Last checked at 13 Nov 2013 07:00
13 November 2013
Hummingbird Resources plc
("Hummingbird" or the "Company") (AIM: HUM)
Appointment of Endeavour Financial for Debt Financing mandate
Hummingbird, the Liberian gold exploration and development company with a 3.8Moz gold Resource, is pleased to announce it has appointed Endeavour Financial ("Endeavour") to assist in arranging the Project Finance Debt Facility for the Company's Dugbe 1 Project in Liberia, West Africa.
Endeavour will work with the Company to identify and help implement various financing options for the Dugbe 1 Project, assist in review of all project work and contracts and work with Hummingbird to meet its development strategy. So far this year, Endeavour has advised on over $400 million of financings to resource companies, which includes operations in Mali, Burkina Faso, Ghana, Kenya and the Ivory Coast.
The Company continues to make good progress with its Detailed Feasibility Study ("DFS"). The various work programmes are progressing well and it remains on track for completion in Q3 2014.
Dan Betts, Chief Executive of Hummingbird, said:
"The appointment of Endeavour, with their proven track record, is another important step towards bringing our Dugbe 1 Project into production. We look forward to working together to ensure the funding is in place for the development of the Project after the completion of the DFS."
David Rhodes, Managing Partner of Endeavour, said:
"Endeavour is delighted to be able to work with Hummingbird as it develops this world class asset. We look forward to playing an integral part in providing a suitable financing plan for the Company."
-ENDS-
Enquiries:
Hummingbird Resources plc
Daniel Betts, Chief Executive Officer | |
Thomas Hill, Finance Director | |
Robert Monro, Head of Business Development | +44 (0) 203 416 3560 |
Cantor Fitzgerald Europe | |
Nominated Adviser and Broker | |
Stewart Dickson / Tom Sheldon / Jeremy Stephenson | +44 (0) 207 894 7000
|
FTI Consulting LLP | |
Financial PR | |
Ben Brewerton / Oliver Winters | +44 (0) 207 831 3113 |
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 an 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$1,500 gold price (three year average gold price at time of release).
The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade. In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices.
In 2013, the Group is moving the Dugbe 1 Project towards feasibility with 15,802m of infill drilling completed this year.
The Group currently holds exploration licences covering over 5,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.
For more information, please visit www.hummingbirdresources.co.uk
About Endeavour Financial
Endeavour Financial is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector. Endeavour Financial has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of its award-winning team. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour Financial has established itself as a leading financial advisor in the natural resources sector. Specific to the mining sector, in the last ten years the firm has closed in excess of US$ 4 billion of development financings for single-asset emerging producers.