Hummingbird Resources PLC (LON:HUM) has confirmed that talks with African Gold Group for a potential earn-in to a 50% interest in the Kobada gold project have ended.
The company said the conditional letter of intent (LOI) it signed with African Gold has automatically terminated as the conditions were not satisfied within the required 45-day period.
READ:Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group
Hummingbird will instead focus on higher grade deposits at the Yanfolila gold project in Mali .
"Hummingbird Resources is pleased with ongoing commissioning progress at Yanfolila and the company is 100% focused on delivering first gold pour at Yanfolila before the end of the year, on time and on budget," it said.
In September Hummingbird announced that it signed the LOI for a potential earn-in to Kobada and that it planned an initial investment of C$3.6mln for a near 10% initial stake in the group.