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EPIC: HUM
Market: LSE
52-week High/Low: 40.00p / 16.00p
Sector: General Mining - Gold
Market Cap: 124.11M
Hummingbird Resources plc

Hummingbird Resources plc

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.

Hummingbird Resources plc

www.hummingbirdresources.co.uk

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Big picture - Why invest in Hummingbird Resources plc


Hummingbird Resources plc Snapshot

Hummingbird’s strategy has always been to create a gold company that has a portfolio of assets encompassing exploration, development and production and the purchase of the Yanfolila Project marks a significant step towards fulfilling that ambition. Gold Fields’ decision to accept Hummingbird shares as consideration for the acquisition underlines the potential of the Yanfolila Project, its portfolio in Liberia and their confidence in Hummingbird’s ability to bring projects into production.

The Yanfolila Project provides Hummingbird with a fast, simple and low cost route to production, and the Company expects to commence production by 2016 at an initial gold production rate of 100koz per annum. Hummingbird has acquired an attractive and highly profitable project which can be brought into production within 24 months of acquisition. The project has excellent grade with low capex and opex, and has been acquired at an attractive valuation of $11 per oz of resource.

The Company’s Dugbe Gold Project remains a key focus and the Company published a positive PEA in April 2013 and is currently progressing its Detailed Feasibility Study. Dugbe Gold Project was the first mining project in Liberia to secure investment from the IFC, a member of the World Bank Group.

 

Latest Corporate Video 

Development

 

Overview

Hummingbird is developing the advanced Yanfolila Gold Project in Mali as a low cost, high grade open pit mining operation, with first gold production targeted for 2016.

Yanfolila has a current 1.8 Moz gold inventory based on multiple high grade pits and averaging 2.8 g/t Au. The project, which is fully permitted, is located in the prospective Sikasso Region, 40km to the west of the town of Yanfolila and benefits from established infrastructure.

Economics

Definitive Feasibility Study

For further information please click here 

Liberia 

Dugbe Gold Project

The Dugbe Shear Zone is located in the South-East of Liberia and Dugbe lies 40 miles by road from the deep water port of Greenville, the County capital. The Dugbe Gold Project (“Dugbe”) is located within the Dugbe Shear Zone and crosses the Company’s Dugbe and Joe Village Licences. Dugbe is made up of 3 discoveries (Dugbe F, Tuzon and Sackor) with a defined Resource of 4.2Moz gold across the deposits.

Resources

The Dugbe F deposit has a 1.76Moz gold Resource while 2.6km to its east is Tuzon, with a 2.47Moz gold Resource. Sackor, 2.1km West of Dugbe F, is the site of economic mineralisation discovered from a 3, 727m drill programme in 2012 but does not yet have a defined Resource. For more details on Resources please refer to the press release from 12th March 2014.

For more information please click here 

Birimian Gold Province

The Birimian is the world’s second largest gold producing region and fastest growing gold producing region, characterised by large, low-grade deposits. Before Hummingbird’s arrival, the Birimian was completely unproven in Liberia.

The Birimian gold province in West Africa is home to several of the largest gold deposits and mines in the world. The most notable of these mines is Obuasi in southern Ghana, which has reserves of over 40 million ounces, but there are dozens of other mines across the region with multi-million ounce reserves. In mining terms, the Birimian is elephant country.

Hummingbird Resources has a clear strategy of focussing on exploring greenstone contacts in the Birimian and maximising the existing potential of making multiple significant gold discoveries within its targeted land package of 2,000 square kilometres in eastern Liberia - the last major remaining unexplored region of the Birimian.

For more information please click here 

 

Exploration Mali

Project: Yanfolila / Kangare

Targets

Kabaya South

1km of 7km strike tested
85,000 ozs Resource at 1.3g/t
Significant Resource growth potential
Potential Heap Leach operation
Further exploration targets with known gold anomalies:

Badogo Malikila
Sanoumale East
Gonka
Kangare Project

Potential satellite deposit for Yanfolila
One known deposit and five target areas
16,056m drilling inc. 24m @ 3.29g/t from 16m depth
Asheba Project, Ghana

HUM holds 10% interest in Taoudeni Resources
US$1/oz discovery bonus
175k ozs @1.8g/t
24m2 exploration licence
30km from Gold Fields’ Tarkwa mine

 

Robert Monro
Head of Business Development

Bert joined Hummingbird in 2009 as Operations Manager in charge with overseeing the development of the Dugbe 1 Project as it progressed from greenfield exploration to maiden resources.  Following 18 months in the field Bert spent 6 months in Monrovia as the acting Country Manager, overseeing all in-country activity, before returning to be based in London in April 2011 as Hummingbird’s Head of Business Development.

Shaun Bunn
Senior VP Project Delivery

Shaun Bunn is a mining executive with over 30 years’ experience in exploration, mining, processing and project development.  Shaun has a BSc and GDip (Metallurgy) from WA School of Mines, and an MBA from Deakin University. Shaun has managed mining projects through all stages of development, from grass roots exploration, feasibility studies, financing, construction, commissioning and operations.

