HUM Golden Triangle.Mali.Guinea.Liberia Assets10 Aug 2020 19:15
HUM owns 51% & TSXV Listed Pasofino Gold Limited owns 41% Dugbe Gold project (Excluding 10% Government Carried Interest) in the Dugbue Gold Project. A Brilliant deal all-round.
The key terms of the Earn-in agreement are:
1. The payment of a non-refundable US$2 million deposit (the "Initial Deposit") by ARX to Hummingbird for a three-month extendable exclusivity period.
2. Subject to ARX demonstrating initial funding of at least US$10 million (including the US$2 million Initial Deposit) within the exclusivity period, ARX has the right to operate the Project under the oversight of a joint management committee and to earn into a 49 per cent economic interest in the Project (net of any interests of the Government of Liberia and Anglo Pacific Group Plc) over a two year period through:
a) Completing a Feasibility Study, under joint management committee oversight, on the Project with the objective of being able to attract funding for the development of the Project;
b) Undertaking a mutually agreed exploration programme (estimated to be US$10 million) with the objective of materially increasing the known resource base of the Project; and
c) Covering the overhead and operating costs associated with the Project during the 2 year earn in period. (together the "Earn-in Conditions").
Subject to meeting the Earn-in Conditions, ARX has the right to be granted the 49 per cent economic interest in the Project.
3. On being granted the 49 per cent economic interest in the Project, the parties undertake to enter into a customary joint venture agreement, as well as both having the right, subject to certain protections and the receipt of all required approvals, to convert Hummingbird's 51 per cent controlling interest in the Project into a 51% controlling interest in ARX-Pasofino Gold Limited or any then listed parent company.I Like No 3/.
The above deal allows HUM to now concentrate on brining the company's new Kouroussa Gold Project located in Guinea in into production ASAP. 51% of a very large gold deposit & growing. Is adding worth of project all the time to HUM.VEIN & to Government of Liberia. Of course HUM also has 110000oz to125000oz 2020 production target from its large Mali Mine which is not far from the border with Guinea & the Guinea asset is near the Mali border. So really HUM Assets form a golden triangle of Mali.Guinea.Liberia.
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