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25 Feb 2016 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
25 February 2016
Hummingbird Resources plc ('Hummingbird' or 'the Company')
Taurus Bridge Extension
Hummingbird Resources plc (AIM: HUM), the West African focused gold development company, announces a six month extension of its US$15m bridge facility with Taurus Mining Finance Fund LP ('Taurus') to 8 September 2016. This extension allows both parties to work together towards a fully funded finance package for the Yanfolila Gold Project ('Yanfolila') without the timing of the bridge impacting on discussions.
Additionally SENET (Pty) Limited ("SENET") has agreed to defer US$1.7m of fees which previously fell due for payment in April 2016, for an additional period of up to 12 months. SENET is the engineering services consultant which has completed the process design and engineering study as part of the Definitive Feasibility Study announced on 18 January 2016.
**ENDS**
For further information please visit the Hummingbird website www.hummingbirdresources.co.uk or contact:
Daniel Betts Thomas Hill Robert Monro | Hummingbird Resources plc | Tel: +44 (0) 203 416 3560 |
Samantha Harrison Charlie Cryer
| RFC Ambrian Ltd Nominated Adviser and Joint Broker | Tel: +44 (0) 203 440 6800
|
Jon Belliss | Beaufort Securities Limited Joint Broker | Tel: +44 (0) 20 7382 8300 |
Lottie Brocklehurst Susie Geliher Hugo de Salis | St Brides Partners Ltd Financial PR/IR | Tel: +44 (0) 20 7236 1177 |
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. Its current focus is on bringing Yanfolila, which has a Probable Reserve of 665,600oz @ 3.03g/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 the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs.
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.
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