First Tranche of Royalty Funding

RNS Number : 0635A

Hummingbird Resources PLC

15 March 2013

 



Hummingbird Resources plc

("Hummingbird Resources" or the "Company") (AIM: HUM)

First Tranche of Royalty Funding

Following the announcement on 18 December 2012 of the $15 million financing agreement with Anglo Pacific Group ("Anglo Pacific"), Hummingbird Resources announces that having satisfied the conditions precedent it has received the first tranche of US$5 million from Anglo Pacific.

As previously announced, the second tranche is payable upon either the completion of 25,000 metres of infill drilling or the publication of the results of a scoping study on the Dugbe 1 Project which is due to be published shortly; and the third tranche will become due once both a scoping study and the 25,000 metres of infill drilling have been completed.

Tom Hill, Finance Director, commented:

"Good progress continues to be made on our fully funded 2013 work programme which is focussed on progressing the Dugbe 1 Project with the scoping study near completion, and over 7,000m of drilling completed this year since commencing on 24 January 2013."

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development [phone]

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Christopher Kololian [phone]

Jefferies Hoare Govett

Joint Broker

Sara Hale / Thomas Rider [phone]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters [phone]

Notes to Editors

About Hummingbird Resources PLC

Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia.  The Group's total Resource is 3,817,000 ounces of gold (Indicated Resource of 1,373,000 ounces Gold and Inferred Resource of 2,444,000 ounces gold).

The Group has published a NI43-101 compliant Resource on its Dugbe F deposit of 43.01 million tonnes at 1.27 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.28 g/t Au and an Inferred Resource of 392,000 ounces of gold at 1.23 g/t Au). In addition, the Group has declared a maiden Inferred Resource on its Tuzon project of 52.8 million tonnes at 1.21 g/t Au to give 2,052,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au.  Tuzon lies 2.6km to the east of the Dugbe F deposit.  Exploration is being carried out to best industry practices.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

 

END

 

 

MSCGGUCGWUPWGMC