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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END

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