Last checked at 13 Dec 2023 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
13 December 2023
Hummingbird Resources plc
("Hummingbird" or the "Company")
Hummingbird completes conversion of interest in the Dugbe Project into Pasofino Gold Limited
Hummingbird (AIM: HUM) is pleased to announce that further to the release on 7 December 2023, the Company has completed the conversion of its 51% interest in the Dugbe Gold Project in Liberia, into a 51% controlling interest in TSX-V listed Pasofino Gold Limited ("Pasofino"), providing clear visibility and control to facilitate more efficient decision-making and project advancement.
Further details can be found in the announcement by Pasofino via the following link: www.pasofinogold.com/news
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
**ENDS**
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: +44 (0) 20 7409 6660 |
James Spinney Ritchie Balmer | Strand Hanson Limited Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
James Asensio
| Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Bobby Morse Oonagh Reidy George Pope | Buchanan Financial PR/IR | Tel: +44 (0) 20 7466 5000 Email: HUM@buchanan.uk.com |