Second Tranche of Royalty Funding

RNS Number : 0728C

Hummingbird Resources PLC

11 April 2013

 



Hummingbird Resources plc

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

Second Tranche of Royalty Funding

Following the announcement on 18 December 2012 of the $15 million financing agreement with Anglo Pacific Group PLC ("Anglo Pacific"), Hummingbird Resources announces that having satisfied the conditions precedent with the publication of the results of the Preliminary Economic Assessment on the Dugbe 1 Project, the Company has received the second tranche of US$5 million from Anglo Pacific.

As previously announced, the third tranche will become due once 25,000 metres of drilling have been completed.  Over 9,000m of drilling has already been completed this year.

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]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters / Victoria Huxster [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 Inferred Resource is 3,835,000 ounces of gold.  The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations and NPV of US$337m on a Capex of US$212m for 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

 

END

 

 

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