 

 

Wayne Galea

Wayne Galea
VP EPCM

Wayne is a mining professional with 31 years’ experience in the mining industry specialising in gold.  A process engineer by background, he has worked for a number of the world’s leading engineering companies including AMEC, Bateman and Signet, where he has extensive experience of managing EPCM contracts.  He has also worked directly for gold mining companies such KBK Gold where he was instrumental in their project execution.  Wayne’s career has led him to have experience of working in Africa, Asia and Australasia with a focus on process engineering, and he brings significant technical and project execution skills to the Hummingbird team.

 

William Cook

William Cook
VP Operations

William is a former officer of the British Army having served in the Light Infantry. Following his army service he worked in the security sector, for companies such as Control Risks, Rubicon and Salamanca Risk Management before joining Hummingbird Resources as Country Manager. William is experienced in the operational and logistical management of projects in challenging environments. In his capacity as VP Operations he has been responsible for the establishment and ongoing running and development of all of Hummingbird’s operational capability in Liberia and Mali.

 

David Hebditch

David Hebditch
VP SHEC

David is a social scientist by training and has worked for HUM since 2012. David has successfully project managed the Dugbe Gold Project Environmental and Social Impact Assessment (ESIA) to IFC Performance Standards, and number of specialist baseline studies and impact assessments at Yanfolila Gold Project since 2014. David holds an MSc from London School of Economics (LSE) and a BSc from University College London (UCL). Prior to joining Hummingbird David worked in sustainability research, with a focus on market governance and smallholder supply chains, consulting primarily to the International Institute for Environment and Development (IIED). David has recently undertaken NEBOSH training and overseen the development of a comprehensive Environmental and Social Management System (ESMS) at Yanfolila.

 

Murray Paterson

Murray Paterson
VP Geology

Murray has over 20 years’ experience as a mine (OP & UG), mineral resource & exploration geologist. Specialising in international assignments at new or start-up operations in multi commodities (Cu-Ur, Pb-Zn-Ag, Au, & W). He worked as a high level manager, geological and mining systems consultant, an exploration (Gold porphyry systems and IRGS) and mine geologist. Global Mapper and Surfer for all geological data integration and presentation.

 

Timothy Huskinson

Timothy Huskinson
VP Finance

Tim joined the Hummingbird team in April 2011 and has been responsible for implementing the accounting and reporting structures within the Group and oversaw the integration of the Yanfolila Gold Project companies in July 2014. Tim qualified as a charted accountant with BDO LLP in 2009 and has 10 years’ accountancy experience covering a range of sectors but predominately the natural resource and engineering sectors. He has extensive experience of IFRS and complex international groups and has taken Hummingbird through exploration, development, and now construction phases. He has an MEng degree with distinction from Nottingham University in Electrical & Electronic Engineering with management studies.

 

Darren Gibcus

Darren Gibcus
General Manager – Operations

Darren holds a WA Quarry Manager’s Certificate of Competency (1995) and a Bachelor of Engineering (Mining) from Ballarat University–Victoria, Australia (1992).  Darren has 25 years’ experience in open pit and underground gold, silver, nickel and iron ore mining operations, working in feasibility, technical, operational and managerial roles. He has worked for both junior and major companies, including Harmony Gold, BHP Billiton, WMC, Placer Pacific, Sons of Gwalia, St. Barbara Mines, Aurora Gold, Focus Minerals, and Allied Gold. Prior to joining Hummingbird Resources, Darren held a number of senior management positions, including General Manager and Project Manager positions.

The shareholders set out below hold greater than 3% of the issued share capital:

Shareholder* %
The Capital Group Companies Inc 9.5%
Gold Fields Limited 6.4%
Odey Asset Management 6.0%
Majedie Asset Management Limited 5.4%
Pageant Holdings Ltd 5.3%
Sloane Robinson 3.9%
Exploration Capital Partners 20112 Limited Partnerships 3.7%
Fidelity Investments 3.2%

Directors Holdings: Daniel Edward Betts 1.4%.

*Securities Information Updated on 15/05/17

Head Office

22 Mount Row,

London, 

W1K 3SF, UK

Tel: +44 (0)20 3416 3560

Nominated Adviser
Strand Hanson Limited
26 Mount Row
London W1K 3SQ
United Kingdom

Broker
Beaufort Securities Limited
131 Finsbury Pavement
London EC2A 1NT
United Kingdom

Auditors
RSM UK Audit LLP
25 Farringdon St
London EC4A 4AB
United Kingdom

Solicitors to the Company (UK Law)
Gowlings WLG (UK) LLP
4 More London Riverside
London SE1 2AU
United Kingdom

Solicitors to the Company (Liberian Law)
Brumskine & Associates
P.O. Box 1344
Tubman Boulevard
Congo Town
Monrovia Liberia

Competent Person
CSA Global (UK) Ltd
2 Peel House
Barttelot Road Horsham
West Sussex RH12 1DE
United Kingdon

Registrars
Capita Registrars Limited
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
United Kingdom

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