Cora AIM Admission to Advance Mali Gold Portfolio

RNS Number : 9842S

Hummingbird Resources PLC

09 October 2017

 

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

Hummingbird Resources plc

("Hummingbird")

Cora Gold Lists on AIM to Advance Portfolio of Malian Gold Assets

Hummingbird Resources (AIM: HUM) is pleased to note that Cora Gold Ltd ("Cora Gold"), in which Hummingbird holds a 33.85% interest, has today announced its admission to trading on AIM under the EPIC code CORA.L following a successful fundraise of £3.45 million.

At the IPO price of 16.5p per share, Hummingbird's interest in Cora Gold is valued at approximately US$5 million.

For more information on Cora Gold, please visit www.coragold.com.

CORA GOLD LTD - FIRST DAY OF DEALINGS ON AIM

Cora Gold Limited, the West African focused gold exploration company, is pleased to announce that its ordinary shares will commence trading on AIM at 8.00 a.m. today under the ticker CORA.L ("Admission").  As part of the Admission process, the Company has raised £3.45 million (US$4.6 million), before expenses, through a Placing and Subscription of 20,928,240 new ordinary shares of no par value at a placing price of 16.5p each implying a market cap of £9.07 million on Admission. 

The majority of the net proceeds of the fundraising will be used for a planned exploration programme that will principally focus on the Company's flagship project, the Sanankoro Gold Discovery in southern Mali ("Sanankoro"), as well as some exploration activities on its other properties.  Sanankoro will be the focus of the Company's activities in the near term with the ultimate objective being to establish a mineral resource estimate.

The Company's Nominated Adviser is Allenby Capital Limited and its Joint Brokers are Mirabaud Securities Limited and Beaufort Securities Limited.

Overview

·     Developing a highly prospective gold portfolio including three principal de-risked project areas (1,700km²) in established gold regions: Yanfolila Gold Belt in Mali and Kenieba Window in Mali/Senegal with multiple, high potential, drill ready gold targets

·     Raised £3.45 million on AIM Admission with proceeds to further develop Sanankoro which has the potential for a standalone mine development

o  Substantial historical exploration spend by Randgold and Gold Fields since 2001 has provided a comprehensive database of information

o  To date detailed exploration has only focused on two zones, of 600m and 1,000m length, within the 14km long gold bearing structures identified from reconnaissance drilling

o  Extensive artisanal workings have confirmed the continuity of the mineralisation at Sanankoro

o  15,000m exploration drilling programme planned, prioritising expansion of Sanankoro

·     Up to 10,000m exploration programme at additional project areas located near to existing gold mines and which have the potential to host significant new gold discoveries

·     Potential routes for early processing of ore:

o  34% shareholder Hummingbird Resources' (AIM:HUM) Yanfolila Gold Mine (first gold pour Q4 2017) within trucking distance from Yanfolila Project Area

o  Sadiola Gold Mine (AngloGold Ashanti-IAMGOLD) within trucking distance of Diangounte Project Area

·     Highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries, many of which have been developed into profitable mines

Jon Forster, CEO of Cora Gold said, "Today is a seminal day for Cora Gold marking our admission to the London Stock Exchange as a West African gold developer and explorer.  Our objective is to create value by turning the Sanankoro gold discovery into a mine and the drill ready gold targets at our other project areas into discoveries.  We were delighted with the reception to Cora in the lead up to our IPO and having raised £3.45 million we are now funded to further develop our portfolio of highly prospective gold projects in established gold areas, predominantly in Mali.

"Our initial focus will be on our flagship Sanankoro project and with substantial historical data from both Gold Fields and Randgold we believe we have very good potential to increase the scale of the discovery to +1Moz of in-situ gold and create a standalone mine.  We have the added benefit of exploring in the shadow of gold mines at two of the project areas, where any new discoveries would be within possible trucking distance, and as such providing Cora with possible routes for early processing of ore puts us in a strong position as we commence our work programme with a view to creating maximum value for our shareholders."

For further information, please visit http://www.coragold.com or contact:

Jon Forster	Cora Gold	[phone]
John Depasquale/Nick Harriss/ Liz Kirchner	Allenby Capital (Nominated Adviser)	[phone]
Peter Krens/Nick Orgill	Mirabaud Securities (Joint Broker)	[phone]
Jon Belliss	Beaufort Securities (Joint Broker)	[phone]
Lottie Wadham/Susie Geliher	St Brides Partners (Financial PR)	[phone]

Notes to the Editors

Cora Gold is a new gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (South Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into profitable mines.

**ENDS**

For further information, please visit www.hummingbirdresources.co.uk or contact: 

Daniel Betts Thomas Hill Robert Monro	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer James Bellman	Strand Hanson Limited Nominated Adviser	Tel: [phone]
Jon Belliss	Beaufort Securities Limited Broker	Tel: [phone]
Lottie Wadham Susie Geliher	St Brides Partners Ltd Financial PR/IR	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

Notes to Editors

Hummingbird Resources

Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company.  The Company has two core gold projects, the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia.  It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential.  The high-grade gold project has low operating costs of US$695/oz AISC with 132,000oz of first full year's production. 

 

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