob Smeeton, said : "This is a significant
uplift on previous rebates, reflecting the level of exploration
work undertaken by the Company in Cameroon during 2019. Securing
this rebate so soon after the year end enables us to progress our
planning for the next field season in Cameroon."
** ENDS **
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please visit www.orioleresources.com , @OrioleResources on Twitter,
or contact:
Oriole Resources Plc Tel: +44 (0)20 7830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Blytheweigh (IR/PR Contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Niall McDonald
WH Ireland Tel: +44 (0)20 7220 1666
Adrian Hadden / Darshan Patel / Lydia
Zychowska
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
focussed on West Africa. It is focused on early-stage exploration
in Cameroon (Bibemi and Wapouzé projects) and the more advanced
Senala gold project in Senegal, where IAMGOLD has the option to
spend US$8m to earn a 70% interest. Year 2 commitments have been
met at all three projects. The Company has several interests and
royalties in companies operating throughout Africa and Turkey that
could deliver future cash flow, and it continues to assess new
opportunities in both regions.
.
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contact rns@lseg.com or visit www.rns.com.
END
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