Last checked at 13 Dec 2017 14:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
13 December 2017
Hummingbird Resources plc ("Hummingbird Resources" or "the Company")
Termination of African Gold Group LOI
Hummingbird Resources (AIM: HUM) notes the press release made by African Gold Group on 12 December 2017 relating to the conditional letter of intent ("LOI") for a potential earn-in to the Kobada Gold Project in Mali as announced on 27 September 2017. Hummingbird Resources confirms that negotiations have ended and the LOI has automatically terminated as the conditions were not satisfied within the 45-day period.
The Company intends to focus its growth at its Yanfolila Gold Project in Mali ("Yanfolila") on higher grade deposits located on its mining permit, which are in closer proximity to its processing plant.
Hummingbird Resources is pleased with ongoing commissioning progress at Yanfolila and the Company is 100% focussed on delivering first gold pour at Yanfolila before the end of the year, on time and on budget.
**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 |
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James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited Nominated & Financial Adviser | Tel: +44 (0) 20 7409 3494
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Jon Belliss | Beaufort Securities Limited Broker | Tel: +44 (0) 20 7382 8300 |
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Lottie Wadham 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.
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.