REG - Hummingbird Res. - Completion of Pasofino Gold to 51% interest

Hummingbird ResourcesAnnouncement

13/12/2023 07:15

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RNS Number : 5617W  Hummingbird Resources PLC  13 December 2023

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

13 December 2023

Hummingbird Resources plc

("Hummingbird" or the "Company")

Hummingbird completes conversion of interest in the Dugbe Project into
Pasofino Gold Limited

Hummingbird (AIM: HUM) is pleased to announce that further to the release on 7
December 2023, the Company has completed the conversion of its 51% interest in
the Dugbe Gold Project in Liberia, into a 51% controlling interest in TSX-V
listed Pasofino Gold Limited ("Pasofino"), providing clear visibility and
control to facilitate more efficient decision-making and project advancement.

Further details can be found in the announcement by Pasofino via the following
link: www.pasofinogold.com/news (http://www.pasofinogold.com/news)

About the Dugbe Gold Project

The 2,302 km² 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 (http://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

**ENDS**

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
(http://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
(https://www.hummingbirdresources.co.uk/)  or contact:

 

 

 Daniel Betts, CEO       Hummingbird Resources plc  Tel: +44 (0) 20 7409 6660

 Thomas Hill, FD

 Edward Montgomery, CD
 James Spinney           Strand Hanson Limited      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer          Nominated Adviser
 James Asensio           Canaccord Genuity Limited  Tel: +44 (0) 20 7523 8000

                         Broker
 Bobby Morse             Buchanan                   Tel:  +44 (0) 20 7466 5000

 Oonagh Reidy            Financial PR/IR            Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 George Pope

 

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