Hummingbird signs binding agreement for Guinea gold project
Aim-listed Hummingbird Resources has signed a conditional binding sale and purchase agreement (SPA), confirming and setting out the key terms for the acquisition of the Kouroussa gold project, in Guinea, from Cassidy Gold.
This follows the completion of a confirmatory due diligence on the project.
Moreover, Hummingbird has also completed a more in-depth review of the project’s geological database which highlights promising drill intersections both within and outside the current stated mineral resource used in the mine plan.
These drill intersections also demonstrate the high grade nature of the targets proximal to the project and within the permit area, Hummingbird says.
The company notes a small number of notable drill intersections with greater than 100 gram metre intervals, which it says re-confirms its belief in the “exciting exploration potential” to extend the resources at Kouroussa beyond the known 1.1-million ounces.
All deposits remain open and further exploration work is required to enable Hummingbird to fully evaluate the potential of the project.
An initial consideration of £10-million for the SPA has been satisfied through the issue of new Hummingbird shares, representing 9% of the enlarged share capital of the company.
“I am delighted we have been able to confirm the purchase of the Kouroussa gold project and look forward to working with the government of Guinea as we progress the development of the project as quickly as possible whilst continuing to explore the remarkable geological potential at the project.
"This marks a pivotable point in Hummingbird’s story and is a significant next step in achieving our long-term ambition to create a sustainable multi-asset gold producer,” says Hummingbird CEO Dan Betts.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation