TIDMHUM
RNS Number : 9842S
Hummingbird Resources PLC
09 October 2017
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
Hummingbird Resources plc
("Hummingbird")
Cora Gold Lists on AIM to Advance Portfolio of Malian Gold
Assets
Hummingbird Resources (AIM: HUM) is pleased to note that Cora
Gold Ltd ("Cora Gold"), in which Hummingbird holds a 33.85%
interest, has today announced its admission to trading on AIM under
the EPIC code CORA.L following a successful fundraise of GBP3.45
million.
At the IPO price of 16.5p per share, Hummingbird's interest in
Cora Gold is valued at approximately US$5 million.
For more information on Cora Gold, please visit
www.coragold.com.
CORA GOLD LTD - FIRST DAY OF DEALINGS ON AIM
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce that its ordinary shares will
commence trading on AIM at 8.00 a.m. today under the ticker CORA.L
("Admission"). As part of the Admission process, the Company has
raised GBP3.45 million (US$4.6 million), before expenses, through a
Placing and Subscription of 20,928,240 new ordinary shares of no
par value at a placing price of 16.5p each implying a market cap of
GBP9.07 million on Admission.
The majority of the net proceeds of the fundraising will be used
for a planned exploration programme that will principally focus on
the Company's flagship project, the Sanankoro Gold Discovery in
southern Mali ("Sanankoro"), as well as some exploration activities
on its other properties. Sanankoro will be the focus of the
Company's activities in the near term with the ultimate objective
being to establish a mineral resource estimate.
The Company's Nominated Adviser is Allenby Capital Limited and
its Joint Brokers are Mirabaud Securities Limited and Beaufort
Securities Limited.
Overview
-- Developing a highly prospective gold portfolio including
three principal de-risked project areas (1,700km(2) ) in
established gold regions: Yanfolila Gold Belt in Mali and Kenieba
Window in Mali/Senegal with multiple, high potential, drill ready
gold targets
-- Raised GBP3.45 million on AIM Admission with proceeds to
further develop Sanankoro which has the potential for a standalone
mine development
o Substantial historical exploration spend by Randgold and Gold
Fields since 2001 has provided a comprehensive database of
information
o To date detailed exploration has only focused on two zones, of
600m and 1,000m length, within the 14km long gold bearing
structures identified from reconnaissance drilling
o Extensive artisanal workings have confirmed the continuity of
the mineralisation at Sanankoro
o 15,000m exploration drilling programme planned, prioritising
expansion of Sanankoro
-- Up to 10,000m exploration programme at additional project
areas located near to existing gold mines and which have the
potential to host significant new gold discoveries
-- Potential routes for early processing of ore:
o 34% shareholder Hummingbird Resources' (AIM:HUM) Yanfolila
Gold Mine (first gold pour Q4 2017) within trucking distance from
Yanfolila Project Area
o Sadiola Gold Mine (AngloGold Ashanti-IAMGOLD) within trucking
distance of Diangounte Project Area
-- Highly experienced and successful management team has a
proven track record in making multi-million ounce gold discoveries,
many of which have been developed into profitable mines
Jon Forster, CEO of Cora Gold said, "Today is a seminal day for
Cora Gold marking our admission to the London Stock Exchange as a
West African gold developer and explorer. Our objective is to
create value by turning the Sanankoro gold discovery into a mine
and the drill ready gold targets at our other project areas into
discoveries. We were delighted with the reception to Cora in the
lead up to our IPO and having raised GBP3.45 million we are now
funded to further develop our portfolio of highly prospective gold
projects in established gold areas, predominantly in Mali.
"Our initial focus will be on our flagship Sanankoro project and
with substantial historical data from both Gold Fields and Randgold
we believe we have very good potential to increase the scale of the
discovery to +1Moz of in-situ gold and create a standalone mine. We
have the added benefit of exploring in the shadow of gold mines at
two of the project areas, where any new discoveries would be within
possible trucking distance, and as such providing Cora with
possible routes for early processing of ore puts us in a strong
position as we commence our work programme with a view to creating
maximum value for our shareholders."
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
John Depasquale/Nick Allenby Capital (Nominated +44 (0) 20 3328
Harriss/ Liz Kirchner Adviser) 5656
Peter Krens/Nick Mirabaud Securities +44 (0) 20 3167
Orgill (Joint Broker) 7150
Beaufort Securities +44 (0) 20 7382
Jon Belliss (Joint Broker) 8300
Lottie Wadham/Susie St Brides Partners +44 (0) 20 7236
Geliher (Financial PR) 1177
Notes to the Editors
Cora Gold is a new gold exploration company focused on two world
class gold regions in Mali and Senegal in West Africa. Historical
exploration has resulted in the highly prospective Sanankoro Gold
Discovery, in addition to multiple, high potential, drill ready
gold targets within its broader portfolio. Cora Gold's primary
focus is on further developing Sanankoro in the Yanfolila Gold Belt
(South Mali), which Cora Gold believes has the potential for a
standalone mine development. Cora Gold's highly experienced and
successful management team has a proven track record in making
multi-million ounce gold discoveries which have been developed into
profitable mines.
**ENDS**
For further information, please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources Tel: +44 (0)20
Thomas Hill plc 3416 3560
Robert Monro
James Spinney Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer Nominated Adviser 7409 3494
James Bellman
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Broker
Lottie Wadham St Brides Partners Tel: +44 (0) 20
Susie Geliher Ltd 7236 1177
Financial PR/IR
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Notes to Editors
Hummingbird Resources
Hummingbird Resources (AIM: HUM) is building a leading gold
production, development and exploration company. The Company has
two core gold projects, the near-term production Yanfolila Gold
Project in Mali and the Dugbe Gold Project in Liberia. It is
currently building Yanfolila targeting first production by end of
2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total
Resources of 1.8Moz of gold and an additional 390,700oz of
non-compliant exploration potential. The high-grade gold project
has low operating costs of US$695/oz AISC with 132,000oz of first
full year's production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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