Hummingbird Resources plc / Ticker:
HUM / Index: AIM / Sector: Mining
28 March
2024
Hummingbird Resources
plc
("Hummingbird," the
"Group," or the "Company")
Update of Mining Operations at
Kouroussa
Hummingbird (AIM: HUM) provides an update
regarding the situation surrounding the Kouroussa Gold Mine
("Kouroussa") in Guinea, following the suspension of mining
activities by Corica Mining Services ("Corica") on 17 March
2024.
Hummingbird has been actively seeking to
address the ongoing situation by engaging in discussions with
Corica, alternative and additional mining contractors, suppliers,
and the Company's primary lender, Coris Bank International
("Coris").
Earlier this week, the
Company's senior management team met with a number of these key
stakeholders in West Africa. The objective of these discussions was
to restart mining operations at Kouroussa as soon as possible and
outline a path towards achieving sustainable commercial production
levels. Discussions remain ongoing.
As a consequence of
the current significantly reduced mining activity, achieving
commercial production will be delayed beyond our Q1 2024 target,
until full mining capacity is restored onsite. In the meantime, the
supporting mining contractor continues to operate, with the
processing plant processing this ore, together with stockpiled
material. Resolution to the current situation will allow the
upcoming blast to proceed, which is expected to provide access to
higher-grade ore necessary to achieve commercial
production.
Discussions are
focussed on various scenarios and initiatives, with the Company
confident of reaching a constructive resolution in the near term.
Further updates will be provided as and when
appropriate.
Notes to Editors:
Hummingbird Resources
plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction
gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com).
The Company currently has two core gold projects, the
operational Yanfolila Gold Mine in Mali, and
the Kouroussa Gold Mine in Guinea, which will more
than double current gold production once at commercial production.
Further, the Company has a controlling interest in the Dugbe
Gold Project in Liberia through its 53% ownership of
Pasofino Gold Limited. The final feasibility results on Dugbe
showcase 2.76Moz in Reserves and strong economics such as a
3.5-year capex payback period once in production, and a 14-year
life of mine at a low AISC profile. Our vision is to continue to
grow our asset base, producing profitable ounces, while central to
all we do being our Environmental, Social & Governance ("ESG")
policies and practices.
For further information, please
visit hummingbirdresources.co.uk or
contact:
Daniel Betts,
CEO
Thomas Hill,
FD
Edward Montgomery,
CD
|
Hummingbird Resources
plc
|
Tel: +44 (0) 20 7409
6660
IR@hummingbirdresources.co.uk
|
James
Spinney
Ritchie
Balmer
|
Strand Hanson
Limited
Nominated
Adviser
|
Tel: +44
(0) 20 7409 3494
|
James
Asensio
Ana
Ercegovic
|
Canaccord Genuity
Limited
Broker
|
Tel: +44 (0) 20 7523
8000
|
Bobby Morse
Oonagh
Reidy
George Pope
|
Buchanan
Financial
PR/IR
|
Tel: +44 (0) 20
7466 5000
Email: HUM@buchanan.uk.com
|