Talon Resources Targets Ontario Gold Growth After AIM Move and Eagle Lake Acquisition, CEO Says.Watch here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHummingbird Resources Regulatory News (HUM)

  • There is currently no data for HUM

Acquisition

11 Jul 2011 08:10

RNS Number : 1216K
Petmin Limited
11 July 2011
 

 

JOINT ANNOUNCEMENT

 

Hummingbird Resources plc ("Hummingbird") (AIM:HUM) and Petmin Limited ("Petmin")(AIM:PTMN)

 

Petmin invest an additional US$1.5m to secure a 50% interest in Iron Bird Resources Inc

 

 

Hummingbird and Petmin are pleased to announce that Petmin has invested a further US$1.5m in Iron Bird Resources Inc ("Iron Bird") the sole owner of the Mt Ginka iron ore exploration licence in northern Liberia.

 

This concludes phase two of Petmin's investment under the joint venture agreement with Hummingbird, announced on 25 January 2011 ("Joint Venture Agreement").

 

The investment takes Petmin's total investment in Iron Bird to US$2m, and under the terms of the Joint Venture Agreement, Hummingbird and Petmin now each hold 50% in Iron Bird. Both parties now have the option to contribute equally to any further funding required.

 

This investment means that Iron Bird is fully funded for the next stage of work, which focuses on geological mapping, trenching, drilling and metallurgical test work. This work program is focused on obtaining representative samples of the ore body to confirm the earlier grab samples which ranged from 33%-54% Mag Fe and to demonstrate that the ore body is both extractable and economic. Future drilling will give an indication of the size of the deposit.

 

Commenting today, Dan Betts CEO of Hummingbird:

 

 "We are very pleased that Petmin has invested a further $1.5m to complete its second phase of investment. This investment underlines Petmin's confidence in the potential of this project, which recent airborne geophysics have shown to be significant."

 

Jan du Preez, Petmin's CEO said:

 

"Our investment of the $1.5m secures our 50% interest in Iron Bird and highlights the potential of what we see in this well located project. It also further underpins the value of Petmin's business strategy of investing astutely in projects which feed into the steel and infrastructure development value chain."

 

Iron Bird

 

On 27th June 2011 it was announced that a continuous magnetic unit, interpreted as an iron formation, extended 20km along strike with widths of up to 250m and depths of 1,000m. This was discovered from the results of a recently flown aeromagnetic survey over the Mount Ginka license.

 

Iron Bird Resources is the sole owner of the Mt Ginka iron ore exploration license in northern Liberia. The prospect lies approximately 20km south of the Mount Nimba ridge, a historic major iron ore mine reportedly producing between 12Mt and 24Mt per annum of high grade direct shipping ore during the period 1964 to 1989, which has been re-opened by Arcelor Mittal. Approximately 15km to the west of the Mount Ginka ridge lies the railway built to transport the Mount Nimba iron ore to the deep water port of Buchanan.

 

 

ENDS

 

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Chief Financial Officer and Company Secretary

Robert Monro, Corporate Development

+44 (0)203 416 3560

 

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Richard Bootle

+44 (0)20 3100 2222

 

Mirabaud Securities LLP

Joint Broker

Peter Krens +44 (0) 20 7321 2508

 

Threadneedle Communications Limited

Laurence Read /Beth Harris +44 (0)20 7653 9850

 

Petmin Limited

Bradley Doig

+27 82 459 7818

 

River Group

Andrew Lianos

+27 83 440 8365

 

Numis Securities Ltd

Nominated Advisor and Broker

John Harrison / James Black

+44 (0) 207 260 1000

 

Notes to Editors

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 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 licences are prospective for gold, iron ore and other minerals.

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.

The Group's most advanced gold exploration has taken place in the Dugbe, Joe Village and Zia licence areas, with a recently confirmed gold resource at the Dugbe F Project of 20.90 million tonnes at 1.208 g/t to give 812,000 oz Au using a cut-off grade of 0.5 g/t (Indicated resource of 552,000 ounces of gold at 1.078 g/t Au and an Inferred resource of 260,000 ounces of gold at 1.624 g/t Au). The exploration has been based on sound geological premises and has been executed in an efficient and practical manner according to best industry practices.

