Dugbe, Liberia Update

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, 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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