Appointment of AMEC

RNS Number : 5192C

Hummingbird Resources PLC

17 April 2013

 



Hummingbird Resources plc

("Hummingbird Resources" or "the Company") (AIM: HUM)

Appointment of AMEC to complete the Dugbe 1 Environmental and Social Impact Assessment ('ESIA')

Following a competitive tender process, Hummingbird Resources ("the Company") is pleased to announce it has retained the services of AMEC plc ("AMEC") to complete the Environmental and Social Impact Assessment ("ESIA") for the Dugbe 1 Project in Liberia. AMEC has extensive experience conducting such assessments for natural resource companies operating in West Africa, and specifically Liberia. AMEC will commence its work on 20 April 2013, with completion anticipated in Q2 2014.

The appointment of AMEC to complete the ESIA is the first part of the wider Feasibility Study, with all additional contracts expected to be tendered shortly.

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development [phone]

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Christopher Kololian [phone]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters / Victoria Huxster [phone]

Notes to Editors

About Hummingbird Resources plc

Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London.  Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia.  The Group's total Inferred Resource is 3,835,000 ounces of gold.  The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations and NPV of US$337m on a Capex of US$212m for an IRR of 43.4%.  This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.  In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au.  Tuzon lies 2.6km to the east of the Dugbe F deposit.  Exploration is being carried out to best industry practices.

In 2013 the Group is moving the Dugbe 1 Project towards feasibility and is currently infill drilling its existing Resources as well as continued regional exploration work.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

 

END

 

 

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