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Kouroussa gold project, Guinea – update

Location map of the Kouroussa project

Photo by Hummingbird Resources

5th April 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Kouroussa gold project.

Location
Siguiri basin, Guinea.

Project Owner/s
Hummingbird Resources.

Project Description
Kouroussa has reserves of 4.86-million tonnes grading 4.15 g/t gold.

The project is forecast to be a high-grade, low-cost mine that will produce an average of 100 000 oz/y over an initial seven-year life-of-mine, with material upside potential through further exploration drilling, which is being planned.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value of $210-million and internal rate of return of 71%, with a payback of two years.

Capital Expenditure
$115-million.

Planned Start/End Date
Hummingbird Resources poured first gold, ahead of schedule and budget, in June 2023.

Latest Developments
Hummingbird Resources has informed shareholders that commercial production will be delayed beyond the targeted first quarter of 2024, owing to reduced mining activity.

In the interim, the supporting mining contractor continues to operate, with the processing plant processing this ore, together with stockpiled material.

Following the suspension of mining activities by mining services provider Corica Mining Services on March 17 in a dispute over payments, Hummingbird has engaged in discussions with Corica, alternative and additional mining contractors, as well as suppliers and the company’s primary lender Coris Bank International.

The objective of these discussions is to restart mining operations at Kouroussa as soon as possible and outline a path towards achieving sustainable commercial production levels. Discussions are ongoing. 

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Hummingbird Resources MD corporate development Edward Montgomery, tel +44 20 7409 6660.

Edited by Creamer Media Reporter

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