REG - Hummingbird Res. - Dugbe, Liberia Update

Hummingbird ResourcesAnnouncement

07/12/2021 07:00

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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
(https://www.pasofinogold.com/news/news-details/2021/Pasofino-Gold-Announces-a-Non-Brokered-Private-Placement-of-up-to-US5.5-Million-Supported-by-a-Strategic-Investment-of-Approximately-US4.5-Million-Subscription-from-ESAN/default.aspx)
.

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
(https://polaris.brighterir.com/public/hummingbird/news/rns/story/x4p51kx) ).

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
(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 central to all we do being our
Environmental, Social & Governance ("ESG") policies and practices.

For further information please visit https://www.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

 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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