Hummingbird Resources PLC Dugbe Gold Project Financing (7929Z)
September 23 2020 - 2:00AM
UK Regulatory
TIDMHUM
RNS Number : 7929Z
Hummingbird Resources PLC
23 September 2020
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
23(rd) September 2020
Hummingbird Resources plc
("Hummingbird" or the "Company")
Dugbe Gold Project Financing
Hummingbird Resources plc (AIM: HUM) provides an update on the
Dugbe Gold Project ("Dugbe Project" or the "Project") and the
acquisition of ARX Resources Limited ("ARX") by Pasofino Gold
Limited (TSXV: VEIN) ("Pasofino").
Pasofino announced yesterday the closing of the previously
announced acquisition of ARX, the Company's joint venture partner
for the Dugbe Project in Liberia, and completion of a C$10,020,000
equity financing (the "Fundraise"). For release details please
follow the link here .
Pasofino plans to use the net proceeds from the Fundraise for
exploration and development work at the Dugbe Project. As
previously announced, Pasofino will earn its 49% stake of the
Project once certain criterions are met over a two year earn in
period including:
-- Completion of a mutually agreed exploration programme;
and
-- Completing a Definitive Feasibility Study, under joint
management committee oversight.
In addition, Pasofino will cover all overhead and operating
costs associated with the Project during the earn in period.
We note progress has already been made by both Pasofino and
Hummingbird at its joint management committees to progress the
Dugbe Project. With funding now secure the Company will provide
further updates to the market as the Project's development
accelerates from here on.
Dan Betts, CEO of Hummingbird, commented:
"We note the closing of the Pasofino financing and are excited
to see work commencing on the Dugbe Project now that the qualifying
conditions to commence the earn in have been met. The Dugbe Project
already has a significant mineral endowment which Hummingbird
discovered from first principles and we are very excited to support
Pasofino in its work to both prove the robust economics of the
Project and to showcase what we believe to be a world class gold
province which is still in the embryonic stages of discovery. "
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014.
About Pasofino Gold Limited:
Is a Canadian-based mineral exploration company. For further
information, please visit www.pasofinogold.com
**ENDS**
For further information, including an updated Corporate
presentation, please visit www.hummingbirdresources.co.uk or
contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill, FD
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Nominated Adviser
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
8000
Broker
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray 3205
Rachael Brooks Financial PR/IR
-------------------------- ---------------------
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading gold production,
development and exploration company. The Company has two core gold
projects, the Yanfolila Gold Mine in Mali and the recently acquired
Kouroussa Gold Project in Guinea. Yanfolila produced its first gold
pour on time and budget in December 2017. At 31 October 2019
Yanfolila has a 7.9Mt of Reserve ore @ 2.66 g/t for 676,000ozs
gold. At 31 March 2019 Yanfolila had a total Resource base
(inclusive of Reserves) of 28Mt of Ore @ 2.23 g/t for 2,005,300ozs
gold. The Kouroussa Gold Project has a Resource base of 1.18Moz @
3.08 g/t, which will be fast tracked to production, adding an
additional c.100,000 oz of gold per annum to its production
profile. Hummingbird also has a controlling interest in the Dugbe
Gold Project that is expected to be developed by Pasofino Gold
Limited (previously ARX Resources Limited) through an earn-in
agreement. The Dugbe Gold Project has Resources currently totalling
4.2Moz of gold and a completed NI 43-101 compliant PEA on the
project showing a 43% IRR and US$337m NPV at a US$1,500 gold
price.
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END
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