Dugbe Gold Project Update

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 Thomas Hill, FD Anthony Köcken, COO Edward Montgomery, CSO & ESG	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer	Strand Hanson Limited Nominated Adviser	Tel: [phone]
James Asensio Thomas Diehl	Canaccord Genuity Limited Broker	Tel: [phone]
Bobby Morse Ariadna Peretz James Husband	Buchanan Financial PR/IR	Tel:  [phone] Email:    [e-mail]

 

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