Hummingbird completes Kouroussa transaction
Aim-listed gold developer and explorer Hummingbird Resources has completed the acquisition of Cassidy Gold Corporation’s Kouroussa gold project in Guinea.
The project is a near-term development asset in the prolific Siguiri basin, situated near the town of Kouroussa, in the Kouroussa Prefecture in eastern Guinea.
The project has a high-grade mineral resource of 1.18-million ounces of gold at over 3 g/t, with Hummingbird stating that it has a lucrative pre-tax net present value of $110-million and an internal rate of return of 51.2%, based on a gold price of $1 350/oz.
Hummingbird notes that the synergies between the project and its existing producing Yanfolila mine, will enable the company to use similar metallurgical flow sheet and process plant designs to leverage construction and operational expertise.
This, the company states, will enable it to fast-track Kouroussa into production to produce about 100 000 oz/y at an all-in sustaining cost of about $800/oz over an initial five-year life-of-mine.
Hummingbird is waiting to be awarded the mining licence for the project from the government of Guinea and, once awarded, the company will pay the initial consideration of £10-million, which will be satisfied through the issue of about 35.25-million new ordinary shares in Hummingbird at a price of 28.4p each.
This represents 9% of the enlarged share capital of the company.
Hummingbird CEO Dan Betts says the company’s dedicated project management team have started development plans.
“The completion of the acquisition gives us further confidence to advance with these initiatives to bring Kouroussa into production and transform Hummingbird into a multi-asset producing resources company.”
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