IN BRIEF: Hummingbird Resources notes Dugbe project feasibility study

Writer,

Hummingbird Resources PLC - gold production, development and exploration focused on West Africa - Notes Pasofino Gold Ltd publishing the feasibility study for the Dugbe gold project in Liberia, which gives a pretax net present value of $690 million and a 26% internal rate of return.

The mine is capable of producing 2.27 million ounces over a 14-year life-of-mine, with an annual average output of 200,000 ounces for the first five years. The mine is a total mineral reserve of 2.76 million ounces.

‘We are delighted to receive the results from the robust FS that has been conducted by Pasofino. The FS has been conducted to a high standard and has seen a complete remodelling of the Resource base, to now showcase a significant 2.76Moz Reserve base, long LOM of 14 years with upside given the material exploration potential available and a low AISC profile of $1,005/oz to underpin a gold mine of material value,’ said Chief Executive Officer Dan Betts.

Current stock price: 12.34 pence, down 3.3% on Monday

12-month change: down 41%

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