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

Petmin Limited is a JSE and AIM listed mining company that is primarily focused on a mix of quality, cash-producing assets and projects, with a diverse geographical spread of commodities that feed into infrastructure growth and urbanisation.

Petmin is one of the leading producers of quality anthracite and silica in South Africa and has an iron ore project in Canada and has recently announced an investment in a copper project in Turkey. The company has been listed on the JSE Limited (JSE) since 1986 and the London Stock Exchange's Alternative Investment Market (AIM) since 2006.

For more information, please visit www.petmin.co.za

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQDFLBFFDFBBBQ
Date   Source Headline
26th Jun 202011:52 amRNSResult of Annual General Meeting
26th Jun 20209:51 amRNSSigning of SPA for Kouroussa & Exploration Update
23rd Jun 20205:47 pmRNSExercise of Options and Total Voting Rights
12th Jun 20205:24 pmRNSExercise of Options and Total Voting Rights
12th Jun 202011:32 amRNSDirector Dealing
10th Jun 20207:00 amRNSDirector Dealing, Exercise of Options and TVR
8th Jun 20207:00 amRNSAcquisition of the Kouroussa Gold Project
4th Jun 20207:00 amRNSEarn-in agreement with ARX on Dugbe Gold Project
3rd Jun 20208:40 amRNS2019 Audited Final Results and Exploration Update
2nd Jun 20209:05 amRNSStandard form for notification of major holdings
2nd Jun 20207:05 amRNSHummingbird Resources joins the World Gold Council
20th May 20209:30 amRNSStandard form for notification of major holdings
28th Apr 20203:35 pmRNSHolding(s) in Company
16th Apr 20207:00 amRNSQ1 2020 Production Results and Operational Update
26th Mar 20209:55 amRNSHUMMINGBIRD PROVIDES A STATEMENT ON COVID-19
24th Mar 20202:06 pmRNSSecond Price Monitoring Extn
24th Mar 20202:00 pmRNSPrice Monitoring Extension
20th Mar 20209:05 amRNSSecond Price Monitoring Extn
20th Mar 20209:00 amRNSPrice Monitoring Extension
16th Mar 20202:06 pmRNSSecond Price Monitoring Extn
16th Mar 20202:00 pmRNSPrice Monitoring Extension
12th Mar 20204:43 pmRNSSecond Price Monitoring Extn
12th Mar 20204:40 pmRNSPrice Monitoring Extension
11th Mar 202010:50 amRNSBlock Listing Six Monthly Return
10th Mar 20207:00 amRNSDirector Dealing
4th Mar 20208:44 amRNSDirector Dealing
2nd Mar 20202:04 pmRNSStandard form for notification of major holdings
28th Feb 20202:06 pmRNSSecond Price Monitoring Extn
28th Feb 20202:00 pmRNSPrice Monitoring Extension
27th Feb 20207:00 amRNSIncentive Plan, Exploration & Safety Record
4th Feb 20202:41 pmRNSDirector Dealing
3rd Feb 20207:00 amRNS2020 Guidance and 5-year Rolling Mine Plan
14th Jan 20207:00 amRNSQ4 2019 Production Results and Operational Update
3rd Jan 20202:45 pmRNSHolding(s) in Company
20th Dec 20194:37 pmRNSStandard form for notification of major holdings
17th Dec 20197:00 amRNSUpdated Reserves for Yanfolila Gold Mine
6th Dec 20199:03 amRNSNotification of Major Holding
11th Nov 201911:09 amRNSExercise of Options and Total Voting Rights
5th Nov 20194:40 pmRNSSecond Price Monitoring Extn
5th Nov 20194:35 pmRNSPrice Monitoring Extension
24th Oct 20192:19 pmRNSStandard form for notification of major holdings
21st Oct 20197:00 amRNSQ3 2019 Update
24th Sep 20198:45 amRNSSettlement of claim from Taurus Funds Management
11th Sep 20197:00 amRNSBlock Listing Six Monthly Return
10th Sep 20194:11 pmRNSHolding(s) in Company
4th Sep 201910:18 amRNSStandard form for notification of major holdings
23rd Aug 20197:00 amRNSUnaudited Interim Results
2nd Aug 20197:00 amRNSQ2 2019 Update
1st Jul 20197:00 amRNSCompletion of Second Ball Mill at Yanfolila
26th Jun 201911:12 amRNSResult of AGM

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.