Hummingbird Resources PLC Dugbe, Liberia Update (7563U)
December 07 2021 - 02:00AM
UK Regulatory
TIDMHUM
RNS Number : 7563U
Hummingbird Resources PLC
07 December 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
7 December 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Dugbe, Liberia Update
Hummingbird Resources plc (AIM: HUM) confirms that Pasofino Gold
Limited ("Pasofino") has entered a non-brokered private placement
of its common shares for gross proceeds of up to US$5.5 million, of
which approximately US$4.5 million has been subscribed for by ESAN,
a leading Turkish mining company.
The funding provides sufficient capital for Pasofino to complete
the Feasibility Study ("FS") on the Dugbe Gold Project ("Dugbe") in
Liberia, which is on track to be delivered in Q2 2022. For the full
Pasofino release, please follow the link here .
This fund raise follows the Mineral Resource Estimate ("MRE")
update announced by Pasofino on 22 November 2021 on Dugbe, which
confirmed NI 43-101 compliant Measured and Indicated gold resources
of 3.4 million ounces of gold (see link here ).
Pasofino has an earn-in agreement for a 49% stake in the
Project, with Hummingbird maintaining a controlling interest of
51%. For further details on the option and earn-in agreement with
Pasofino, please refer to the Company's RNS dated 4 June 2020.
Dan Betts, CEO of Hummingbird Resources plc, commented:
"Pasofino's successful capital raise enables them to complete
the DFS work on the Dugbe Project and finish their earn in
conditions as per our JV agreement. We are particularly encouraged
by the material uplift in the Measured and Indicated Resources
recently announced by Pasofino, which should pave the way for a
robust DFS showcasing solid project economics. Also of particular
interest is the material investment by Turkish mining group ESAN
who are known to us and who I am sure will add significant value to
the Project as it gathers momentum from here."
**ENDS**
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a multi-asset,
multi-jurisdiction gold production, development and exploration
Company, member of the World Gold Council and founding member of
Single Mine Origin ( www.singlemineorigin.com ). The Company
currently has two core gold projects, the operational Yanfolila
Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which
will more than double current gold production when in production,
scheduled for first gold pour end of Q2 2023. Further, the Company
has a controlling interest in the Dugbe Gold Project in Liberia
that is being developed by Pasofino Gold Limited through an earn-in
agreement. Our vision is to continue to grow our asset base,
producing profitable ounces, while central to all we do being our
Environmental, Social & Governance ("ESG") policies and
practices.
For further information please visit https://www.hummingbirdresources.co.uk/ or contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill,
FD
Anthony Köcken
, COO
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Thomas Diehl Broker 8000
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466
Ariadna Peretz Financial PR/IR 5000
James Husband Email: HUM@buchanan.uk.com
-------------------------- ----------------------------
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