StockMarketWire.com - Mineral explorer Oriole Resources posted a first-half loss as it develops projects in Cameroon and Senegal.

Pre-tax losses for the six months through June amounted to £0.87 million, compared to a year-on-year profit of £0.17 million.

Chief executive Tim Livesey said the company had made 'excellent exploration progress' and was making a continued commitment to financial discipline.

He said a maiden drilling campaign at Bibemi in Cameroon had been a great success, with over half of initial prospecting holes intersecting orogenic-type gold mineralisation.

'With a strong cash position and the drill rig already on site, we are well placed to kick off the next phase of more detailed infill drilling at Bibemi that will begin as soon as the rains allow, hopefully before the end of the third quarter,' he said.


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