ENP Newswire - 19 August 2014
Release date- 15082014 - Hummingbird Resources, the gold exploration and development company with assets in Mali and Liberia, announces that its wholly owned subsidiary, Trochilidae Resources, has drawn down the full US$10m available under the Taurus Mining Finance Fund Bridge Facility.
This facility is the first phase of the two phase debt facility announced on the 11 August 2014 that will enable Hummingbird Resources to fund the construction of the Yanfolila project through to first gold production, targeted at Yanfolila for the end of 2015.
The drawn down funds will be used to cover Front End Engineering and Design, detailed engineering, drilling, associated optimisation studies and long-lead capital equipment.
On completion of the Yanfolila plant design and associated optimisation studies and satisfaction of certain conditions precedent, Taurus will provide US$75m under a 5-year facility for the purpose of refinancing the Bridge Facility and financing the development costs for the Yanfolila gold project in Mali.
Hummingbird Resources plc
Chief Executive Officer
Tel: +44 (0) 203 416 3560
FTI Consulting LLP
Tel: +44 (0) 203 727 1000
About Hummingbird Resources Plc
Founded in late 2005, Hummingbird Resources is a West African gold explorer and developer (AIM: HUM), which listed on AIM in December 2010 with a maiden N143-101 compliant Resource of 0.8Moz gold in Liberia. Since IPO the Company has significantly grown its initial resource to 4.2Moz at its Dugbe 1 Project in Liberia, West Africa. Hummingbird Resources acquired the Yanfolila project from Gold Fields, along with its other assets in Mali, in July 2014 for a consideration of US$20m payable in Hummingbird Resources ordinary shares.
Yanfolila has a current mineral inventory of 1.8Moz of gold at 2.8g/t. Hummingbird Resources plans to create a low cost mining operation that yields strong cash flows early in the project life at Yanfolila. Hummingbird is now a multi-project, near-term producer with 6Moz of gold and 5,000 km2 of exploration ground.
Taurus Funds Management ('Taurus') is an independent, global fund manager whose clients include institutional and high net worth (wholesale) investors based in Sydney, Australia. Taurus specialises in investment products based on the mined commodities industry. Its team of geologists, mining engineers, mining financiers, metallurgists and portfolio managers provide the skills and experience for successful investing. Taurus was founded in 2006 and its first private equity fund commenced in July 2007. Taurus' second private fund closed in June 2012.