TIDMHUM
RNS Number : 9525A
Hummingbird Resources PLC
08 February 2022
08 February 2022
Hummingbird Resources plc
("Hummingbird" or the "Company")
Dugbe Gold Project Update
Feasibility Study Scheduled for Completion in April
Hummingbird Resources plc (AIM: HUM) is pleased to announce
Pasofino Gold Ltd ("Pasofino") (TSXV: VEIN) has released an update
for the Dugbe Gold Project ("Dugbe" or "The Project").
For the full Pasofino release, please follow the link here .
Highlights
-- Pasofino notes the Dugbe Feasibility Study ("FS") is scheduled for completion in April 2022
-- Confidence achieved with the FS confirming gold recoveries of
between 85% and 91%, depending on whether a straight
carbon-in-leach ("CIL") or CIL with flotation circuit is selected
respectively. Current trade-offs are aimed at the selection of the
optimal process to achieve the best financial outcomes
-- Open pittable resources include 57-million-tonne ("Mt")
material, grading 1.58 grams a tonne ("g/t") with 2.88 million
ounces ("Moz") gold. Pasofino intends to prioritise the extraction
of this higher-grade component of the overall Resource (75Mt at
1.37g/t in Measured and Indicated) in order to support a higher
head grade during early years of production
-- Favorable results from the on-site geotechnical work should
allow steeper pit slopes to be developed, which should translate to
lower strip ratios
-- Mining dilution has decreased to an average of 8.7% from 10%
in the 2021 Preliminary Economic Assessment ("PEA")
-- Reduced energy costs from US$0.212 per kWh to US$0.172 per
kWh. This anticipated benefit is expected to result in lower energy
cost/tonne treated
-- All other disciplines are well advanced with the FS over 70% complete
-- Environmental and Social Impact Assessment ("ESIA") scope
approved by the Liberian Environmental Protection Agency ("EPA").
Exhaustive biodiversity fieldwork has identified areas of lower
sensitivity enabling the location of key project infrastructure,
reducing environmental impact. Continuous community engagement has
been undertaken throughout the development of the project
-- Updated results show continual strong progress towards
delivering an economically robust FS, as
highlighted by the PEA as released on 24 June 2021 as detailed in this link here
Hummingbird notes that post completion of the FS in April 2022
and, subject to satisfying certain conditions in the Earn-in
Agreement, Pasofino is on track to earn in its 49% interest in the
Project (prior to the issuance of the Government of Liberia's 10%
carried interest). Further, the Company notes that Pasofino has
indicated that once the 49% earn-in is completed, it intends to
exercise its right under the Earn-in Agreement to acquire 100%
ownership of the Project by exchanging Hummingbird's 51%
controlling interest in the Project for a 51% controlling interest
in Pasofino. This exchange is subject to certain conditions and
receipt of all required approvals, including the approval from the
TSX Venture Exchange.
Dan Betts, CEO of Hummingbird Resources, commented:
"Yesterday's news from Pasofino that the Dugbe FS is moving
rapidly towards completion in April is very encouraging. We look
forward to reviewing what promises to be very strong project
economics as highlighted by today's update and those as highlighted
in the PEA release in June 2021 .
The completion of the FS will mark a major milestone for Dugbe
and complete its journey from being a pure exploration asset to a
viable project, with strong project economic fundamentals. We will
provide more details post receiving and analysing the FS from
Pasofino in April."
Qualified Persons Statement
Content in this disclosure that relates to the FS was reviewed
on behalf of Hummingbird by Dr. Daniel Limpitlaw Pr. Eng, FSAIMM.
Dr Limpitlaw is a full-time consultant at Pasofino Gold Ltd.'s
wholly-owned subsidiary ARX Resources Limited. By virtue of his
education, professional registration and experience, Dr. Limpitlaw
is a Qualified Person for the purpose of NI 43-101.
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a multi-asset,
multi-jurisdiction gold production, development and exploration
Company, a member of the World Gold Council and a founding member
of Single Mine Origin ( 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 placing our Environmental, Social
& Governance ('ESG') policies and practices at the heart of all
we do.
For further information, please visit hummingbirdresources.co.uk
or subscribe to our investor
releases via investor email alerts
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Anthony Köcken, COO
Edward Montgomery, CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
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James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Thomas Diehl Broker
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Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Ariadna Peretz Financial PR/IR Email: HUM@buchanan.uk.com
James Husband
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