Oriole Resources PLC R&D Rebate from HMRC Delivers GBP46k (8278B)
June 14 2021 - 7:59AM
UK Regulatory
TIDMORR
RNS Number : 8278B
Oriole Resources PLC
14 June 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
R&D Rebate from HMRC Delivers GBP46k
Oriole Resources, the AIM-quoted exploration company focused on
West Africa, is pleased to announce that it has received a rebate
totalling GBP46k 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 2020, a period where exploration activity
was impacted by Covid restrictions. The Company anticipates that
the claim for the year ending 31 December 2021 will be
significantly higher, based the level of exploration activity at
its ongoing programmes in Cameroon.
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 assess the economic feasibility of
future mining operations in those areas.
Oriole Resources CFO, Bob Smeeton, said : "Despite Covid
restrictions impacting our work for the early part of the year,
we've still managed to advance our projects in Cameroon during
2020, and are pleased to have received this further claim for
R&D tax relief from HMRC. The preparation work at Bibemi in
2020, to which this claim largely relates, enabled the execution of
our maiden drilling campaign earlier this year. Initial results
from that programme support our model for orogenic gold
mineralisation along an approximate eight kilometre striking system
that extends to at least 100 metres below surface. Five of the
eight holes reported to date have returned multi-gramme
intersections, a significant achievement for what is the very first
sub-surface exploration to have been completed at the licence. We
look forward to further R&D rebates as the scientific
development programmes continue."
** 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 / George Grainger
Shard Capital Partners LLP Tel: +44 (0)20 186 9900
Damon Heath / Erik Woolgar / Isabella
Pierre
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END
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