Hummingbird Resources PLC Pasofino Gold Announces US$2.3m Private Placement (6829A)
January 24 2024 - 2:00AM
UK Regulatory
TIDMHUM
RNS Number : 6829A
Hummingbird Resources PLC
24 January 2024
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
24 January 2024
Hummingbird Resources pl c
("Hummingbird" or the "Company")
Pasofino Gold Announces a US$2.3 Million Non-Brokered Private
Placement
Hummingbird (AIM: HUM) is pleased to note the announcement made
by Pasofino Gold Limited ("Pasofino") regarding a non-brokered
private placement totalling approximately US$2.33 million ("the
Placement"), inclusive of a US$2 million investment by Hummingbird.
This investment increases Hummingbird's shareholding in Pasofino to
53%.
As previously disclosed, a portion of the US$28.1 million
recently raised by Hummingbird was earmarked for advancing the
Dugbe Gold Project in Liberia, bringing this highly valuable asset
closer to production. The funds from the Placement will be utilised
to optimise the 2022 Definitive Feasibility Study and further
advance the Project. Hummingbird and Pasofino have identified
several opportunities to maximise the value of Dugbe and reduce the
overall project capital expenditure.
Further details can be found in the announcement by Pasofino via
the following link: www.pasofinogold.com
Dan Betts, CEO of Hummingbird, commented:
"The optimisation of the Dugbe Gold Project presents a unique
opportunity to materially increase the project's value in the near
term. In collaboration with Pasofino, we are focused on unlocking
the full potential of this highly promising gold project and
bringing it into full production. By optimising the 2022 Definitive
Feasibility Study and expanding exploration activities, we aim to
improve the project's overall capex profile. This strategic move
reflects our dedication to realising the full potential of the
exciting Dugbe Gold Project, positioning it as a key player in the
region's mining landscape. We look forward to updating the market
on future progress."
**ENDS**
About the Dugbe Gold Project
The 2,302 km(2) Dugbe Gold Project is in southern Liberia and
situated within the southwestern corner of the Birimian Supergroup
which is host to most West African gold deposits. To date, two
deposits have been identified on the Dugbe Gold Project: Dugbe F
and Tuzon discovered by Hummingbird entities in 2009 and 2011
respectively. The deposits are located within 4 km of the Dugbe
Shear Zone which is thought to have played a role in large scale
gold mineralization in the area.
A significant amount of exploration in the area was conducted by
Hummingbird up until 2012 including 74,497 m of diamond coring.
Pasofino drilled an additional 14,584 metres at Tuzon and Dugbe F
during 2021. Both deposits have Mineral Resource Estimates dated
November 17 2021, totalling 3.3 Moz gold in the Measured plus
Indicated categories, with an average grade of 1.37 g/t Au using a
0.5 g/t cut-off grade, and an additional 0.6 Moz in Inferred.
Following the completion of the Feasibility Study in June 2022 a
Mineral Reserve Estimate was declared, based on the open-pit mining
of both deposits over a 14-year Life of Mine. A technical report
for the Dugbe Gold Project was prepared in accordance with National
Instrument 43-101 and filed on SEDAR+ at www.sedarplus.ca and on
the Pasofino's website.
About Pasofino Gold Limited.
Pasofino Gold Limited is a Canadian-based mineral exploration
company listed on the TSXV (VEIN).
Pasofino, through its wholly owned subsidiary, has consolidated
its interest in the Dugbe Gold Project and currently owns 100% of
the Dugbe Gold Project (prior to the issuance of the Government of
Liberia's 10% carried interest).
For further information, please visit www.pasofinogold.com
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing 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 once at commercial production. Further, the Company
has a controlling interest in the Dugbe Gold Project in Liberia
that is being developed by joint venture partners, Pasofino Gold
Limited. The final feasibility results on Dugbe showcase 2.76Moz in
Reserves and strong economics such as a 3.5-year capex payback
period once in production, and a 14-year life of mine at a low AISC
profile. 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 hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Hummingbird Resources Tel: +44 (0) 20 7409
Thomas Hill, FD plc 6660
Edward Montgomery,
CD
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Ana Ercegovic Broker 8000
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466
Oonagh Reidy Financial PR/IR 5000
George Pope Email: HUM@buchanan.uk.com
-------------------------- ----------------------------
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