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Hummingbird encouraged by Liberia HEP report

By BFN News | 09:48 AM | Wednesday 16 September, 2015


Hummingbird Resources is 'highly encouraged' by a positive preliminary report from Knight Piesold Consulting for the proposed hydro-electric power plant in south-east Liberia - around 10km from Hummingbird's 4.2Moz Dugbe gold project. It says this significant development follows the signature of a collaboration agreement for the funding and development of the HEP signed in April with IFC InfraVentures, the IFC Global Infrastructure Project Development Fund, and Aldwych International, a leading energy company active in the growing economies of Africa. Highlights: · Report demonstrates a range of hydropower options that would be highly beneficial in the development of a sustainable and low-cost source of power for the Dugbe Gold Project, as well as the south-east Liberian region · Assessed four run-of-river hydropower options ranging from 15MW to 30MW with varying intakes · A hydropower development on the Dugbe River represents a legacy asset that will benefit the region by providing low cost renewable energy long after mine closure to the communities in the region · Pre-Feasibility Assessment will be finalised on completion of additional hydrological studies and topographic mapping (satellite survey) - targeting final report in Q2 2016 · Pre-Feasibility Study funded (circa US$265,000) by IFC InfraVentures as part of the collaboration agreement Chief executive Dan Betts said: "We are highly encouraged by the preliminary study for the development of a HEP plant in south-eastern Liberia which, if developed, will enable a sustainable and low-cost source of power for our Dugbe gold project and secure a source of domestic power supply for the local region. "With the pre-feasibility study being fully funded by IFC InfraVentures, Hummingbird is ideally positioned to capitalise on the HEP development whilst mitigating risk and capital exposure. We also believe the HEP scheme will create a catalyst for growth in the region and provide a significant potential operating cost saving for the development of the Dugbe gold project." At 9:48am: (LON:HUM) Hummingbird Resources share price was +1.5p at 26.75p Story provided by StockMarketWire.com

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