REG - Hummingbird Res. - Pasofino Gold Announces US$2.3m Private Placement

Hummingbird ResourcesAnnouncement

24/01/2024 07:15

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RNS Number : 6829A  Hummingbird Resources PLC  24 January 2024

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

 

24 January 2024

Hummingbird Resources plc

("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 (http://www.pasofinogold.com/news)

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 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
(http://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
(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

 Ana Ercegovic           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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