Last checked at 4 Jul 2017 07:00
Ticker: HUM / Index: AIM / Sector: Mining
4 July 2017
Hummingbird Resources plc
("Hummingbird Resources" or the "Company")
Full Drawdown of Coris Loan Facility
Hummingbird Resources (AIM: HUM), is pleased to announce the full drawdown of the US$60 million senior secured loan facility ("Debt Facility") with Coris Bank International Group ("Coris Bank International"). As announced on 11 April 2017, the Debt Facility is being used to fund the ongoing construction of the Yanfolila Gold Mine in Mali ("Yanfolila") that is on budget and scheduled for first gold pour by the end of 2017.
Highlights:
· US$35 million balance drawn from Debt Facility with Coris Bank International
· Follows initial US$25 million drawn on 11 April 2017
· Hummingbird's cash position following draw down now stands at approximately US$70 million
· Yanfolila mine construction remains on time and budget for first production in Q4 2017
Dan Betts, CEO of Hummingbird Resources, commented:
"It was originally anticipated that we would make monthly drawdowns against our senior secured debt facility with Coris Bank International as we progress the development of Yanfolila. This accelerated drawdown of the remaining facility is the result of their increased confidence in the development of the project and underlines the strength of our relationship with Coris Bank International as a supportive lender who understand the industry. This allows us to fully focus on the completion of construction and the subsequent commissioning phases of the project.
"Construction is on budget and on schedule to deliver our first gold pour by the end of the year and I look forward to providing an operational update regarding the milestones completed on site in our Q2 report in the coming weeks."
About Coris Bank International
Coris Bank International was founded in 2008, in Burkina Faso, and is focussed on financing West African focussed businesses. Coris Bank International, with a balance sheet of circa US$1.5 billion, is currently the first bank in Burkina Faso and is present in six West African countries including Cote d'Ivoire, Mali, Togo, Senegal and Benin. Coris Bank International is one of the largest and fastest growing banks in West Africa. For further information on Coris Bank International can be found on its website: http://www.coris-bank.com/.
**ENDS**
For further information, please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts Thomas Hill Robert Monro | Hummingbird Resources plc | Tel: +44 (0) 20 3416 3560 |
James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited Nominated & Financial Adviser | Tel: +44 (0) 20 7409 3494
|
Jon Belliss | Beaufort Securities Limited Broker | Tel: +44 (0) 20 7382 8300 |
Lottie Brocklehurst Susie Geliher
| St Brides Partners Ltd Financial PR/IR | Tel: +44 (0) 20 7236 1177 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high grade gold project has low operating costs of US$695/oz AISC with 132,000oz of first full year's production.
The 4.2Moz Dugbe Gold Project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 4,000km2 highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.