REG - Hummingbird Res. - Dugbe Gold Project Update

Hummingbird ResourcesAnnouncement

08/02/2022 07:00

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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
(https://www.pasofinogold.com/news/news-details/2022/Pasofino-Gold-Announces-Progress-on-the-Feasibility-Study-for-the-Dugbe-Gold-Project-Plans-to-Acquire-Control-of-the-Dugbe-Gold-Project-Granting-of-Stock-Options-and-Issuance-of-Shares-for-Debt-Settlement/default.aspx)
.

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
(https://s26.q4cdn.com/952577408/files/doc_news/Vein-June24.pdf)

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
(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 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
(https://www.hummingbirdresources.co.uk/)    or subscribe to our investor
releases via  investor email alerts
(https://www.hummingbirdresources.co.uk/investors/regulatory-news-alerts/#subscribe)
 

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

 Thomas Hill, FD

 Anthony Köcken, COO

 Edward Montgomery, CSO & ESG
 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

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

 Ariadna Peretz                     Financial PR/IR            Email:  HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 James Husband

 

 

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