Pasofino Gold Announces US$2.3m Private Placement

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

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 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

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). 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 or contact:

Daniel Betts, CEO Thomas Hill, FD Edward Montgomery, CD	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer	Strand Hanson Limited Nominated Adviser	Tel: [phone]
James Asensio Ana Ercegovic	Canaccord Genuity Limited Broker	Tel: [phone]
Bobby Morse Oonagh Reidy George Pope	Buchanan Financial PR/IR	Tel:  [phone] Email: [e-mail]

 

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