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Hummingbird Resources gives Dugbe-1 gig to AMEC

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Hummingbird Resources (LON:HUM) has appointed Footsie heavyweight AMEC (LON:AMEC) to complete the Environmental and Social Impact Assessment (ESIA) for its Dugbe 1 project in Liberia.

AMEC will begin ts work on April 20, 2013, with completion anticipated in the second quarter of 2014.

The appointment of AMEC to complete the ESIA is the first part of the wider feasibility study for the Dugbe 1 gold project, with all additional contracts expected to be tendered shortly.

The feasibility study follows on from a very encouraging scoping study, or preliminary economic assessment (PEA), which ascribed a post-tax net present value of US$337mln and a rate of return (IRR) of 43.4% at a 10% discount rate and assumed gold price of US$1,500 per ounce, over a 20 year period.

Initial capital expenditure would total US$212mln and be paid back after three years of production, the PEA indicated.

Quick facts: Hummingbird Resources PLC

Price: 40 GBX

LSE:HUM
Market: LSE
Market Cap: £141.99 m
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