REG - Hummingbird Res. - Update of Mining Operations at Kouroussa

Hummingbird ResourcesAnnouncement

28/03/2024 07:00

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RNS Number : 6007I  Hummingbird Resources PLC  28 March 2024

 

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

 

28 March 2024

Hummingbird Resources plc

("Hummingbird," the "Group," or the "Company")

Update of Mining Operations at Kouroussa

Hummingbird (AIM: HUM) provides an update regarding the situation surrounding
the Kouroussa Gold Mine ("Kouroussa") in Guinea, following the suspension of
mining activities by Corica Mining Services ("Corica") on 17 March 2024.

Hummingbird has been actively seeking to address the ongoing situation by
engaging in discussions with Corica, alternative and additional mining
contractors, suppliers, and the Company's primary lender, Coris Bank
International ("Coris").

Earlier this week, the Company's senior management team met with a number of
these key stakeholders in West Africa. The objective of these discussions was
to restart mining operations at Kouroussa as soon as possible and outline a
path towards achieving sustainable commercial production levels. Discussions
remain ongoing.

As a consequence of the current significantly reduced mining activity,
achieving commercial production will be delayed beyond our Q1 2024 target,
until full mining capacity is restored onsite. In the meantime, the supporting
mining contractor continues to operate, with the processing plant processing
this ore, together with stockpiled material. Resolution to the current
situation will allow the upcoming blast to proceed, which is expected to
provide access to higher-grade ore necessary to achieve commercial production.

Discussions are focussed on various scenarios and initiatives, with the
Company confident of reaching a constructive resolution in the near term.
Further updates will be provided as and when appropriate.

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 through its 53% ownership of 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                                    IR@hummingbirdresources.co.uk

 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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