Hummingbird Resources (LON:HUM) has topped up the bridging loan with fund manager Taurus by another US$5mln.
The additional cash will fund due diligence and development work at the Yanfolila gold project in Mali.
The bridge loan facility with Taurus now amounts to US$15mln and will fund initial pit dewatering and land purchases around the mine site as well as the completion of due diligence in preparation for full draw down the remaining US$60mln of the mine construction finance.
Hummingbird added plant earthworks are now complete ahead of the start of full-scale construction.
Dan Betts, Hummingbird Resources’ chief executive, said the bridging loan extension keeps it on schedule to conclude the technical, financial and legal due diligence prior to first draw on the remaining US$60mln facility.
Betts added the extension demonstrated Taurus' continued commitment to the development of Yanfolila.
Nick Farr-Jones, a director of Taurus Funds Management, said:
“Taurus Funds Management is delighted to extend the bridge facility to Hummingbird in order to maintain the project schedule as the final conditions precedent for the main facility are completed.”