Formation of Technical Advisory Committee

RNS Number : 0608I

Hummingbird Resources PLC

28 June 2013

 



28 June 2013

Hummingbird Resources plc

("Hummingbird Resources" or the "Company")

Formation of Technical Advisory Committee

Hummingbird Resources (AIM: HUM), the Liberian gold developer with a 3.8 Moz gold Resource, is pleased to announce the formation of a Technical Advisory Committee ("TAC").  The TAC will provide high-level technical guidance to the Company to ensure that the Dugbe 1 Project is progressed in the most economically advantageous and efficient manner possible.

The TAC will initially consist of two independent industry experts, Mark Calderwood and Michael Skead, together with David Pelham from the Company.  

Mark Calderwood has extensive experience working with both exploration and production companies operating within West Africa. Most recently, he served as both Managing Director and later Chief Executive Officer of Perseus Mining Ltd from 2004 to 2013. Mark led Perseus from discovery to production at its Edikan Gold Mine in Ghana with production of over 200,000 oz gold a year.  Mark has spent the majority of his career exploring and mining for gold and brings with him unparalleled experience of both West Africa and similar style gold deposits whilst the Company begins the transition from explorer to developer and producer.

Michael Skead is a geologist with significant international experience of mineral exploration, with particular expertise working in Africa. Currently Michael serves as Vice President - Project Evaluation at Dundee Resources and formerly served as Chief Executive Officer of Ryan Gold Corp, the gold exploration company in the Yukon Territory, Canada, and the Chief Executive Officer of Valdez Gold prior to its merger with Ryan Gold Inc., in 2010. Prior to this, Michael spent 4 years at Banro Corp where he led the exploration phase of the Company's 100% owned Twangiza-Namoya gold belt project in the Democratic Republic of Congo before becoming the Vice President of Exploration across all of the Company's exploration assets.

To reflect the changing focus of the Company during this period of transition from explorer to developer and producer, David Pelham is moving from Technical Director to become a Non-Executive Director of the Company, as well as sitting on the TAC, with immediate effect. 

Dan Betts, CEO of Hummingbird, said:

"Following the completion of the PEA and as we progress the Feasibility Study, I am delighted to welcome both Mark and Mike to the team and am greatly looking forward to working with them. The appointment of these highly skilled industry professionals will be a great benefit to Hummingbird and serves as a strong endorsement of the Company's vision and strategy.

I would like to take this opportunity to thank David Pelham for the immense contribution he has made to Hummingbird so far.  Dave has overseen the technical team from virgin exploration to the current resource base with many more exciting prospects in the pipeline. We look forward to continuing to receive the benefits of his advice as a Non-Executive Director and member of the TAC over the coming years."

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]
FTI Consulting LLP Financial PR Ben Brewerton / Oliver Winters / Sara Powell	[phone]

Notes to Editors:

Hummingbird Resources plc is an AIM quoted mineral exploration and development 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 Inferred Resource is 3,835,000 ounces of gold.  The Group has published a PEA on its project showing for a 3.5Mtpa tank leach operations an NPV of US$337m with a Capex of US$212m and an IRR of 43.4%.  This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.  In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 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.

In 2013 the Group is moving the Dugbe 1 Project towards feasibility and is currently infill drilling its existing Resources as well as continued regional exploration work.

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

 

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