Last checked at 13 Mar 2014 07:00
13th March 2014
Hummingbird Resources plc
("Hummingbird Resources" or the "Company") (AIM: HUM)
Final Tranche of Royalty Funding Agreement Received
Following the announcement on 18 December 2012 of the US$15 million financing agreement with Anglo Pacific Group ("Anglo Pacific"), Hummingbird Resources announces that it has received the final tranche of US$5 million from Anglo Pacific.
This final payment takes the cash balance of the Company to US$10 million, and means that the Company is fully funded up to and beyond the completion of the Detailed Feasibility Study ("DFS") expected in Q3 2014.
Daniel Betts, CEO, commented:
"Taken alongside the major resource update announced yesterday, this final payment represents another significant step in the de-risking of the Dugbe 1 Project, ensuring that the Company is well funded and able to deliver beyond the DFS and continue our exploration success."
ENDS
Enquiries:
Hummingbird Resources plc
Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director +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 has published a PEA on its project showing that using a US$1,500 gold price, on a 3.5Mtpa tank leach operation, The project has 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 recently published a Mineral Resource estimate for the Tuzon deposit constrained within a US$1,500 pit shell and using a 0.5 g/t cut-off grade comprising of an Indicated Resource of 41.8 Mt at an average grade of 1.51 g/t Au for 2.03 Moz of gold and an Inferred Resource of 10.2 Mt at an average grade of 1.32 g/t Au for 0.43Moz of gold in accordance with the Canadian Institute of Mining, Metallurgy and Petrology Definitions Standards ("CIM Code") for Reporting of Mineral Resources and Ore Reserves. The Group has also 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 Q3 2014, the Group is due to release a Detailed Feasibility Study and Front End Engineering Design. The Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.
For more information, please visit www.hummingbirdresources.co.uk