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.
