Hummingbird Regulatory News (HUM)

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

1 September 2022

Hummingbird Resources plc

("Hummingbird" or the "Company")

Kouroussa Gold Mine, Guinea Update

>50% Construction Completed & Additional High-Grade Assays Received

Hummingbird Resources plc (AIM: HUM) is pleased to provide an update on the Company's mine development progress and results from the final assays received from the 2021 Resources and Reserves infill drilling programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project") in Guinea. 

Further, updated video footage of Kouroussa's development is available here.

Kouroussa Update:

The development and construction of the Company's second gold mine, Kouroussa, is now over 50% completed and remains on time and budget to achieve first gold pour by the end of Q2 2023, which will more than double Hummingbird's gold production profile.

Key construction updates are as follows:

§ Construction progress

· Five CIL tanks and two leach tanks have been erected

· Plant workshop completed and processing plant store nearing completion, with construction of other processing plant building infrastructure commencing

· Tower crane operational and ready to be used for structural, mechanical, and piping installations

· Mining camp earthworks and all concrete slabs for building infrastructure completed

· Building and camp infrastructure has commenced for: accommodation; camp mess facilities; offices; and main entrance road works

· Civil works in progress in the following areas: oxide ore crushing, reclaim, milling, reagents, oxygen plant, detox, and services

· Structural steel installation and pre-assemblies commenced on the oxygen plant and reagent areas

· On track to reach over 1 million lost time injury ("LTI") free hours in early September

§ Long lead items and operation readiness:

· All long lead items for the project have been ordered with increasing deliveries on site occurring for installation in H2 2022, in particular from September onwards including:

§ SAG mill; Jaw crusher; CIL agitators; mineral sizer; vibrating grizzly apron feeder; reclaim apron feeder; slurry and water pumps

· Operation readiness programmes being finalised in preparation for mining and first gold pour by the end of Q2 2023 including:

§ Mine plan; grade control drilling plans; mining contract award; overall mining and power infrastructure implementation plans; and active recruitment for key operational positions also underway

Further High-Grade Assay Results at Kouroussa Confirmed:

Hummingbird has received the final assay results from the 2021 infill drilling campaign, which were not included in our 2022 Company Resources and Reserves update as released on 30 June 2022. These final assay results relate to 27 drill holes totalling 4,138 meters ("m") at Kouroussa's key deposit Koekoe ("KK").

Notable drill results from the KK deposit include:

· 9.0m @ 32.60 grammes per tonne ("g/t") from 116m (KRCD1899)

· 12.3m @ 13.84 g/t from 69.7m (KRCD1901)

· 12.0m @ 4.14 g/t from 98m (KRCD1902)

· 6.0m @ 10.94 g/t from 122m (KRCD1902)

· 8.2m @ 10.29 g/t from 92m (KRCD1904A)

· 7.2m @ 10.46 g/t from 128.5m (KRCD1909)

· 2.0m @ 27.10 g/t from 40m (KRCD1914)

· 3.1m @ 14.28 g/t from 132m (KRCD1914)

· 2.0m @ 47.77 g/t from 154m (KRCD1915)

· 15.1m @ 3.48 g/t from 59m (KRCD1935)

· These, coupled with previous high-grade results, continue to demonstrate Kouroussa's significant gold endowment, which boasts multiple high-grade zones that remain open at depth and provide further corroboration of the updated block model

· These new assays will feed into the Company's 2023 Resources and Reserves statement, which is expected to be released in H1 2023

Dan Betts, CEO of Hummingbird Resources, commented:

"Hummingbird continues to move towards our key strategic goal of being a multi-asset, multi-jurisdiction gold producer with a key milestone of over 50% of construction now completed at our second gold mine, Kouroussa, located in the prolific Siguiri Basin in Guinea.

In addition, the latest assay results from our 2021 infill drilling campaign are very positive in terms of grade profile and confidence levels they provide us as we move towards beginning to mine at Kouroussa later this year, ahead of the all-important first gold pour by end of Q2 2023." 

Kouroussa construction photos update:

CIL tanks and processing plant infrastructure construction.

Mine camp cement foundations and building infrastructure commencing.

Koekoe cross section of some notable drill assays received (and historical drilling)

Koekoe selected drill results  

Qualified Person Review:

David Muir has reviewed and approved the technical information contained within this announcement in his capacity as a Qualified Person, as required under the AIM Rules for Companies. David is the Group Database Manager for Hummingbird, and is a "Competent Person", according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code, 2012 Edition") and is a member of good standing with the Australian Institute of Geoscientists (AIG). 

**ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration 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 when production, scheduled for first gold pour end of Q2 2023. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement. 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 of US$1,005/oz. 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 www.hummingbirdresources.co.uk or contact: